Freddie Mac has offered $4.517 billion in non-performing loans to date and recently released plans to auction $327 million of deeply delinquent non-performing loans in its portfolio. The NPLs are marketed as two geographically diversified pools with bids due from qualified investors by Oct. 6, 2015. The sale is expected to settle in December 2015. JPMorgan Chase Bank is the servicer of the loans. The day after Freddie began marketing that transaction it announced that it sold roughly $1.2 billion of deeply delinquent agency mortgages serviced by Ocwen Loan Servicing, with servicing expected to be transferred after settlement. That sale was part of Freddie's Standard Pool Offerings and the loans have been delinquent for approximately three and a half years, on average.
Ginnie Mae President Ted Tozer is urging the FHA to find some flexibility in its loan-level certification proposal that would balance the need to protect the FHA from losses with lenders’ ability to lend without fear of consequences. Tozer said the controversial FHA proposal is trying to find a middle road between protecting the Mutual Mortgage Insurance Fund and making lenders feel confident that they are accountable only for the most egregious problems and not for small oversights or technical errors. “It is...
Mortgage origination volume was down sharply in 2014, but not by as much as previously thought, according to an Inside Mortgage Finance analysis of Home Mortgage Disclosure Act data released this week by federal regulators. A total of $1.242 trillion of single-family purchase and refinance loans were originated during 2014, the HMDA data reveal. That was down 29.5 percent from the 2013 HMDA total, although purchase-mortgage lending was up slightly in both the government-insured and conventional markets. HMDA first-lien purchase and refi originations came...[Includes one data table]
The FHA will consider stakeholders’ concern about its proposal to terminate a lender’s mortgage insurance contract for missing a yet-to-be-finalized deadline for filing claims, an agency official said. For now, however, the agency remains adamant about letting the provision stand despite stakeholder complaints about its severity, said Ivery Himes, director of the Office of Single Family Asset Management at FHA, during a panel discussion this week at the Ginnie Mae annual conference in Arlington, VA. She said missed deadlines are costly and are putting a strain on the agency’s resources. Himes blamed...
Both of the government-sponsored enterprises are on track to meet the 2015 risk-sharing goals established by the Federal Housing Finance Agency with a quarter of the year to spare. Officials at Fannie Mae, Freddie Mac and the FHFA said the GSEs will continue to work to expand the risk-sharing efforts, which are popular among many investors in the secondary market. At the ABS East conference produced by Information Management Network last week in Miami, Scott Smith, an associate director of capital policy at the FHFA, said he would like to see continued efforts to broaden the investor base for risk-sharing transactions. More than 160 investors have bought...
Freddie Mac reported that its first-time homebuyer business is growing and is on target to match its best year in the space since the beginning of the housing crisis. During the first half of 2015, lenders have delivered an average of 17,000 first-time homebuyer mortgages per month to the government-sponsored enterprise. That’s roughly the pace for last year but 25 percent higher than in 2013. Overall, the National Association of Realtors said...[Includes one data table]
The evidence is somewhat suspect because as the analysts noted, the 43 percent cap on DTI ratios for QMs doesn’t currently apply to the FHA, VA or GSE mortgages.
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