Tag Archives: FHFA

The Five Star Diversity Symposium was a day-long event focused on advancing the conversation on diversity within the mortgage industry, and featured keynote addresses from industry leaders as well as panel discussions. Represented were companies and government agencies within the mortgage industry, including the Federal Housing Finance Agency (FHFA), Freddie Mac, Fannie Mae, the Consumer Financial Protection Bureau, and the Federal Home Loan Bank of Dallas.

According to a new report, serious delinquencies, short sales, deeds-in-lieu, third-party sales, and foreclosure sales were all down for the month. Earlier-stage delinquencies were up in February, however, with loans 30 to 59 days delinquent rising from 377,000 to 404,000 for the month. Of February loan modifications, 19 percent had principal forbearance, while extend-term modifications accounted for 44 percent—something the report attributes to ever-climbing housing prices.

In an effort to better serve some persistent affordable housing problems in the U.S. Fannie Mae and Freddie Mac released their proposed Duty to Serve plans. "Duty to Serve presents a welcome opportunity to lead the mortgage industry and help more American families with their housing needs," said Danny Gardner, Freddie Mac's vice president of affordable lending and access to credit. The purpose of the plan is to better serve some persistent affordable housing problems in the U.S.

Though Freddie Mac’s net income was lower this quarter than last, the GSE will still pay $2.2 billion in dividends to the U.S. Treasury for this quarter, according to its recent financial results report. The agency saw single-family revenues, purchase volumes, and mortgage-related investments all decline for Q1. These declines, according to Freddie Mac CEO Donald Layton, were due to steady interest rates and low market spreads

The Financial Services Roundtable has appointed Ed DeMarco to head its Housing Policy Council. DeMarco has previously served at FHFA, the Treasury Department, the Milken Institute, and the Social Security Administration. He takes the helm starting June 1.

According to a report from the Federal Housing Finance Agency, total Refinance volume has dropped as mortgage rates have risen. In February 2017, borrowers completed 4,198 refinances through HARP, and since HARP’s inception in 2009, the program has made 3,456,422 refinances. HARP represented three percent of total refinance volume, and six percent of loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.

Fannie Mae and Freddie Mac have made headway on goals set forth in the 2016 Scorecard by the Federal Housing Finance Agency, according to the FHFA's Progress Report released on Wednesday. GSE efforts to improve credit access, assist borrowers, and reduce taxpayer credit risk were all noted in the agency's report. FHFA is currently soliciting comments on the Progress Report at FHFA.gov.

The FHFA’s Credit Risk Transfer Report revealed a big uptick in GSE credit risk transfer for 2016. Fannie Mae and Freddie Mac transferred a combined $18 billion in credit risk on $548 billion mortgages for the year. Risk was transferred via a variety of debt issuances, insurance and reinsurance programs, and front-end transactions.

Homes in 54 areas now meet or exceed their values in pre-crisis days. Other home values are approaching their former values.

The FHFA reported increased interest rates alongside decreasing loan amounts.