Fannie Mae last week updated its policies to allow seller/servicers to pledge a transfer of interest in their servicing income as collateral. Now Fannie, Freddie Mac and Ginnie Mae have three different approaches for the pledge of servicing income and/or servicing advances. David Fleig, president and CEO of MorVest Capital, an investment firm, noted that the update by Fannie follows a move by Ginnie. Last year, Ginnie started allowing issuers to pledge servicing income without notifying Ginnie. Fannie’s new policy requires...
Although most of the heavy lifting in writing new rules for the mortgage industry has passed, federal regulators still have some significant projects in the works, according to recently released semiannual regulatory agendas. The Federal Housing Finance Agency expects to release a proposed “duty-to-serve” regulation for Fannie Mae and Freddie Mac by the end of this year. The rulemaking was mandated by the 2008 Housing and Economic Recovery Act but hasn’t gotten much attention since the agency published an advance notice of proposed rulemaking back in August 2009. The FHFA is...
HomeUnion Lending is licensed to operate in Alabama, Florida, Indiana, Iowa, and Oklahoma, but plans on expanding its reach to 16 more states by the end of March 2016.
Fannie Mae has announced the winning bids for its third nonperforming loan sale while Freddie Mac has begun accepting bids for its eighth NPL transaction for 2015. Up for sale in the Fannie Mae deal were approximately 7,000 NPLs totaling $1.24 billion in unpaid principal balance, divided among three pools. The winning bidders in the transaction are Fortress, through its New Residential Investment Corp., for the first and third pools and Goldman Sachs for the second pool. The government-sponsored enterprise announced the sale in October to lighten its inventory of NPLs and manage credit losses on its delinquent loan portfolio. The GSE gave up on the severely delinquent loans after attempts to cure them through loss mitigation failed. Investors and ...
Menendez Introduces HAWK Amendment in T-HUD Appropriations Bill. The National Association of Realtors recently sent a thank-you note to Sen. Robert Menendez, D-NJ, for introducing an amendment to H.R. 2577, the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act of 2016, to restore HUD’s authority to offer the Homeowners Armed with Knowledge (HAWK) program. Lawmakers who were concerned about the financial condition of the FHA Mutual Mortgage Insurance Fund denied funding for the HAWK program last year in a continuing spending bill, effectively stalling the program for a year. The HAWK program is a key component of the FHA’s Blueprint for Access, which was designed to open up the credit box for underserved borrowers. Specifically, program participants will benefit from reductions in FHA premiums once they complete ...
Freddie notes, “The volume of specialty servicing may shrink as the number of legacy loans dwindles, but specialty servicing is likely to remain an active part of the mortgage servicing industry…”
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