Fannie Mae and Freddie Mac wrote a combined $56.9 billion of multifamily business in 2014, up 4.6 percent from the previous year. Fannie issued $11.4 billion in multifamily mortgage-backed securities in the fourth quarter of 2014, bringing the year’s total to $28.6 billion, mostly through its Delegated Underwriting and Servicing program. That represented a slight uptick from the previous year’s $28.5 billion. Fannie also re-securitized $2.5 billion of DUS MBS through its Guaranteed Multifamily Structures (GeMS) program in the fourth quarter. That brought total 2014 issuance in the program to $12.0 billion, making last year the biggest year for GeMS issuance since the program started. “2014 was a strong year for Fannie Mae multifamily activity on all fronts. The DUS ...
Recently proposed new minimum financial eligibility requirements for Fannie Mae and Freddie Mac seller/servicers – including net worth, capital ratio and liquidity criteria – appear to be less restrictive than expected but may give an edge to large nonbanks over smaller players and new entrants, analysts say.Announced Jan. 30 by the Federal Housing Finance Agency, the eligibility requirements consist of three primary components. In terms of minimum net worth, the proposed requirement for all seller/servicers is a base of $2.5 million plus 25 basis points of unpaid principal balance for total loans serviced. As far as minimum capital ratio is concerned, the proposed requirement for all non-depository seller/servicers is to have tangible net worth/total assets greater than 6 percent. “Depository institutions ...
The Fair Housing Justice Center accused M&T Bank of violating the Fair Housing Act by offering higher loan amounts to white borrowers and allowing more flexible criteria...
The Department of Housing and Urban Development declined to comment on the progress on revised policy drafts that may help reduce lender liability and ease back-end enforcement actions. The FHA is considering procedural changes aimed at easing lender liability to spur more FHA lending to qualified, underserved borrowers. Specifically, FHA is reportedly working to raise the bar on loan certification violations, making it harder to sue lenders for unintentional or technical mistakes. Such a change could spur...
M&T Bank is facing lending discrimination allegations in U.S. District Court in Manhattan after a fair housing group claimed to have accumulated evidence of disparate treatment between qualified minority borrowers and less-qualified white mortgage applicants. The Fair Housing Justice Center, a New-York based nonprofit, accused M&T Bank of violating the Fair Housing Act by offering higher loan amounts to white borrowers and allowing more flexible criteria than those made available for minority borrowers. As of press time, M&T did not respond...
RSS