Tag Archives: Fannie Mae

Schneiderman & Sherman, P.C. is pleased to announce the addition of Jacquie Brink to their newly formed branch in Saginaw, Michigan. Brink will be the office manager for the Saginaw branch of Best Homes Title Agency. Brink brings 20 years of industry experience to Best Homes. Her years of experience include periods as regional manager for two title insurance agencies and state agency representative for a major title insurance underwriter.

Fannie Mae issued a servicing guide announcement Tuesday amending the company's requirements regarding foreclosure attorney fees for properties located in the state of Maryland. Effective for mortgage loans referred to an attorney on or after February 1, 2011, Fannie Mae is increasing the maximum allowable attorney fee for legal work related to non-judicial foreclosures from $950 to $1,300.

According to RealtyStore, a provider of local foreclosure listings, the median price of bank foreclosures in Miami-Dade County, Florida, are nearly half that of the current market rate. The firm's analysis showed 64 percent of all foreclosures for sale in the county are marketed by banks. The other foreclosures are listed for sale by government entities, including HUD and the GSEs. Bank-owned foreclosures are priced 47 percent less than the median market price. When it comes to government foreclosure pricing, the discounts are even deeper.

Income and expense data released by the Federal Reserve this week shows the central bank is earning a pretty penny from its investments in mortgage securities. The Fed began buying mortgage bonds from Fannie Mae, Freddie Mac, and Ginnie Mae in November of 2008 to help prop up the nation's deteriorating mortgage markets. In 2009, Fed officials reported that these efforts, combined with its purchases of Treasury securities, yielded a $46.1 billion profit. In 2010, earnings on those investments jumped to $76.2 billion.

As the backlog of foreclosures continues to drive down housing prices, losses on private-label residential mortgage backed securities (RMBS) will increase in 2011, according to Moody's. The forecast for more red ink seeping from home loans sold to investors comes despite the fact that the agency believes the rate at which loans become delinquent will decline during the year. Moody's expects flaws in foreclosure practices that have recently come to light to delay foreclosures by three to six months, further extending the window of losses for investors.

Veros announced Monday that its VeroSELECT valuation management platform now gives lenders the ability to order, manage, and electronically deliver appraisals in compliance with the new requirements mandated by Fannie Mae and Freddie Mac for the Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal (UCDP). These initiatives are part of the GSEs' program intended to standardize and drive data quality to benefit the entire mortgage industry.

MDA Lending Solutions has launched a suite of products to help customers satisfy Fannie Mae's Loan Quality Initiative (LQI) recommendations and reduce mortgage fraud. According to the company, its new LoanShield suite enables clients to identify suspicious activity, protect themselves against repurchase claims, and lower the chance of mortgage fraud-related issues impacting loan performance.

The Air Force uses visual flight simulators to train its pilots for the actual experience. Virtual reality simulation models are used to help people overcome their fears or uneasiness about certain real-life situations. Fannie Mae is applying this same idea to foreclosure prevention. The GSE has unveiled an interactive multi-media tool called WaysHome that allows homeowners to put themselves in real-life situations they can identify with, make financial choices, and immediately see the outcomes of those actions.

Fannie Mae will utilize eMASON's Web-based Clarifire application to comply with the foreclosure pre-filing mediation process mandated by the Florida Supreme Court. Issued in December 2009, the statewide mediation program aims to open up communication between lenders and distressed borrowers prior to foreclosure proceedings. eMASON says Clarifire works to improve the prospect and cycle times associated with assisting borrowers by offering mediation and related workout options early in the loan's delinquency.

Fannie Mae and Freddie Mac have reached an agreement with another lender to cover repurchase claims from alleged faulty underwriting standards in origination. Bank of America announced Monday that it paid a nearly $3 billion settlement to Fannie Mae and Freddie Mac on the last day of 2010 to cover repurchase claims from the two GSEs. According to BofA, the settlement resolves ""substantial legacy issues"" in the best interest of its shareholders, and the company says it is committed to putting such issues in its rearview mirror.