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Tag Archives: FHFA

Groups Offer Guidance on Proposed G-Fee Hike

As the Federal Housing Finance Agency (FHFA) mulls over a proposed increase in guarantee fees, a new report from the Urban Institute (UI) suggests the agency faces a more difficult task than one might assume. In a commentary released Thursday, UI authors Laurie Goodman, Ellie Seidman, Jim Parrott, and Jun Zhu say that, based on their modeling, g-fee determination "is an art, not a science—and more like a Jackson Pollock than a da Vinci."

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FHFA Requests Input in Building Common GSE Security

In the first step of what is planned to be a multi-year effort, the Federal Housing Finance Agency (FHFA) has put out a request for industry input on the development of a common mortgage-backed security (MBS) designed to be issued and guaranteed by Fannie Mae or Freddie Mac.

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Home Price Growth Slows More than Expected

The S&P/Case-Shiller Home Price Indices, released Tuesday, showed house prices gained 9.3 percent across 20 of the country's biggest cities, down substantially from the 10.8 percent increase recorded for April and the slowest growth rate since February 2013. Economists had expected an increase of 9.9 percent for May.

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FHFA Price Index Gains Momentum in May

The Federal Housing Finance Agency's (FHFA) monthly House Price Index (HPI) increased 0.4 percent in May from April, the agency reported Tuesday. Seasonally adjusted price changes from April to May ranged widely across the nine census divisions, from a low of -0.7 percent in the East South Central area to +1.1 percent in the West South Central division.

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Mortgage Insurers Offer Mixed Reactions to FHFA Reqs

The mortgage industry had a lot to say late last week following the release of new draft standards for private mortgage insurers to work with GSE loans—and not all of the reactions were positive. U.S. Mortgage Insurers (USMI), a trade group comprised of a number of member insurers, was quick to lend its support in a statement, though not all member companies agreed.

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FHFA Seeks Comments on Private MI Requirements

The Federal Housing Finance Agency (FHFA) released a draft for new eligibility requirements for private mortgage insurers who insure mortgage loans owned or guaranteed by Fannie Mae and Freddie Mac. The agency is seeking comments on the draft and will accept input through September 8.

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Watt: Skepticism Holding Down HARP Numbers

In an event in Chicago, FHFA Director Mel Watt said fear of being scammed is to blame for low participation rates in the Home Affordable Refinance Program (HARP). According to an FHFA report, the number of homeowners refinancing monthly through HARP has dropped nationally to just less than 20,000 loans in April 2014, down year-over-year from almost 107,000 in April 2013.

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SunTrust Agrees to Pay $320M in HAMP Settlement

SunTrust Banks, Inc., announced that it would pay up to $320 million to halt a criminal investigation into whether it had dealt inappropriately with homeowners who were looking to take advantage of the Home Affordable Modification Program (HAMP). "Resolving this legacy matter enhances our ability to focus on the future and support the continued housing recovery," said Jerome Lienhard, SunTrust Mortgage, Inc., president and CEO.

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FHFA Watchdog Voices Concerns over Non-Bank Servicers

As scrutiny continues to grow in the servicing arena, the watchdog for the Federal Housing Finance Agency (FHFA) says it has concerns about non-bank servicers working with GSE loans. Out of the 30 largest servicers, FHFA OIG says that non-banks held a 17 percent share of mortgage market as of the end of 2013, representing nearly $1.7 trillion. As a result, the report says these non-bank companies may have taken on more volume than they can handle.

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FHFAOIG Urges Legal Action on Force-Placed Insurance

A new report from the inspector general for the Federal Housing Finance Agency (FHFA) urges the agency to "assess the merits of litigation" in dealing with servicers and providers accused of abusing lender-placed insurance practices. In 2012, lender-placed insurance issues cost Fannie Mae and Freddie Mac a combined $360 million, the report says.

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