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The Complete Guide to Mortgage Buyback Strategies 2014: Focus Shifts to New Production 6th Edition PDF Format

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Fannie Mae and Freddie Mac—the dominant forces in buybacks for the last several years—wrapped up repurchase activities on legacy loans with the close of 2013, marking an end to the extreme levels of buyback risk seen in the early part of this decade. But there is still plenty of exposure—from new loans and old—because of changes at the GSEs and increased scrutiny from other investors and guarantors.

From the GSEs, the focus has moved to new production and ramped up interest in lenders’ quality control. Changes to Fannie’s and Freddie’s representation and warranties framework has also altered the buyback landscape, with sunsets easing some burdens, but not as completely as might be expected.

And the FHA, faced with having to tap Uncle Sam for emergency funds, has increased its indemnification activity. Regulations finalized in early 2012 but not implemented until mid-year 2013 have placed participants in the Lenders Insurance program at risk of more audits and compliance reviews, which in turn may lead to increased demands for indemnification.

Learn about the current state of buyback risk—including new wrinkles added by the qualified mortgage standards, use of the False Claims Act and Financial Institutions Reform, Recovery and Enforcement Act, and new mortgage insurance master policies—in the all-new IMF Guide to Mortgage Buybacks 2014.

The guide includes sections on

  • Fannie Mae and Freddie Mac, including information on their quality control expectations and file review procedures;

  • The FHA and Ginnie Mae, with information on mortgage insurance certificates, appeals and reinstatement, and proposals to change enforcement and charge a new administrative fee to cover quality control costs;

  • Non-Agency MBS, with discussions of pending litigation and settlements as well as the Department of Justice's use of the Financial Institutions Reform, Recovery and Enforcement Act to pursue cases otherwise beyond the statute of limitations;

  • Mortgage Insurers and the new master policies; and

  • Buybacks Data, with charts detailing bank and thrift repurchase activity and agency GSE buyback actions for 2013 and 1Q2014.