Reven Housing Funding, La Jolla, CA, has closed on a $51.3 million mortgage from Arbor Agency Lending, a Freddie Mac-approved seller/servicer, according to a recent 8-K filing with the Securities and Exchange Commission. Freddie, said one GSE official, is the takeout commitment behind the Arbor loan.
Freddie Mac will begin purchasing community land trust mortgages next month to help support affordable housing efforts. Lenders have been reluctant to make loans on these shared equity homeownership programs because they considered them riskier and had to keep them in their portfolio.
Fannie Mae is looking to make about 22 changes to its duty-to-serve plan and the Federal Housing Finance Agency wants input on four of them. Both Fannie and Freddie Mac released their duty-to-serve underserved markets plans for 2018-2020 in December 2017. DTS is aimed at financing for low- and moderate-income families.
Fannie Mae and Freddie Mac both recently announced the winners of their latest nonperforming loan auctions, which included eight separate pools amounting to $2.4 billion. The largest sale was from Fannie and consisted of 10,300 loans totaling $1.88 billion divided among five pools, all won by MTGLQ Investors, a subsidiary of Goldman Sachs.
Freddie Mac closed on a low-income housing tax credit sale late last week after reentering the market for the first time in a decade. Up until the fourth quarter of last year, the GSEs haven’t been allowed to participate in the LIHTC market since they’ve been in conservatorship.
The Senate Banking, Housing and Urban Affairs Committee next week is expected to push officials from Fannie Mae, Freddie Mac and the Federal Housing Finance Agency on controversial pilot programs that have drawn the ire of certain industry factions.
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