Rushmore is licensed in all 50 states, Washington DC, and Puerto Rico. It has offices in Irvine, Dallas and San Juan, PR, where it services roughly $1 billion in assets...
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.
As energy efficiency plays a growing role in real estate and mortgage credit, Freddie Mac decided to up the ante in its multifamily business and offer a $5,000 green rebate to borrowers. Qualified borrowers with at least 20 units who voluntarily provide an Energy Star score when submitting their loan documents, are eligible. Freddie said it hopes to encourage energy efficiency and affordability in apartment properties and strengthen the market for green investments. Freddie also said rental housing is home to many of the country’s lower-income households who are struggling with housing costs such as rent and utilities. The Environmental Protection Agency estimates that the average commercial building wastes 30 percent of the energy it consumes, often resulting in higher operating costs.
Don’t expect much movement on legislation to reform the GSEs before the 2016 presidential election. Industry analysts suggest that divisions between Democrats and Republicans along with a housing finance system that is functioning well enough will continue to combine to prevent enactment of GSE reform for some time. At the ABS East conference sponsored by Information Management Network last week in Miami, a variety of industry participants seemed resigned to the fact that Fannie Mae and Freddie Mac will remain under the conservatorship of the Federal Housing Finance Agency for years to come. James Lockhart, vice chairman of WL Ross & Co. and a former director of the FHFA, said the enactment of GSE reform...(Chart, GSE Activity by State)
Correspondent lenders generated 32.1 percent of the home loans securitized by Fannie Mae, Freddie Mac and Ginnie Mae during the second quarter of 2015. More than either other channel, correspondents excelled at finding homebuyer borrowers, 51.9 percent of their second-quarter production, while refinance loans accounted for 56.5 percent of total agency business. Heavy purchase-mortgage volume meant correspondent loans had lower ... [Includes one data chart]
The housing market showed the signs of a typical seasonal slowdown in August, according to results from the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. While purchase-mortgage lending could soften in the coming months, the home purchase market looks stronger than it was a year ago. Tom Popik, research director of Campbell Surveys, said comments from a number of real estate agents across the country suggest that the housing market ...
Credit standards appear to be easing more than they have in the past few years in both the government-sponsored enterprise market and non-GSE lending, according to Fannie Mae’s most recent lender survey. Medium and large-sized lenders both reported a notable easing of credit standards for the first time in seven quarters. The gap between lenders reporting easing as opposed to tightening over the second quarter increased to 20 percentage points for ...
For investors in mortgage servicing rights, the regulatory focus seems to have shifted somewhat from documentation issues involving servicing transfers to a reliance on subservicers. At the ABS East conference produced by Information Management Network last week in Miami, Michael Drayne, a senior vice president of the office of issuer and portfolio management at Ginnie Mae, said 90 percent of the issuer applicants to Ginnie in the last three years planned to ...
Officials in the mortgage industry continue to obsess about the Consumer Financial Protection Bureau’s pending integrated disclosure rule, but perhaps they should be paying closer attention to complying with the CFPB’s existing mortgage origination and servicing rules, a top bureau official suggested this week. Speaking at the Mortgage Bankers Association’s 2015 regulatory compliance conference in Washington, DC, Peggy Twohig, assistant director for supervision policy ...
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