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Tag Archives: FHFA

OCC Orders Largest Servicers to Review Foreclosure Processes

One of the nation's foremost banking regulators has issued a directive to large mortgage servicers, ordering them to reassess their procedures for foreclosing on defaulted borrowers. John Walsh, head of the Office of the Comptroller of the Currency (OCC) told lawmakers that he contacted seven institutions his agency supervises, after several large lenders announced a halt on foreclosures in states where filings might contain erroneous paperwork and preparers may have broken the law in their haste to process large volumes of cases.

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Fannie Mae’s EarlyCheck Aims to Mitigate Loan Repurchases

Fannie Mae has enhanced its EarlyCheck technology service to help lenders identify eligibility or data issues with loans they plan on selling to the GSE in order to minimize the risk of repurchases. With EarlyCheck, lenders now have access to Fannie Mae delivery data checks at any point in the business process, allowing them to spot and correct potential underwriting errors earlier in the process - from prior to closing through to the pre-delivery stage.

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Lenders Have Failed to Repurchase $11B in Bad Loans from GSEs

Banks that sold bad mortgages to Fannie Mae and Freddie Mac have a contractual obligation to buy the loans back, according to their regulator. But many of the nation's largest institutions aren't living up to their end of that commitment. The director of the Federal Housing Finance Agency says that as of the end of the second quarter, Fannie Mae had $4.7 billion in outstanding repurchase requests, and Freddie Mac had $6.4 billion -- more than a third of which have been outstanding for more than 90 days.

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Fannie Mae Developing New Appraiser Requirements to Replace HVCC

Fannie Mae says it is working with the Federal Housing Finance Agency (FHFA) to develop and adopt new appraiser independence requirements that will replace the controversial Home Valuation Code of Conduct (HVCC) enacted by the GSEs in May of last year. Until the revised requirements are released, the existing HVCC provisions are still in effect. Fannie Mae says it expects the new appraisal rules to be issued by October 21, but that they will be ""substantially similar"" to HVCC.

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Veros Integrates with a la mode’s Mercury Network for Appraisals

Oklahoma City's a la mode recently announced that Veros Real Estate Solutions has integrated their VeroSELECT and Valuation Risk Management products with the company's Mercury Network vendor management platform. The integration connects Veros' platform clients with one of the industry's largest networks of real estate appraisers and appraisal management companies, and provides electronic appraisal submission in full compliance with the GSE's Uniform Mortgage Data Program (UMDP) requirements.

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Lawmakers Continue to Push for Eradication of GSEs

The debate over what's next for the government-backed mortgage giants Fannie Mae and Freddie Mac has begun. Last month, the Treasury invited a wide range of industry stakeholders to a summit in Washington to provide some guidance on the administration's proposal for GSE reform. The general consensus there was that the GSEs play too big a role in the housing market to make an abrupt exodus. A large group of House Republicans, though, don't share that view.

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GSEs’ Short Sales and Deeds-in-Lieu up 27% in Q2

Nearly 31,000 borrowers with Fannie Mae and Freddie Mac loans forfeited their homes through a short sale or deed-in-lieu of foreclosure during the second quarter of this year. The figure represents a 27 percent increase over the previous three-month period. The GSEs also reported that their volume of permanent modifications under the administration's Home Affordable Modification Program (HAMP) increased 65 percent, but at the same time, foreclosure starts and foreclosure sales were also up by double digits.

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Lawmakers Challenge Fannie Mae’s New Policy on Strategic Defaulters

A faction of House Democrats have called on Treasury Secretary Timothy Geithner and Fannie Mae's regulator to suspend the GSE's recently announced policy to sue homeowners who strategically default on their mortgage. The group of lawmakers, led by Rep. John Conyers, Jr. of Michigan, called the policy ""opaque, overbroad, and punitive."" They decried Fannie for using taxpayer dollars to penalize underwater homeowners, and maintained that the policy runs counter to the national need to stem a devastating tide of foreclosures.

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FHFA Home Price Index Shows First Increase in Three Years

Home prices in the U.S. rose in the second quarter of 2010, according to the Federal Housing Finance Agency (FHFA). The regulator's purchase-only house price index (HPI) is calculated using sales price data from Fannie Mae- and Freddie Mac-acquired mortgages, and last quarter was the first time since Q2 2007 that the HPI posted a quarterly increase. The index was 0.9 percent higher on a seasonally adjusted basis in the second quarter than in the first quarter of 2010.

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Lawmakers Demand Legal Action Against Firms Selling GSEs Bad Loans

Members of the U.S. House of Representatives are calling on President Obama and the GSEs' regulator to ""use all of [their] powers to recover money"" from companies that shifted losses on to Fannie Mae and Freddie Mac. They say legal action should be used to recoup funds from the underwriters of faulty mortgages and the issuers of underwater securities that have saddled Fannie and Freddie with hundreds of billions of dollars in bad loans and cost taxpayers almost $150 billion to date.

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