FHFA Proposes Minimum Financial Eligibility Requirements for Sellers/Servicers
On January 30, the Federal Housing Finance Agency (FHFA) issued a news release titled FHFA Proposes Minimum Financial Eligibility Requirements for Fannie Mae and Freddie Mac Seller/Servicers.
FHFA Proposes Minimum Financial Eligibility Requirements for Fannie Mae and Freddie Mac Seller/Servicers
FOR IMMEDIATE RELEASE
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today proposed new minimum financial eligibility requirements for Fannie Mae and Freddie Mac Seller/Servicers. These newly proposed eligibility requirements align the minimum financial requirements for mortgage Seller/Servicers to do business with Fannie Mae and Freddie Mac (the Enterprises). The proposed minimum financial requirements include net worth, capital ratio and liquidity criteria for the Enterprises’ Seller/Servicers.
The proposed minimum financial requirements ensure the safe and sound operation of the Enterprises and further FHFA’s goal of fostering liquid, efficient, competitive and resilient national housing finance markets. FHFA is releasing the proposed criteria to provide greater transparency, clarity and consistency to industry participants and other stakeholders. FHFA and the Enterprises will engage with servicing industry participants, regulators and other stakeholders to obtain their feedback and improve their understanding.
After reviewing industry and stakeholder feedback, FHFA anticipates finalizing these requirements in the second quarter of 2015, and anticipates that the requirements will be effective six months after they are finalized.
Stefanie? Johnson (202) 649-3030 / Corinne Russell (202) 649-303??2
Please click here to view the news release online.
Please click here to view the Freddie Mac announcement.
Please click here to view the Fannie Mae announcement.
Safeguard Properties is the mortgage field services industry leader, preserving vacant and foreclosed properties across the U.S., Puerto Rico, Virgin Islands and Guam. Founded in 1990 by Robert Klein and headquartered in Cleveland, Ohio, Safeguard provides the highest quality service to our clients by leveraging innovative technologies and proactively developing industry best practices and quality control procedures. Consistent with Safeguard’s values and mission, we are an active supporter of hundreds of charitable efforts across the country. Annually, Safeguard gives back to communities in partnership with our employees, vendors and clients. We also are dedicated to working with community leaders and officials to eliminate blight and stabilize neighborhoods. Safeguard is dedicated to preserving today and protecting tomorrow. Website: www.safeguardproperties.com.