FHFA Authorizes GSEs to Support Additional Liquidity in Secondary Mortgage Market; Provide Flexibility in Appraisals, Employment Verifications

The Federal Housing Finance Agency this morning issued two directives to Fannie Mae and Freddie Mac—one to enter into additional dollar roll transactions to provide mortgage-backed securities investors with short-term financing of their positions; and the other to provide alternative flexibilities to satisfy appraisal requirements and employment verification requirements.

MBA Urges Feds to Take Immediate Further Steps on Market Stabilization, Liquidity

The Mortgage Bankers Association on Sunday asked the Treasury Department and the Federal Reserve to take immediate further actions ensure orderly functioning of the housing finance market in response to the “extreme volatility” in financial markets arising from the spread of the coronavirus.

Auction.com: Most Default Servicers Expect 2020 Foreclosures to Increase

Auction.com, Irvine, Calif., said its 2020 Default Servicing Insights report found while most respondents said they do not expect an economic recession in 2020, two-thirds expect their foreclosure and REO inflow to increase and 89 percent expect an increase in foreclosure and REO inflow from government-insured loans.

HUD Proposes Enhancements to CWCOT Procedures

HUD, in a draft Mortgagee Letter, proposes to enhance FHA’s Claims Without Conveyance of Title (CWCOT) procedures, a development welcomed by the Mortgage Bankers Association.

#MBAServicing2020: ‘Stronger Servicing Starts Here’

ORLANDO—Mortgage Bankers Association President and CEO Robert Broeksmit, CMB, kicked off the MBA Servicing Solutions Conference & Expo here with praise for the work the mortgage servicing industry has done in recent years.