Browse articles from all of our Newsletters related to FHFA.

December 7, 2018 - Inside The GSEs

Conforming Loan Limits Hiked, But Does It Really Matter?

The Federal Housing Finance Agency announced last week that it was increasing the maximum conforming loan limit for 2019. For most counties, the new limit will be 6.9 percent higher at $484,350. The increase, while routine, has both supporters and critics.

December 7, 2018 - Inside MBS & ABS

How to Shrink the GSE Footprint Without Having to Ask Congress to Do Anything

Speculation is rampant that the Trump administration will appoint a new director of the Federal Housing Finance Agency who will begin carving away chunks of the single-family mortgage business that Fannie Mae and Freddie Mac now finance in conservatorship.

November 30, 2018 - Inside Nonconforming Markets

Conforming Loan Limits Increase 6.9% in 2019

The threshold for what constitutes a jumbo mortgage will increase by 6.9 percent in 2019 as the Federal Housing Finance Agency set new loan limits this week. The baseline conforming loan limit for the government-sponsored enterprises will increase to $484,350 from $453,100 in 2018, and for most high-cost areas, the limit will rise to $726,525 from $679,650. The FHFA annually adjusts loan limits for mortgages delivered to Fannie Mae and Freddie Mac based on its home price index ...

November 30, 2018 - Inside MBS & ABS

FHFA Report Shows Little Deviation in Prepayment Speeds for Fannie and Freddie TBA Securities in 3Q18

Prepayment speeds for recently issued Fannie Mae and Freddie Mac MBS in the to-be-announced market were closely aligned during the third quarter, according to a new report from the Federal Housing Finance Agency.

November 23, 2018 - Inside The GSEs

Conservative Economist May Be Trump’s Pick to Head the FHFA

Increasingly, it looks as though Mark Calabria, chief economist to Vice President Mike Pence, is the leading candidate to head the Federal Housing Finance Agency once Mel Watt’s term expires in January.

November 23, 2018 - Inside The GSEs

Still Some Loose Ends as SSI Project Nears the Finish Line

With the final rollout scheduled for June, FHFA, the GSEs, and Common Securitization Solutions are scrambling to make sure participants in the to-be-announced MBS market are ready for the big changes ahead.

November 23, 2018 - Inside The GSEs

Biting Comments on FHFA’s Proposed Rule on UMBS

The Federal Housing Finance Agency and the government-sponsored enterprises say they’re on track for the June launch of the single security, but industry groups still have several concerns about the pending seismic shift in how Fannie Mae and Freddie Mac issue single-family mortgage-backed securities.

November 22, 2018 - Inside Mortgage Finance

White House Contemplating Calabria for FHFA Job. If it Happens, Big or Gradual Changes in the Wings?

The Trump administration is reportedly eyeing Mark Calabria, who now serves as chief economist for Vice President Mike Pence, as the next director of the Federal Housing Finance Agency, a five-year post that holds tremendous power over the government-sponsored enterprises.

November 22, 2018 - Inside Mortgage Finance

FHFA Trying to Find a Capital Balance That Can Handle Market Cycles, and Observers Say More Work is Needed

The proposed capital requirements for Fannie Mae and Freddie Mac aim for risk-based standards that will allow the government-sponsored enterprises – and future competitors – to earn an acceptable return while remaining strong enough to withstand severe economic downturns.

November 23, 2018 - Inside MBS & ABS

Charting a GSE Road Map for 2019. What Might a New FHFA Director Do to the Secondary Market?

In six weeks, Mel Watt will officially step down as director of the Federal Housing Finance Agency, a change that is ripe with ramifications for the secondary mortgage market, including speculation regarding lower loan limits for Fannie Mae and Freddie Mac.

November 12, 2018 - Inside the CFPB

CFPB and FHFA Release First Edition of Loan-Level Dataset

The CFPB and the Federal Housing Finance Agency last week for the first time released survey results from the National Survey of Mortgage Originations, a loan-level dataset the two agencies administer jointly. The quarterly survey queries borrowers about their experiences getting a mortgage, their perceptions of the mortgage market, and future expectations among others. The data cover closed-end first-lien residential mortgages newly reported to one of the ...

November 9, 2018 - Inside The GSEs

GSE Roundup

FHFA and CFPB Release New Loan-Level Dataset. The Federal Housing Finance Agency along with the Consumer Protection Finance Bureau on Nov. 8 released for public use a new loan-level dataset collected through the National Survey of Mortgage Originations (NSMO) that provides insights into borrowers’ experiences in getting a residential mortgage. FHFA Deputy Director Sandra Thompson said, “The goal of the survey is to obtain information ... [Includes four briefs]

November 9, 2018 - Inside The GSEs

FHFA Looks to Condense FHLBank Housing Goal Requirements

The Federal Housing Finance Agency wants to do away with some of the targeted housing goals for the Federal Home Loan Banks in favor of a more streamlined approach. The regulator issued a proposed rule last week that would remove separate home-purchase mortgage targets for low-income families, low-income areas, very low-income families, and a target for low-income family refinance mortgages. The FHFA recommends replacing those four goals with one succinct goal that doesn’t ...

November 9, 2018 - Inside The GSEs

FHFA Says Freddie Missed Two Low-Income Housing Goals

The Federal Housing Finance Agency’s annual report on housing showed that Freddie Mac fell short of meeting two of its four single-family affordable housing goals for 2017. The GSE came close but didn’t meet the low-income and very low-income purchase goals. The low-income goal was 24.0 percent and Freddie came in at 23.2 percent. The very low-income purchase target was 6.0 percent and Freddie was at 5.7 percent. The FHFA recently notified Freddie of the shortage ...

November 9, 2018 - Inside The GSEs

GSE Shareholders Urge Judge to Reject FHFA’s Request

Fannie Mae and Freddie Mac shareholders in a class action suit are urging U.S. District Judge Royce Lamberth to reject the government’s request to reconsider his opinion. On Sept. 28, Royce ruled that the Treasury sweep breached an implied covenant of good faith. That ruling paved the way for shareholders to continue their case against the government. But the Federal Housing Finance Agency and the GSEs are challenging that ruling. They filed a motion on Oct. 15 asking for ...

November 9, 2018 - Inside The GSEs

Debate on Gov’t Role in Mortgage Finance Continues into 2019

There is widespread consensus about the future role of the government in mortgage finance, but it’s by no means homogenous. The Trump administration gets to name a new director of the Federal Housing Finance Agency who can work with Treasury to steer the GSEs toward a revised, likely narrower, role. The new FHFA chief will have command of the enterprises for five years, with dim prospects of Congress tackling long-term reform. Michael Stegman, senior fellow for housing policy at ...

November 2, 2018 - Inside FHA/VA Lending

QM Patch Expiration Could Shift More High-DTI Loans to FHA

Certain potential changes could materially affect origination volume and determine the government-sponsored enterprises’ direction going forward, according to analysts. One of those changes could have a significant impact on the FHA market. Wells Fargo Securities analysts recently looked at three potential developments in the Fannie Mae/Freddie Mac sphere and evaluated their effects on the broader mortgage market. Two of those potential changes – loan limits and guarantee fees – are controlled directly by the Federal Housing Finance Agency, while the third relates to the temporary GSE qualified-mortgage exemption, or “QM patch,” which could affect the FHA market. All three factors loom over the mortgage landscape as the FHFA expects a new director in January 2019, who is likely to be more right leaning and could shift the focus back to shrinking the ...

November 1, 2018 - Inside Mortgage Finance

Experts Expect Some Effort by Trump FHFA Appointee To Curb GSE Footprint But Not Enough to Roil Markets

Close observers of the politics of housing finance generally expect the next director of the Federal Housing Finance Agency to steer Fannie Mae and Freddie Mac toward a smaller market presence without creating a huge disruption in the industry.


With loan volumes declining, does your shop have plans to enter the non-QM lending market in 2019?

Yes, definitely. A solid move forward.
Yes, but only incrementally.
We’re pondering a move into non-QM, but haven’t made up our mind.
No, definitely not. We view it has too risky.

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