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 final modification terms must be the same fixed interest rate that was used when determining eligibility for the Trial Period Plan and calculating the Trial Period Plan payment.

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 programs are made available to affected individuals and households.

In areas where the Federal Emergency Management Agency (FEMA) has not yet made individual assistance available, mortgage servicers may immediately leverage Freddie Mac’s short-term forbearance programs to provide mortgage relief to their borrowers that have been affected by the hurricane.

“Safety is our top priority for those in the Florida panhandle and nearby states as Hurricane Michael approaches,” said Yvette Gilmore, Freddie Mac’s Vice President of Single-Family Servicer Performance Management. “Once safe from this dangerous storm, we strongly encourage homeowners whose homes or places of employment have been impacted by Hurricane Michael to call their mortgage Servicer—the company to which borrowers send their monthly mortgage payments—to learn about available relief options. We stand ready to ensure that mortgage relief is made available.”

News Facts:

• Freddie Mac disaster relief policies authorize mortgage servicers to help affected borrowers in eligible disaster areas: those federally-declared Major Disaster Areas where federal individual assistance programs have been extended. A list of these areas can be found on the FEMA’s website.
• Freddie Mac mortgage relief options for affected borrowers in eligible disaster areas include:
• Suspending foreclosures by providing forbearance for up to 12 months;
• Waiving assessments of penalties or late fees against borrowers with disaster-damaged homes; and
• Not reporting forbearance or delinquencies caused by the disaster to the nation’s credit bureaus.
• Freddie Mac is reminding servicers to consider borrowers who are impacted by the storm, but who live and work outside of an eligible disaster area, for Freddie Mac’s standard relief policies, which include forbearance and mortgage modifications.
• Affected borrowers should immediately contact their mortgage servicer—the company to which they send their monthly mortgage payment.
• See http://www.freddiemac.com/singlefamily/service/natural_disasters.html for a description of Freddie Mac disaster relief policies.

Source: FHFA

August 2018 Highlights

• Total refinance volume increased in August 2018 as mortgage rates in July fell, continuing a trend also observed in June. Mortgage rates increased in August: the average interest rate on a 30-year fixed rate mortgage rose to 4.55 percent from 4.53 percent in July.

In August 2018:

• Borrowers completed 651 refinances through HARP, bringing total refinances from the inception of the program to 3,492,487 .
• HARP volume represented 1 percent of total refinance volume.
• Five percent of the loans refinanced through HARP had a loan‐to‐value ratio greater than 125 percent.

Year to date through August 2018:

• Borrowers with loan‐to‐value ratios greater than 105 percent accounted for 16 percent of the volume of HARP loans.
• Thirty-three percent of HARP refinances for underwater borrowers were for shorter-term 15- and 20‐year mortgages, which build equity faster than traditional 30‐year mortgages.
• HARP refinances represented 3 percent of total refinances in Illinois compared to 1 percent of total refinances nationwide over the same period.
• Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.
• Ten states accounted for over 70 percent of the nation’s HARP eligible loans with a refinance incentive as of March 31, 2017.

Attachments:

Refinance Report – August 2018