As directed by the Federal Housing Finance Agency, Fannie Mae and Freddie Mac this year established a three-year sunset period for most reps and warrants on loans with perfect payment histories.
A senior executive at Residential Finance Corp. confirmed that the company’s chief financial officer Nick Hahn left the lender/servicer last month, but has since been replaced.
Mortgage lenders far and wide have been laying off full-time staffers by the thousands over the past month as the industry adjusts to both lower originations and a lighter workload tied to the servicing of problem loans. The latest casualties include Wells Fargo, which recently announced plans to cut an additional 925 mortgage “team members” across the U.S.; SunTrust (800 positions); Mortgage Investors Corp. (500); and CashCall (486). Wells cut 5,300 mortgage workers in the third quarter alone, but that figure does not include the latest bloodletting. JPMorgan Chase estimates by the time 2013 ends it will have cut 11,000 mortgage-related jobs. Moreover, according to officials at executive search firms, now mortgage vendors are...
Speaking at the Bipartisan Policy Center in Washington Thursday afternoon, FHFA Acting Director Edward DeMarco gave no hint how much of a reduction might be in store. He also took no questions from the audience.
The survey of almost 2,000 real estate agents found that lenders routinely extend their deadlines due to loan processing issues, causing problems for homebuyers
Based on their view that the requirements of the ATR rule and ECOA are compatible, regulators said they “do not anticipate that a creditor’s decision to offer only Qualified Mortgages would, absent other factors, elevate a supervised institution’s fair lending risk.”
The Federal Housing Finance Agency is requiring Fannie Mae and Freddie Mac to promptly notify the agency whenever they detect fraud “or other financial misconduct” with any business entity they have done business with during the past three years.
Marc Savitt, president of National Association of Independent Housing Professionals, a broker/appraiser trade group, noted that the short-term outlook for the sector looks difficult.
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