Wall Street Journal, Feb. 2, 2016–Light, Joe
Fannie Mae and Freddie Mac said Tuesday they have come to terms with lenders on how to resolve mortgage disputes, capping an effort that regulators hope will make loans cheaper and easier to get for some risky borrowers.
HousingWire, Feb. 2, 2016–Swanson, Brena; Lane, Ben
The Federal Housing Finance Administration announced Tuesday morning that Fannie Mae and Freddie Mac are changing their loan purchasing rules to establish an independent third-party review process for loans that trigger a repurchase request due to perceived violations of the government-sponsored enterprises’ representation and warranty framework. David Stevens, president and CEO of the Mortgage Bankers Association, said that these new rules will help “broaden access to credit for borrowers” by providing lenders with more clarity about how Fannie and Freddie will handle repurchase requests.
Bloomberg, Feb. 2, 2016–Hamilton, Jesse
Morgan Stanley will pay $63 million to settle a series of government lawsuits claiming the bank misrepresented securities it sold to banks that later failed, the Federal Deposit Insurance Corp. said in a statement Tuesday.
National Mortgage News, Feb. 2, 2016–Bisbey, Allison
Lenders argue that the GSEs would be better off buying more loans that are already insured, rather than transferring credit risk after holding them for a time. But Freddie Mac’s Kevin Palmer says certainty of reimbursement is more important than the timing of risk transfers.
Builder Magazine, Feb. 2. 2016
A team at Urban Institute used data to calculate how many more mortgages there would be if not for tight credit standards. This team, which already calculated 4 million were missing between 2009 and 2013, found another 1.2 million missing in 2014.
Real Estate Journals, Feb. 8, 2016
Freddie Mac at the MBA Commercial Real Estate Finance Conference announced the lenders that closed the most multifamily financing volume with the company last year. CBRE Capital Markets and Berkadia Commercial Mortgage topped the list.
Nationl Mortgage Professional, Jan. 29, 2016
MISMO announced updates to its residential standards in support of multiple regulatory and industry reporting requirements. Changes to the standards support the CFPB Home Mortgage Disclosure Act rule, the GSE Uniform Loan Application Dataset and Know Before You Owe or the TILA-RESPA Integrated Disclosures regulations.
HousingWire, Jan. 29, 2016–Lane, Ben
MERSCORP Holdings announced Friday that it secured another victory in a state’s highest court, as the New Hampshire Supreme Court upheld MERS’ mortgage assignment rights.
National Mortgage News, Jan. 29, 2016–Finkelstein, Brad
United Guaranty’s spinoff from American International Group will result in changes to its capital structure that could shake up the competitive landscape in the private mortgage insurance market.
HousingWire, Jan. 29, 2016–Lane, Ben
In another signal that the default mortgage business is shrinking, Walter Investment Management Corp. announced Friday that it acquired “certain assets” of Residential Credit Solutions,a Ft. Worth, Texas-based mortgage servicing company, specializes in servicing delinquent or default loans and so-called “credit-sensitive” residential mortgage loans, where the borrower is at high risk for default.
