Archives For: Investor and Regulatory Updates
Freddie Mac: Disaster Relief Policies Confirmed as Hurricane Michael Approaches
Source: Freddie Mac MCLEAN, Va., Oct. 10, 2018 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today reminded Servicers of its disaster relief policies for borrowers who have been affected by Hurricane Michael. Freddie Mac’s disaster relief options are available to borrowers whose homes or places of employment are located in presidentially-declared Major Disaster Areas where federal individual assistance […]
10 Oct 2018
Fannie Mae: Mortgage Assistance Options for Areas Affected by Hurricane Michael
Fannie Mae issued a news release reminding those impacted by Hurricane Michael of the options available for mortgage assistance.
10 Oct 2018
Fannie Mae: Modification Interest Rate Adjustment Update
Source: Fannie Mae (full exhibit) The Fannie Mae Modification Interest Rate is subject to periodic adjustments based on an evaluation of prevailing market rates. The servicer must use the current Fannie Mae Modification Interest Rate indicated below when evaluating a borrower for a conventional mortgage loan modification. NOTE: As a reminder, the interest rate used to determine the […]
5 Oct 2018
FHLMC Guide Bulletin 2018-17: Temporary Requirements for Properties Affected by Hurricane Florence and Other Disasters
Source: Freddie Mac As communities affected by Hurricane Florence continue to rebuild, we’re committed to helping you and your borrowers during this difficult time. Today, we’re providing guidance and flexibilities for impacted mortgages to be sold to and serviced for Freddie Mac. Single-Family Seller/Servicer Guide (Guide) 2018-17 Bulletin: Announces temporary revisions to our selling requirements for certain mortgages […]
3 Oct 2018
FHFA: Statement of Melvin L. Watt
Source: FHFA Chairman Hensarling, Ranking Member Waters, and members of the Committee, thank you for inviting me to testify before the House Financial Services Committee today. Since I last testified before this Committee, Fannie Mae and Freddie Mac (the Enterprises) have marked their 10th anniversary under the conservatorship of the Federal Housing Finance Agency (FHFA). This […]
28 Sep 2018
FHFA: Oversight of Third-Party Provider Relationships
Source: FHFA (AB 2018-08 full bulletin) Purpose This advisory bulletin (AB) provides Federal Housing Finance Agency (FHFA) guidance to Fannie Mae and Freddie Mac, the Federal Home Loan Banks (FHLBanks), and the Office of Finance (OF) (collectively, the regulated entities[1]) on assessing and managing risks associated with third-party provider relationships. For the purposes of this AB, a third-party […]
28 Sep 2018
GAO: Natural Disasters and FEMA’s Individual Assistance Program
Source: GAO (full blog) In September 2018, Hurricane Florence brought record-setting floods to the Carolinas and another major deployment of the Federal Emergency Management Agency. The numbers aren’t in yet on Florence’s impact, but in 2017, California wildfires, Atlantic hurricanes and other natural disasters affected about 25.8 million people in the United States. About 4.7 million of […]
27 Sep 2018
HUD OIG: HUD Paid an Estimated $413 Million for Unnecessary Preforeclosure Claim Interest and Other Costs Due to Lender Servicing Delays
Source: HUD OIG (full report) SUMMARY: We audited the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration’s (FHA) preforeclosure sale claim process based on an internal Office of Inspector General audit suggestion noting that existing regulations may allow excessive preforeclosure claim interest costs. Our audit objective was to determine the amount of unnecessary preforeclosure […]
27 Sep 2018
Fannie Mae: Improved Expense Reimbursement; MI Factor; and More
Source: Fannie Mae Announcement SVC-2018-07: Foreclosure Sale Marketing and Foreclosure Auction Services We are updating our policies in an off-cycle Servicing Guide Announcement by: Adding a new vendor to our Third Party Sale Program; Requiring servicers to use a Fannie Mae-approved vendor for foreclosure sale marketing services in certain jurisdictions (refer to Third Party Sales Foreclosure Bidding Instructionsas an […]
26 Sep 2018
FHFA: Foreclosure Prevention Report – Second Quarter 2018
Second Quarter 2018 Highlights The Enterprises’ Foreclosure Prevention Actions: The Enterprises completed 70,945 foreclosure prevention actions in the second quarter, bringing the total to 4,179,581 since the start of conservatorships in September 2008. Of these actions, 3,491,670 have helped troubled homeowners stay in their homes, including 2,238,770 permanent loan modifications. Twenty-five percent of modifications in […]
26 Sep 2018