Industry Briefs Nov. 17, 2020
FHFA Releases FY 2020 Performance & Accountability Report
The Federal Housing Finance Agency released its annual Performance and Accountability Report, which details FHFA’s activities as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac during fiscal year 2020.
For the th consecutive year, FHFA received an unmodified audit opinion on its FY 2020 financial statements from the U.S. Government Accountability Office. Included in the unmodified opinion, GAO noted no material weaknesses or significant deficiencies in FHFA’s internal controls. GAO also found no instances of reportable noncompliance with the applicable laws and regulations it tested.
The report can be accessed at 2020 Performance and Accountability Report.
ICE Mortgage Technology Releases Encompass 20.2
Ellie Mae, Pleasanton, Calif., now ICE Mortgage Technology, announced the Encompass 20.2 Major Release will include enhancements for lenders to boost productivity across lending and investing workflows.
Enhancements offer lenders flexibility to support an omni-channel approach and the ability to design around business process terms and workflows for a better user experience. These conditions are available in Encompass, Encompass LO Connect and Encompass TPO Connect. The new release also focuses on reducing the time it takes for lenders to save and open loans as well as how lenders order and manage documents. The new document viewer with cloud storage functionality further contributes to gaining efficiencies when managing documents.
Bellwether Enterprise Opens New Phoenix Office, Expands in California
Bellwether Enterprise Real Estate Capital LLC, Cleveland, opened new offices in Phoenix, Ariz. and La Jolla, Calif.
“Demand for multifamily housing, affordable and workforce housing and manufactured housing remains strong in the western region, and there is increasing need for mortgage banking firms that cater to the individual needs of investors,” said Bellwether Enterprise President Ned Huffman.
The expansion includes a team led by Charlie Williams, Executive Vice President in the Phoenix office. Williams most recently served as senior managing director at Berkadia, where he was responsible for originating debt and equity investments on all commercial property types.
The expansion is expected to add more than $1.5 billion in loan volume over the next 12 months.
New York Life Real Estate Investors Closes Madison Square Structured Debt Fund
New York Life Real Estate Investors, New York, closed its Madison Square Structured Debt Fund, a commingled, high-yield real estate debt vehicle, with nearly $500 million of committed capital.
The closed-end fund will originate bridge loans collateralized by institutional-quality office, multifamily, industrial, retail and other niche sector assets in primary and secondary markets in the United States. NYLREI said the vehicle will originate roughly $1 billion of senior bridge loans in total.
NYLREI Head of Structured Debt John Lippmann serves as the portfolio manager for the fund. He and his team have originated nearly $5 billion of structured loans since 2012.
Freddie Mac Prices $363 Million Multifamily Small Balance Loan Securitization
Freddie Mac, McLean, Va., priced a multifamily mortgage-backed securitization backed by small-balance loans underwritten by Freddie Mac and issued by a third-party trust.
The company said it expects to issue $363 million in SB Certificates that should settle on or about November 20, 2020. Freddie Mac Small Balance Loans generally range from $1 million to $7.5 million and are generally backed by properties with five or more units. This is the 11th SB Certificate transaction in 2020.