Fannie Mae Updates HECM Servicing Manual. Fannie Mae has updated its Reverse Mortgage Loan Servicing Manual to include changes related to real estate-owned hazard-insurance requirements. The policy change applies only to Home Equity Conversion Mortgage REO. The revised manual now requires that, for HECM loans, the servicer must place a property insurance policy on the acquired property in accordance with Department of Housing and Urban Development guidelines. Coverage must be up to the HUD foreclosure appraisal amount or the deed-in-lieu property valuation amount. Should the servicer be unable to obtain a HUD foreclosure appraisal or deed-in-lieu property valuation, it must place coverage in accordance with HUD guidelines and up to the unpaid principal balance amount. Fannie encouraged immediate servicer implementation of the policy. However, the ...
A total of $57.38 billion of income-property mortgages was packaged into new securities during the second quarter of 2018, a solid 12.3 percent increase from the first three months of the year, according to a new Inside MBS & ABS analysis. [Includes two data charts.]
Securitization of newly-originated expanded-credit mortgages declined slightly in the second quarter despite a strong showing in the nonprime sector. [Includes one data chart.]
Fannie Mae is in the hunt for a new CEO to replace current chief Timothy Mayopoulos, but finding just the right candidate could prove difficult because of a $600,000 salary cap placed on the position back in 2015 by Congress.
The nation’s two largest real estate investment trusts that focus on the MBS market – Annaly Capital Management and AGNC Investment Corp. – have built up their MBS portfolios over the past year despite sluggish second-quarter activity.
Fannie Mae and Freddie Mac shareholders are working to make sure their cases against the government don’t get shoved aside after a string of adverse court decisions. Plaintiffs are looking to tweak their complaint to include a challenge based on a ruling in another case that the Federal Housing Finance Agency structure is unconstitutional.
Two major banks and a defunct subsidiary of Lehman Brothers have agreed to settlements with the Department of Justice to resolve legacy non-agency MBS disputes.
The majority of loans in expanded-credit mortgage-backed securities are adjustable-rate mortgages, while such loans are few and far between in prime non-agency MBS, according to a new analysis by Inside Nonconforming Markets. [Includes one data chart.]
More competition is coming into the nascent business of aggregating non-qualified mortgages and issuing mortgage-backed securities drawn by the market’s potential for profitable growth.
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