Tag: GSE

Servicing Transfers and Pending Loan Modifications: What To Do When Your Mod Gets Lost in the Shuffle
By July 22, 2013 3 Comments Read More →

Servicing Transfers and Pending Loan Modifications: What To Do When Your Mod Gets Lost in the Shuffle

In the past year, there has been a massive sell-off of mortgage servicing rights (MSRs), especially for nonperforming loans. In some cases, the transferor retains ownership of the MSRs and merely transfers subservicing to a new servicer. For example, in January 2013, Bank of America and Fannie Mae reached an agreement to transfer servicing for […]

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By May 8, 2013 0 Comments Read More →

Fannie Mae Introduces New Servicing Tool For Evaluating Workout Options

This week Fannie Mae announced the introduction of a new servicing tool, called Servicing Management Default Underwriter (SMDU), to streamline the process for evaluating foreclosure prevention options. SMDU has been under development for three years and 14 servicers, including Nationstar, Greentree and US Bank, are already using SMDU for loss mitigation. Fannie claims that the […]

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Mortgage Servicers Fail To Timely Resolve or Report Tens of Thousands of Escalated Cases
By April 17, 2013 1 Comments Read More →

Mortgage Servicers Fail To Timely Resolve or Report Tens of Thousands of Escalated Cases

In late March, the Office of the Inspector General for FHFA, the agency that oversees Fannie Mae and Freddie Mac, issued a report on Freddie Mac’s oversight of mortgage loan servicers. In a nutshell, OIG found that servicers are failing to resolve escalated cases as required and Freddie Mac is failing to oversee those servicers. […]

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By April 11, 2013 0 Comments Read More →

FHFA Extends HARP Another Two Years

Today FHFA announced that it is requiring Fannie and Freddie to extend the Home Affordable Refinance Program (HARP) until December 31, 2015. The program was set to expire at the end of this year. HARP allows homeowners Fannie or Freddie loans and little or no equity to refinance into low market rates. FHFA also announced […]

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Freddie Mac’s Diabolical Solution to Oregon’s Recording Requirement: Locate and Destroy the Assignment
By January 31, 2013 4 Comments Read More →

Freddie Mac’s Diabolical Solution to Oregon’s Recording Requirement: Locate and Destroy the Assignment

One of the most hotly contested issues in Oregon foreclosure law is whether lenders who do not obtain written assignments of trust deeds can foreclose non-judicially. While other lenders fret about their missing assignments, Freddie Mac has taken a different approach. Freddie instructs servicers to destroy them prior to foreclosure. In Oregon, a lender can […]

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By January 12, 2013 0 Comments Read More →

Public Citizen Calls for Investigation Into Sweetheart Settlement Between Bank of America and Fannie Mae

Consumer watchdog group Public Citizen has asked the Inspector General of the Federal Housing Finance Agency (FHFA) to investigate the reasonableness of the sweetheart settlement deal between Bank of America and Fannie Mae. The recently announced settlement resolves buyback demands for more than a trillion dollars of defective loans that Countrywide originated and sold to […]

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Is a New Refinance Program On the Horizon for Underwater Homeowners With Non-GSE Loans?
By December 29, 2012 0 Comments Read More →

Is a New Refinance Program On the Horizon for Underwater Homeowners With Non-GSE Loans?

In the past year there have been rumblings about the need for a program like the Home Affordable Refinance Program (HARP) that allows underwater homeowners to take advantage of today’s historically low interest rates. Unfortunately, only loans owned by Fannie Mae or Freddie Mac are eligible for refinancing through HARP. That means up to half […]

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By December 4, 2012 0 Comments Read More →

Happy Holidays! Fannie and Freddie Temporarily Suspending Post-Foreclosure Evictions

This week Fannie Mae and Freddie Mac announced that they are suspending evictions for foreclosed properties with 1-4 units during the holidays. The suspension will run from December 19 through January 2 for Fannie and from December 17 through January 2 for Freddie. Pending legal proceedings will not be suspended during that time, but the […]

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By November 16, 2012 0 Comments Read More →

Freddie Mac Offering Cash Incentives to Selling Agents and Listing Brokers on REOs

Freddie Mac has announced limited-time cash incentives to agents who successfully list or sell a Freddie Mac REO property in 20 states, including Oregon. The winter promotion is part of Freddie Mac’s HomeSteps program. Selling agents will receive a $1,000 bonus for owner occupant offers submitted through HomeSteps Connect between November 15, 2012 and February […]

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By October 31, 2012 0 Comments Read More →

Fannie and Freddie Announce Agreements with Mortgage Insurers to Further Streamline Short Sales

Fannie Mae and Freddie Mac today announced agreements with all nine mortgage insurance companies, allowing servicers to move forward with short sales and deeds-in-lieu that meet the GSEs’ guidelines without first getting insurer approval. The delegation agreements are the latest in a series of steps by the GSEs to streamline the short sale process. In […]

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