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Tag Archives: Freddie Mac

Largest Servicers Get Low Scores in HAMP Audits

The Treasury Department has instructed three of the nation's largest mortgage servicers to make changes to the way they solicit distressed borrowers for the government's loan modification program and evaluate applicants for eligibility. In Treasury's latest report card on the Home Affordable Modification Program (HAMP), JPMorgan Chase, Wells Fargo, and Bank of America were called out by name as receiving sub-par grades in complying with the program's guidelines.

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Analysts Weigh in on GMAC’s Foreclosure Snafu

Last week, GMAC Mortgage called for a halt on foreclosures and REO sales in 23 states that may have been impacted by an internal procedural error. The incident could give cause for homeowners to file lawsuits against the lender, bondholders could be impacted, and the problem could reach beyond just GMAC since it also services mortgages for other firms, including the GSEs. A number of analysts have since weighed in on GMAC's foreclosure snafu. Attorneys general in several states are also launching their own investigations.

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New Bill Calls for Refinancing of 30 Million GSE Mortgages

Legislation to stabilize the foreclosure crisis through the federal government's conservatorship of Fannie Mae and Freddie Mac was introduced in the U.S. House of Representatives Tuesday. The Housing Opportunity and Mortgage Equity (HOME) Act would require Fannie and Freddie to allow borrowers to refinance their mortgages by locking in today's record-low interest rates for longer fixed-term loans. The legislation would affect up to 30 million mortgages held or backed by the two GSEs.

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Equifax Launches New Product for Loan Review Income Verification

The Work Number, an employment and income verification service of Equifax, recently launched a new product, Point In Time, which, according to the company, is a response to market demands for loan-level documentation to investigate repurchases and mortgage insurance rescissions. Designed to provide retro income verification services to validate and document a borrower's employment and income for loan funding, Point In Time was created to help lenders, insurers, and investors automate and streamline the quality assurance process.

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Freddie Mac’s Portfolio Shrinks, Delinquency Rates Mixed

Freddie Mac says it cut its total mortgage portfolio by an annualized rate of 5.2 percent in August. The GSE has been downsizing for most of this year. Only two months during the early part of 2010 saw increases in the company's portfolio size. The GSE also reported that its single-family delinquency rate decreased to 3.83 percent in August, down from 3.89 percent the month before. The multifamily delinquency rate, on the other hand, increased to 0.32 percent, up from 0.30 percent in July.

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New GSE Requirements for Appraisal Reporting Expected by Year-End

According to a statement released by Freddie Mac and Fannie Mae, the companies are in the process of developing the Uniform Appraisal Dataset (UAD) to improve the quality and consistency of appraisal data on loans delivered to the GSEs. Business and technical details of the UAD, implementation dates for the Uniform Collateral Data Portal (UCDP), and use of the UAD and UCDP are expected to be released later this year. Implementations will occur in 2011.

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Foreclosure Starts Hit Highest Level Since January: LPS

The August Mortgage Monitor report released Friday by Lender Processing Services shows that foreclosure starts are continuing to accelerate, with the GSEs displaying more aggressive timelines on early stage delinquencies. Last month, the company tracked 282,528 newly initiated foreclosures. That's 20 percent above a year ago and the highest level recorded by LPS since January of this year, when there were 287,865. As of August month end, there had been more than 2 million foreclosure starts so far this year.

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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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HOPE Hotline Provides Aid to More than 4M Distressed Homeowners

According to the national nonprofit Homeownership Preservation Foundation (HPF), economists estimate that close to 4 million homeowners will face delinquency in the near future. In an effort to help thwart this assessment, HPF works to provide information and financial education to guide consumers toward sustainable homeownership. The foundation reports that its Homeowner's HOPE Hotline has aided more than 4 million distressed homeowners since the financial crisis began in 2008.

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Mortgage Rates Still Hovering Near Record-Lows

The weekly reports on mortgage interest rates were mixed this week - but figures are still lingering close to record-lows, improving affordability for both homebuyers and borrowers looking to refinance. Freddie Mac reported Thursday that both the 30-year fixed-rate mortgage rate and the 15-year fixed-rate were unchanged from last week, while shorter-term rates were mixed. Bankrate said mortgage rates across the board dropped to new record lows it its study.

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