Two firms are offering new services that they claim will help lenders prevent buyback requests from the government-sponsored enterprises or prevail in buyback disputes. Both services rely on verification of loan characteristics. Equifax announced last week that it significantly enhanced its “retro income verification service,” known as “Point In Time.” The firm said its offering will help reduce repurchase requests by delivering the most current and accurate loan-level verification of a borrower’s ...
Rising home values and mortgage interest rates drove down nationwide housing affordability in the second quarter, while a projected slowdown in labor force growth suggests weaker future housing activity, various industry analyses indicate. In its latest home price analysis, CoreLogic reported an 11.9 percent year-over-year increase in June 2013 for home prices nationwide, including distressed loans. This represents the 16th consecutive monthly increase in home prices [Includes one data chart] ...
The guaranty fee charged to lenders by Freddie Mac has recently fallen significantly lower than the rate charged by Fannie Mae as the government-sponsored enterprise struggles to shore up its share of the GSE market. In the second quarter of 2013, Freddie’s average guaranty fee on new acquisitions was 50.7 basis points. During the same period, Fannie’s average g-fee for new acquisitions was 56.9 bps. In the second quarter of 2012, Freddie’s g-fee averaged 39.8 bps while Fannie’s averaged 40.3 bps. In a statement provided to Inside Mortgage Finance, Freddie said...
Fannie Mae and Freddie Mac posted a combined $15.1 billion in profit during the second quarter of 2013, along with the lowest inventory of repurchase activity since the two government-sponsored enterprises went into government conservatorship and began aggressively enforcing representations and warranties provided by sellers and servicers. As of the end of June, the two GSEs had a combined $5.78 billion in outstanding repurchase demands, a 16.8 percent decline from the first quarter. Although Fannie’s unresolved buyback caseload was...[Includes one data chart]
After more than five years of operation, Home Affordable Refinance Program activity is expected to decline. However, industry analysts suggest that if the Federal Housing Finance Agency continues to implement changes requested by lenders, HARP activity could remain strong through 2014. “This deep cooperation and aggressive policy action are key reasons why HARP burnout has been elusive so far and suggests HARP risk is likely to remain elevated despite the interest rate sell-off, in our view,” analysts at Barclays Capital said late last week. Analysts at Bank of America Merrill Lynch project...
The IG's evaluation survey found that the total cumulative voluntary attrition rate at Fannie’s capital markets group “increased somewhat” from January 2010 through 2012.
FHFA has handed over a list of CEO candidates to Spencer Stuart, which bills itself as an international recruiting firm with 54 offices in 29 countries.
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