Tag Archives: Fannie Mae

Servicers have picked up the pace as they work through a backlog of loans that have languished in late-stage delinquency status for months, and in some cases well over a year. As a result, Lender Processing Services says lenders' foreclosure inventories have risen dramatically and are about 7.4 times above the historical average. Increases in delinquency numbers have remained subdued, however, as loans are pushed out the end of the pipeline faster than new delinquencies enter.

The Law Offices of Daniel C. Consuegra, P.L. issued a notice this week announcing the firm's addition as a member of the Fannie Mae Retained Attorney Network. The Tampa-based firm is now eligible to represent Fannie Mae in foreclosure and bankruptcy matters in the state of Florida. Fannie Mae de-listed the controversial foreclosure mill the Law Offices of David J. Stern, P.A. from its approved attorney network and instructed its servicers to begin transferring pending cases to other firms earlier this month.

David Johnson will resign from his position of EVP and CFO at Fannie Mae by the end of the year, the GSE said in a regulatory filing this week. Until a successor is named, Johnson's No. 2, Deputy CFO David Hisey, will assume his responsibilities. Johnson stepped into the role two months after Fannie Mae was seized by the federal government in September 2008.

Mortgage Cadence, LLC announced it will support Fannie Mae's Loan Quality Initiative (LQI) with the direct integration of EarlyCheck. According to the company, the integration will validate critical data prior to delivering a loan to Fannie Mae and reduce funding and pooling delays after submission. EarlyCheck was developed by the GSE to ensure that delivered loans meet standard and negotiated terms with fewer delivery stops by providing identity checks, property and occupancy checks, and eligibility verification.

Fannie Mae is testing the waters for a new program that allows real estate agents to submit offers for the company's REO properties on behalf of their clients and track the status of those offers online. The program is being piloted in Orlando, Florida; San Diego, California; and Detroit, Michigan. The new feature is currently available for Fannie Mae-owned homes in these areas through the GSE's HomePath Web site. Officials say the program will provide increased transparency and efficiency in the submission process.

First-time homebuyers purchased half of all homes that were sold from July 2009 to June 2010, according to an annual survey of buyers and sellers conducted by the National Association of Realtors (NAR). It's the highest share of first-time homebuyers in the history of NAR's study, which dates back to 1981. The trade group attributed its findings to the success of the government's tax credits, but also voiced concern that today's credit policy restrictions are locking responsible borrowers out of homeownership.

Embrace Home Loans, a direct lender for Fannie Mae and Freddie Mac, has met the licensing requirements of the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act. The company said it has been preparing for the SAFE Act for more than a year and consequently has invested thousands of man-hours and millions of dollars in resources to ensure all of its loan officers are ready to meet the requirements of the SAFE Act for originating loans in multiple states.

President Obama said Friday that he intends to nominate North Carolina Banking Commissioner Joseph A. Smith, Jr. to head the Federal Housing Finance Agency, which oversees mortgage giants Fannie Mae and Freddie Mac. If confirmed by the Senate, Smith will replace Edward DeMarco, who has served as acting director of the agency since September 2009. The timing of Smith's appointment would put him at the center of the administration's efforts to reform the nation's housing finance system and decide the future of the GSEs.

Counseling and foreclosure prevention services are now available for free to struggling homeowners with Fannie Mae loans in Phoenix. Fannie Mae's fifth facility in a series of nationwide help centers, the Phoenix Mortgage Help Center allows borrowers to meet with on-site English- and Spanish-speaking staff and experienced housing counselors to discuss their mortgage situations.

Fannie Mae has issued a notice instructing servicers that have cases at the Law Offices of David J. Stern, P.A. to take immediate action to transfer those matters to other firms in the Fannie Mae Retained Attorney Network in Florida. By November 15, servicers must determine transfer locations for the Fannie Mae matters currently at the Stern firm, notify the new firms, and inform the GSE of the destination for the cases in question.