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  • Freddie Mac reports $354M net loss in first quarter

    Freddie Mac reported a $354 million net loss in the first quarter, significantly down from its $2.2 billion net income recorded in the fourth quarter of 2015. The news is a reminder of the GSE's net loss in the third quarter of 2015, which marked the first loss in four years. But despite the news, Freddie CEO Donald Layton remains positive on the results. Click the headline to find out why.

Items Tagged with 'Representations and warranties'

ARTICLES

Freddie Mac unveils 'game-changing' tools to boost mortgage lenders

New tools designed to provide clarity; improve efficiency, compliance
Freddie Mac is set to unveil a suite of new tools providing lenders with "actionable feedback" throughout the loan production process, thereby helping lenders lend more often and with more confidence. "We think it’s going to a game-changer for the industry," Chris Boyle, senior vice president and head of single-family sales & relationship management at Freddie Mac, told HousingWire in an interview.
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Freddie Mac announces new program designed to make it easier for lenders to lend

Loan Advisor Suite aims to give clarification in appraisal process, reduce repurchase risk
As part of an effort to provide lenders with certainty, support and solutions, Freddie Mac announced a new program that should enable lenders to lend more confidently, armed with more knowledge about how Freddie Mac views the loans it purchases. Meet Freddie Mac's Loan Advisor Suite.
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Fannie Mae, Freddie Mac announce new mortgage buyback rules

New rules designed to provide more transparency, boost lending
Aiming to provide lenders with “more clarity and transparency” and encourage increased access to credit to worth borrowers, Fannie Mae and Freddie Mac announced a set of new policies pertaining to mortgage buybacks. The new rules, which take effect on Jan. 1, 2016, establish a list of potential alternatives to repurchase that either of the GSEs could offer to lenders in the event of underwriting defects.
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GSEs officially update representation and warranty policies

Analysts say impact of long-awaited changes may be minimal
Fannie Mae and Freddie Mac both announced changes to their respective representation and warranty policies, following through on an announcement made by Federal Housing Finance Agency Director Mel Watt at the Mortgage Bankers Association Annual Convention & Expo in October.
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FHFA reps and warrants policies have “significant and unresolved” risks

Watchdog: FHFA’s implementation was rushed and flawed
In a new report from the FHFA’s Office of the Inspector General, the OIG said that the FHFA mandated a new representation and warranty framework for the GSEs and implemented it “despite significant unresolved operational risks to the Enterprises.” Among those is processes that may not be in place at Fannie Mae until late 2015, for example.
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