Freddie Mac’s newly launched front-end credit-risk transfer pilot doesn’t appear to be the expansion of credit-risk transfers that mortgage bankers have been clamoring for. For starters, the deep MI pilot won’t result in lower guarantee fees, which is what the Mortgage Bankers Association has been seeking. And it’s not the deep-cover primary insurance that private MIs would like to write. Under the Freddie Mac Deep MI pilot, the government-sponsored enterprise is purchasing...
Mortgage lenders would be able to extend more credit to traditionally underserved borrowers with greater confidence and sell those loans to Fannie Mae and Freddie Mac, according to proponents of legislation pending on Capitol Hill. H.R. 4211, the “Credit Score Competition Act of 2015,” introduced by Rep. Ed Royce, R-CA, would allow Fannie and Freddie to consider alternative scoring models when determining whether to purchase a residential mortgage. Further, the Federal Housing Finance Agency would be given...
A task force convened by the Mortgage Bankers Association proposed universal principles for loan modification programs across government guarantors, the government-sponsored enterprises and perhaps non-agency mortgages. The “One Modification” standards published late last week aim to provide servicers with a “cohesive framework” to complete loan mods when the Home Affordable Modification Program largely ends after this year. “MBA’s task force recognizes...
Among the top 20 VA lenders, just six depositories made the cut: USAA, Navy Federal, Wells Fargo, Flagstar Bank, The Federal Savings Bank and North American Savings Bank…
One trade group source had this to say about the arrangement: “There’s no g-fee break? Then it doesn’t sound like front-end coverage that helps lenders.”
According to Treasury Department reports, overseas investors held $821.3 billion of Fannie, Freddie and Ginnie MBS at the end of June, a 5.0 percent increase from March.
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