Capital Alpha projects that the “emerging reform thrust” might emulate ideas promulgated by the Mortgage Bankers Association, which is adamantly opposed to recap and release.
Over the past six months, chief executive officers at three top 20-ranked mortgage firms have been replaced for varying reasons. Are more changes in store in what could turn out to be a down year for residential lending? That’s hard to say, but speculation is growing that the executive turnstiles might be spinning a little faster between now and yearend. The three companies that unveiled CEO changes are PennyMac Financial Services (Stanford Kurland departing ...
Fannie DUS Provides Additional Data for Multifamily. Fannie Mae announced the creation of DUS Disclose, a new MBS disclosure website that will enhance the transparency and increase the data available for multifamily securities in alignment with the industry. The new platform will replace the existing Multifamily Securities Locator Service and is expected to be available in the fourth quarter of 2017. Fannie Headquarters to Morph into High-End Grocer. As Fannie Mae prepares to vacate its iconic headquarters with a move to downtown Washington in 2018, plans are coming along for the soon-to-be former site of the GSE. Roadside Development announced...
The demand for single-family rental financing will likely grow, said the Urban Institute, on the heels of Fannie Mae completing its first single-family rental securitization deal with a large institutional investor. The GSE has done smaller SFR transactions but this one, a $1 billion deal with Invitation Homes, was billed as a pilot program earlier this year. The Blackstone Group subsidiary, based in Dallas, has a portfolio of about 50,000 homes acquired from foreclosures. It is the largest single-family rental operator in the U.S. These kinds of transactions are expected to increase as investors rely more on leverage to earn an acceptable rate of return, said...
The GSEs’ reperforming loan programs are making inroads with both Fannie Mae and Freddie Mac announcing recent RPL transactions to help reduce the amount of illiquid assets in their portfolios.Fannie introduced its first reperforming loan sale back in November and the program has continued to gain popularity with each sale. The program has grown from its first sale, which totaled $789.2 million in unpaid principal balance to the most recent transaction of approximately $3.0 billion. The pool included approximately 13,700 loans that were previously delinquent, but are performing again with or without the use of a loan modification.
The Federal Housing Finance Agency is opening back up the possibility of adding a question about language preference on the Uniform Residential Loan Application. In a request for input issued on May 25, the FHFA is seeking information on a number of potential short-term and long-term improvements to help borrowers not fluent in English better understand the mortgage process. The FHFA is looking for stakeholder views on issues like translating more documents in different languages, education about multilingual housing counselors, using emerging technologies and tracking borrowers’ preferred languages. The FHFA originally suggested data tracking last year and considered including a question about a borrower’s language preference in the Uniform Residential Loan Application to help lenders and...
Fannie Mae’s new Healthy Housing Rewards program offers price breaks for multifamily borrowers who incorporate healthy design features into their newly constructed and rehabilitated affordable properties. Those features include things that provide cleaner air, encourage physical activity and incorporate common space, community gardens, playgrounds and easier access to biking and pedestrian traffic into the community. The GSE said it’s important that the affordable rental properties it finances be built and managed in a way that creates a healthy environment. The Healthy Housing Rewards initiative will target properties where at least 60 percent of the units are serving tenants earning 60 percent or less of the area median income.
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