Expect quality control to be the single most critical component at the top of a long list of requirements for prospective lenders seeking to do business with Fannie Mae and Freddie Mac, according to agency officials and experts during an Inside Mortgage Finance webinar this week. The two government-sponsored enterprises are ready, willing and able to do business with new seller/servicer partners, if they are prepared to demonstrate, in a transparent and painstaking way, they are an opportunity to Fannie or Freddie and not a risk, National Union Mortgage President and CEO Bill Cosgrove told webinar attendees. Its really all about quality control. Every area of your organization has to be...
Private mortgage insurers may soon find themselves required to meet new eligibility standards if they want to continue doing business with the government-sponsored enterprises. In written testimony submitted to the Senate Committee on Banking, Housing and Urban Affairs, FHFA Acting Director Edward DeMarco said the FHFA intends to set new criteria for private MI companies in doing business with Fannie Mae and Freddie Mac. The revised private MI standards are among the agencys priorities in 2013 and is part of the conservatorship strategic plan to ...
Although the HARP program had record volume in the first quarter, the program is showing almost no growth, according to exclusive survey figures compiled by Inside Mortgage Finance.
Bank of America entered into a massive buyback settlement with Fannie Mae in January, but has yet to sell any 'purchase' loans to the GSE in 2013. However, this may change soon.