Investor Update
December 12, 2016
Freddie Mac is temporarily suspending all scheduled eviction lockouts from December 19, 2016 through January 3, 2017. The eviction lockout suspension applies to all foreclosed occupied single family homes and 2-4 unit properties that had Freddie Mac owned- or guaranteed mortgages.
For More Information
Source: Freddie Mac
Investor Update
December 8, 2016
Under the direction of the Federal Housing Finance Agency (FHFA), we’ve implemented Release 1 of the Common Securitization Platform (CSP), successfully using the CSP to perform certain issuance and bond administration functions for certain Freddie Mac Participation Certificates (PCs).
As a reminder, our transition to the platform does not change the way Seller/Servicers do business with us.
Release 1 is a critical milestone for the multiyear Single Security Initiative. It paves the way for the transfer of Fannie Mae’s mortgage-backed securities to the platform. In the future, both Freddie Mac and Fannie Mae will issue the new single security, Uniform Mortgage-Backed Securities, through the CSP.
With the roll out of Release 1, Freddie Mac has effectively transferred certain securities operations to Common Securitization Solutions, LLC (CSS), a joint venture of Freddie Mac and Fannie Mae. CSS will act on our behalf to perform certain issuance, settlement and bond administration activities for some of our PCs.
For More Information
Source: Freddie Mac
Investor Update
December 20, 2016
Today, we published the first of two technical specifications releases to support our Investor Reporting Change Initiative, which we’ll implement in October 2018. This publication builds on our previously published business requirements. The first release contains two new technical specification documents. The second release, scheduled for January, will primarily provide updates to existing data requirements, including report mock-ups.
Start Building Towards the Future
Technical development to support our investor reporting changes begins now, so here’s where to start:
Stay Informed
Remember to visit and bookmark our redesigned Investor Reporting Change Initiative web page, your central hub for the latest details and frequently asked questions. We’ve overhauled the layout, making it easier to navigate and find the information that’s important to you. We’ll continue to post updated and new resources here, as they become available.
For More Information
Source: Freddie Mac
Investor Update
December 14, 2016
In Single-Family Seller/Servicer Guide (Guide) Bulletin 2016-22 [pdf], we’re announcing the new Freddie Mac Flex Modification, which offers you an easier, flexible way of helping more borrowers qualify for a loan modification in a changing housing environment.
Please review today’s Guide Bulletin for detailed information on the Flex Modification.
Key Highlights
While the Flex Modification leverages the Freddie Mac Standard and Streamlined Modifications, a few significant changes from the Standard Modification include:
Important Reminder
The MyCity Modification, Principal Reduction Modification and Home Affordable Modification Program (HAMP®) expire at the end of 2016.
For More Information
Source: Freddie Mac
Investor Update
December 22, 2016
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its third quarter Foreclosure Prevention Report which shows that the serious delinquency rate for mortgages owned or guaranteed by Fannie Mae and Freddie Mac (the Enterprises) has reached the lowest level since June of 2008. The Enterprises’ serious delinquency rate fell to 1.16 percent at the end of the third quarter of this year.
Overall, the Enterprises completed 46,390 foreclosure prevention actions in the third quarter, bringing the total number of foreclosure prevention actions to more than 3.7 million since the start of the conservatorships in September 2008. FHFA’s report includes data on Fannie Mae and Freddie Mac home retention actions, delinquency data and real estate owned (REO) inventory. FHFA publishes the report data in an online, interactive Borrower Assistance Map on FHFA.gov. Other foreclosure prevention data noted in the quarterly report include:
Contacts:
Media: Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032
Consumers: Consumer Communications or (202) 649-3811
Source: FHFA
Investor Update
December 15, 2016
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released the 2017 Scorecard outlining specific conservatorship priorities for Fannie Mae, Freddie Mac, and their joint venture, Common Securitization Solutions, LLC. The 2017 Scorecard furthers the goals outlined in FHFA’s Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac, published in May 2014. These goals include:
“The 2017 Scorecard will guide Fannie Mae, Freddie Mac and Common Securitization Solutions as they continue to build on the progress that has been made over the years in meeting the goals set forth in our Conservatorship Strategic Plan,” said FHFA Director Melvin L. Watt. “The goals and initiatives contemplated in the Scorecard strike what we believe is an appropriate balance between ensuring that these entities operate in a safe and sound manner while continuing to ensure that the housing finance market remains liquid and supports housing access for homeowners and renters.”
Link to 2017 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions
Contacts:
Media: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
Consumers: Consumer Communications or (202) 649-3811
Source: FHFA
Investor Update
December 15, 2016
Total refinance volume increased in October 2016 but remained well above levels observed earlier in the year as mortgage rates in September hovered near lows last observed in 2013. Mortgage rates increased in October: the average interest rate on a 30-year fixed rate mortgage was 3.47 percent.
In October 2016:
Year to date through October 2016:
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 60 percent of the nation’s HARP eligible loans with a refinance incentive as of June 30, 2016.
Attachments:
Refinance Report – October 2016
Source: FHFA
Investor Update
December 23, 2016
On December 22, 2016, the Federal Housing Administration (FHA) issued Mortgagee Letter 2016-25: 2017 Nationwide Forward Mortgage Limits – Correction for Special Exception Areas (Alaska, Hawaii, Guam, and the Virgin Islands), to provide official notification of the previously announced correction to the ceiling limits for calendar year 2017 in the special exemption areas of Alaska, Hawaii, Guam, and the Virgin Islands. This error was first communicated in FHA INFO #16-76, dated December 8, 2016.
Although Mortgagee Letter 2016-20, dated December 1, 2017, referenced incorrect ceiling limits for special exception areas, there were no changes to the forward mortgage limits in these, or any other jurisdiction, as previously noted. The downloadable files that provide the complete list of FHA loan limits for 2017 are posted on the Maximum Mortgage Limits web page, and are not impacted.
Also as noted, the forward mortgage limits for calendar year 2017 in all areas are effective for case numbers assigned on or after January 1, 2017. More information regarding forward mortgage loan limits can be found in Section II.A.2.a.11 of the Single Family Housing Policy Handbook 4000.1.
Quick Links
Resources
Contact the FHA Resource Center:
Source: HUD (FHA INFO #16-78 full version)
Investor Update
December 8, 2016
Today, the Federal Housing Administration (FHA) is issuing this communication to notify its FHA-approved mortgagees that originate and service Title II forward mortgages of an error to Mortgagee Letter (ML) 2016-20, 2017 Nationwide Forward Mortgage Limits. ML 2016-20 referenced an incorrect limit ceiling for Alaska, Hawaii, Guam, and the Virgin Islands, which are identified as “special exception areas” due to higher construction costs in these areas.
It is important to note that while ML 2016-20 referenced incorrect limit ceiling for special exemption areas, there are no changes to the forward mortgage limits in these, or any other jurisdiction. The downloadable files that provide the complete list of FHA loan limits for 2017 are posted on the Maximum Mortgage Limits web page, and are not impacted.
FHA will issue a revised Mortgagee Letter that provides official notification of the correction to the limit ceiling for calendar year 2017 in special exemption areas in the near future.
Additionally, it was reported that the List of Increased Loan Limits CY16 to CY17 that was posted on the Maximum Mortgage Limits web page in support of ML 2016-20, did not show the correct loan limits for 2017. That comparison chart has also been updated, and you are advised to discard any previous version you may have downloaded.
Quick Links
Resources
Contact the FHA Resource Center:
Source: HUD (FHA INFO #16-76 full version)
Investor Update
December 7, 2016
Today, the Federal Housing Administration (FHA) published Mortgagee Letter 2016-24, Processing Fee for Assumptions, which provides guidance on the maximum fee mortgagees may charge to process an assumption request and raises the maximum allowable from $500 to $900. FHA believes this new maximum allowable fee amount will provide adequate compensation to mortgagees, thus potentially expanding the use of assumptions to facilitate homeownership opportunities.
This guidance is effective for all assumption applications received on or after today, December 7, 2016. All policy updates will be incorporated into a future update of the Single Family Housing Policy Handbook 4000.1 (SF Handbook).
Quick Links
Resources
Contact the FHA Resource Center:
Source: HUD (FHA INFO #16-75 full version)
