The Senate Committee on Banking, Housing and Urban Affairs is primed to resume its markup next week of legislation to reform the government-sponsored enterprises. While it remains unlikely that Congress will pass GSE reform legislation this year, industry participants of all sorts are working to change portions of the Senate bill. The markup last week was tabled after brief opening statements from Sens. Tim Johnson, D-SD, and Mike Crapo, R-ID, who are trying to ...
A coalition of industry trade associations is urging the FHA to harmonize its regulatory treatment of transfer fee covenants with the Federal Housing Finance Agency. In a joint letter, the group said the FHFA’s final rule on transfer fee covenants “establishes a clear, national standard to protect homeowners from equity-stripping private transfer fees while preserving the preeminence of state and local governments over land-sue standards.” The letter was sent in response to reports that FHA may issue a proposed rule on transfer fee covenants that will apply to FHA-insured mortgages. A private transfer fee covenant is attached to real property by the owner or another private party – frequently the property developer – and provides for a fee to be paid to specified third party every time the property is resold. The fee typically is a percentage of the property’s sales price and ...
With $1.811 trillion of mortgage servicing rights on its books at the end of the first quarter, it would take an earthquake to knock Wells Fargo into the humble 12-figure universe.
At the end of March, Two Harbors affiliate TH Insurance had $464.5 million of outstanding secured advances from the Federal Home Loan Bank of Des Moines.
It seems that GSE officials, to some degree, are trying to manage future expectations, but one thing is certain: guaranty fee income remains very strong.
Should Fannie Mae and Freddie Mac increase the 25 basis point servicing fee they pay mortgage companies that service their loans? The issue was apparently raised by at least one mortgage executive at a recent advisory board meeting that Fannie held with some of its customers. Two servicing advisors with knowledge of the meeting confirmed the story, but few in the industry believe that any type of increase is being contemplated at this time. One major concern centers...
State regulators are evaluating regulation and supervision of nonbank servicers due to the growth seen in the sector in recent years, according to officials at the Conference of State Bank Supervisors, which last month closed a request for proposals on the issue. “This is just a really good time for us as a system to look at this change, what does this change mean, and how should it inform the licensing regime on the state side,” said Michael Stevens, senior executive vice president at the CSBS. Among other issues, state regulators are researching...
Fannie Mae and Freddie Mac together earned $9.3 billion in the first quarter, thanks largely to big settlements of lawsuits over non-agency mortgage-backed securities. Together, the two government-sponsored enterprises will have paid about $213.1 billion to the Treasury at the end of June, roughly $25.1 billion more than the $188 billion the two companies have drawn from the Treasury since being placed in government conservatorship. Freddie earned...
FHFA chief Mel Watt said he would not “elaborate on these issues today,” but promised “you will certainly be hearing more about this as we move forward.”
RSS