There is no mention in the SunTrust filing how much HUD/FHA might receive. A spokesman for the bank declined to provide a number to Inside Mortgage Finance.
“Linking of qualified residential mortgages (QRM) in the risk-retention rules to the definition of qualified mortgage (QM) in the CFPB’s ability-to-repay rules will further deepen the divide between QM and non-QM loans in terms of pricing and availability,” said attorney Stephen Kudenholdt of Dentons LLC.
The most important take away from this week’s loan limit reduction news: Congress warning DeMarco that he’d better defer to them on loan limits. His reply: radio silence. Meanwhile, Wells tosses Freddie overboard, sort of.
Fannie Mae and Freddie Mac may have to dial back the multifamily spigot if they’re going to meet the targets their regulator wants them to as it seeks to shrink the GSEs’ presence in the space. It looks like it might require a bigger turn of the dial for Freddie than for Fannie. As part of the Federal Housing Finance Agency’s 2013 Conservatorship Scorecard, FHFA Acting Director Edward DeMarco has called for a 10 percent reduction target in GSE multifamily business volume this year compared to 2012.
Fannie Mae and Freddie Mac securitized $285 billion of single-family mortgages during the third quarter, an almost 16 percent drop from the previous three-month period. As for the outlook for the fourth quarter, the industry is nervous.
Over the past year, some lenders have complained privately about the presence of enforcement attorneys during examinations, telling Inside Mortgage Finance that it can be intimidating to staff.
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