Fannie Mae Updates Reverse Mortgage Loan Servicing Manual. Fannie Mae has updated its reverse mortgage servicing manual with changes and clarifications to policies pertaining to Home Equity Conversion Mortgages. For HECMs, Fannie now requires servicers to place a real estate-owned hazard insurance policy upon completion of a foreclosure sale. It also outlined servicers’ responsibilities regarding the documentation and cancellation of REO hazard insurance claims; reimbursement of REO hazard insurance premiums; and remittance of insurance loss proceeds. The revised policy changes must be implemented no later than April 1, 2015. House Democrats Reintroduce Housing Finance Reform Bill. Democrats on the House Financial Services Committee have introduced legislation that would provide private and government risk-share coverage to all mortgages, create a ...
According to an informational circular on Angel Oak Mortgage Solutions, some of the top executives at the firm used to work for Southstar Funding in Sandy Spring, GA.
Business is booming at Fannie Mae and Freddie Mac thanks to a healthy surge in refinance activity, according to a new Inside Mortgage Finance analysis of mortgage-backed securities issued by the two government-sponsored enterprises during the first quarter of 2015. Fannie and Freddie issued a total of $189.92 billion of single-family MBS during the first three months of the year. That was up 5.9 percent from the fourth quarter of 2014, and it marked the biggest output for the GSEs since the third quarter of 2013. Early 2015 was leaps and bounds ahead of the pace set during the same period last year, which marked a 14-year low in mortgage production. All of the oomph came...[Includes three data charts]
Department of Housing and Urban Development Secretary Julian Castro has named one of his senior advisors, Ed Golding, as principal deputy assistant secretary temporarily in charge of HUD’s Office of Housing and the FHA. Golding is currently with the Office of Policy Development & Research and will assume his new post April 7. His appointment, however, has raised a few eyebrows on Capitol Hill because it had not gone through formal Senate confirmation, which some lawmakers say could get HUD in hot water. Golding, a former senior economist at Freddie Mac, is replacing...
The percentage of FHA borrowers refinancing their mortgage into another government loan has fallen through the floor the past two years, with all indications pointing to a rule change that prevents mortgage insurance from being cancelled over the life of the loan. Of course, increases in premiums haven’t helped either, but thanks to a January reduction in the annual FHA premium of 50 basis points, at least some of that business is coming back to the agency. “The life-of-the-loan issue is...
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