fnma: Republicans Seek to Block Housing Funds Payments
- 01/28/15 09:44 AM
As I wrote in my post dated December 14, 2014, entitled "Fannie / Freddie To Make Housing Fund Payments" Mel Watt, Director of the Federal Housing Finance Agency ordered FNMA and FHLMC to make their payments to the Housing Trust Fund and the Capital Magnet Fund as required under the Housing and Economic Recovery Act of 2008. The GSEs never made a payment to the housing funds since that legislation was passed. Now House Republicans, led by representative Ed Royce (R-California) are about to introduce a bill entitled "Pay Back the Taxpayers Act of 2015". The measure, which has not yet been introduced … (4 comments)
fnma: FNMA Appraisal Review Revisions
- 01/05/15 07:08 AM
As of January 26, 2015, FNMA ("Fannie Mae") will be implementing a new appraisal risk assessment application that will be integrated into the Uniform Collateral Data Portal ("UCDP") that was launched by Fannie Mae and FHLMC in January 2013.The UCDP facilitates the electronic collection of appraisal report data. It is a single portal for the electronic submission of appraisal data files which lenders are required to use. The portal is linked to the Uniform Appraisal Dataset which defines all fields required for an appraisal submission for specific appraisal forms and standardizes definitions and responses. The new application is referred to as "Collateral … (32 comments)
fnma: Petition to End Conservatorship
- 01/01/15 10:01 PM
In an article dated 12.31.2014, DSnews reported that an online petition has been posted, addressed to the Obama Administration, to end the conservatorship of FNMA and FHLMC. The petition organizers hope to obtain 100,000 signatures by 01.19.2015. The petition was posted as of 12.20.2014 and has 968 signatures as of the writing of this post. The petition is HERE. The article indicates that the conservatorship is costing taxpayers money and that the GSEs have been turning a profit since 2012. The article cites that more than several law suits are pending against FHFA and the GSEs to stop the sweep of … (4 comments)
fnma: Waiting Periods After Bankruptcy
- 12/29/14 03:32 AM
As George Souto has provided a wealth of information about waiting periods after a short sale or foreclosure to apply for various types of mortgage loans, you need to be aware that there are also waiting periods after going through a bankruptcy. The guidelines for waiting periods after bankruptcy are almost as confusing as the guidelines for short sales and foreclosures. The guidelines will be provided in two parts so as to keep things short and simple. This post will address conventional loans and tomorrow I will develop the guidelines for FHA, USDA/RD and VA. To understand fully these waiting period … (12 comments)
fnma: Bailout Repayment Bad For Borrowers
- 12/16/14 10:58 PM
A lenders' group has called upon the U.S. Department of the Treasury ("DOT") and the Federal Housing Finance Agency ("FHFA") to restructure the bailout payments that are required from FNMA and FHLMC to the federal government for the bailout of the GSEs after the burst of the housing bubble. In an article appearing today in DSNews it is reported that a group known as Community Mortgage Lenders of America ("CMLA") has requested that DOT and FHFA amend the repayment agreement between the government and the GSEs to allow the GSEs to retain more of their profits and restore their capital positions so … (5 comments)
fnma: Fannie / Freddie To Make Housing Fund Payments
- 12/13/14 11:46 PM
Mix results seem to abound about the announced payments to be made by Fannie Mae and Freddie Mac to federally sponsored national housing trust funds for very low and low income housing. FHFA Director Melvin Watt has lifted the suspension of payments by the GSEs that were requied under the Housing and Econimic Recovery Act of 2008 ("HERA"). In fact, the GSEs never made any payments to the housing funds as the GSEs went into conservatorship and HERA provides that the FHFA can suspend the required payments if the payments would contribute to the financial instability of the GSEs or would … (8 comments)
fnma: HomeStyle Renovation Loan
- 12/12/14 01:13 AM
For a few months there has been some competition for FHA 203k Rehabilitation loans in the form of the HomeStyle® Renovation loan that is being offered by FNMA. A number of mortgage brokers and lenders are shying away from the FHA 203k loan of late because of the high cost of the mortgage insurance that FHA requires that cannot be dropped when the LTV gets down to 78% or less like a conventional loan. FHA charges an upfront MIP of 1.75% of the loan amount and 1.35% as an annual premium. The HomeStyle® Renovation loan ("HSR loan") is available for 1-4 unit … (4 comments)
fnma: FNMA Outlook for 2015
- 12/01/14 08:45 PM
Federal National Mortgage Association ("FNMA" or "Fannie Mae") recently released its outlook for the economy and housing in calendar year 2015. There are some differences between the FNMA outlooks and the housing and economic outlook that was published by FHLMC and reported in my recent post entitled, "Predictions for 2015". FNMA predicts overall increases for the gross domestic product, personal incomes and that the unemployment rate will drop. As for housing, FNMA is indicating that housing starts will rise, new and existing SFR sales will increase, median price of SFR will increase, mortgage lending interest rates will nudge up slightly, and … (4 comments)
fnma: Little Impact by Policy Change
- 11/28/14 07:07 PM
The Federal Housing Finance Authority ("FHFA") recently announced a policy change for FNMA and FHLMC regarding the sale of their REO inventory to the foreclosed party , but this change in policy will have a limited impact based upon information in a report published by Bloomberg News. Previously, if you were foreclosed out of your home by FNMA or FHLMC, you (or a third party on your behalf) could not buy back your home for its current value, but had to pay the balance that was due on the foreclosed mortgage. Under the policy change recently announced, foreclosed parties will now … (6 comments)
fnma: A Peak Inside "G-fees"
- 11/23/14 07:58 PM
The Federal Housing Finance Agency ("FHFA") has released its annual report to Congress and there are a couple of interesting bits of information that are revealed about the guaranty fees ("G-fees") that are collected by FNMA and FHLMC for the guarantees that they issue in connection with mortgage loans and mortgage-backed securities. The first thing that is listed in an article in Mortgage News Daily that was released mid-afternoon, Friday 11.21.2014, is that the G-fees have doubled since 2009. Generally the formula for determining G-fees is based on three costs. The GSEs determine the cost of expected losses, add the cost … (4 comments)
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Randy Kirsch
(NMLS# 1012303) Your Dedicated Mortgage Consultant
As I wrote in my post dated December 14, 2014, entitled "Fannie / Freddie To Make Housing Fund Payments" Mel Watt, Director of the Federal Housing Finance Agency ordered FNMA and FHLMC to make their payments to the Housing Trust Fund and the Capital Magnet Fund as required under the Housing and Economic Recovery Act of 2008. The GSEs never made a payment to the housing funds since that legislation was passed. Now House Republicans, led by representative Ed Royce (R-California) are about to introduce a bill entitled "Pay Back the Taxpayers Act of 2015".
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