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Volume 2014 - Number 19

May 15, 2014

Revised GSE Reps & Warranties Framework Offers Buyback Alternatives, Nudges Needle to More Clarity

The new Fannie Mae and Freddie Mac policy on loan-seller representations and warranties will likely burn off some of the fog thatís made mortgage lenders skittish about the product they deliver to the two government-sponsored enterprises, but it wonít eliminate industry buyback concerns. The new policy tinkers at the edges of the buyback safe harbor for loans with acceptable payment history. Loans with two 30-day late payments in the first three years can get a buyback waiver if they are current at the 36-month mark; until now such loans would only get a waiver if they performed for five years. More significant is...

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.


No. It’s still difficult compliance/regulatory-wise.


Maybe. It’s under consideration.


Not now. But things could change as 2018 progresses.