The Key to Reducing Post-Refi Boom Borrower Churn

In this webinar, PRMG Chief Lending Officer Kevin Peranio will help attendees sort through the right technologies as he shares the tech investments that have had the biggest impact on his business.

Tracey Velt breaks down the latest RealTrends 500 rankings

During the episode, Velt highlights which brokerages achieved top rankings in both categories for 2020, and shares what stood out to her the most about the rankings.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

About 7M refi candidates missed the “forever rate” boat

Rates jumped to 3.17% last week and Black Knight reported that there are now just 11.1 million “high quality” refi candidates. The smallest number of potential refi candidates in a year.

InvestmentsMortgageReal Estate

Freddie Mac just had its biggest year ever in multifamily

Multifamily support hits all-time high

We already knew that Freddie Mac set an all-time record for multifamily security issuance in 2018, so it probably shouldn’t come as a surprise that 2018 was the government-sponsored enterprise’s best overall year ever in multifamily.

Freddie Mac announced this week that it set a new record for multifamily production in 2018. According to the GSE, its multifamily production checked in at $78 billion in 2018, besting the previous record of $73.2 billion, which was set in 2017.

Of that total, $77.5 billion was loan purchase and guarantee volume, while $500 million came in the form of Low-Income Housing Tax Credit equity investments. Freddie Mac returned to the LIHTC financing market last year after not taking part in the program for 10 years.

Overall, the GSE said that it financed 860,000 rental units, more than 90% of which are considered affordable to low- and moderate-income families that are making 120% of area median income and below.

“We’re extremely proud of our efforts to meet our affordability mission and our continued leadership of the multifamily industry in both purchase volume and securitization,” said Debby Jenkins, executive vice president and head of Freddie Mac multifamily.

“In the last decade, we have fundamentally transformed into a company that thrives on innovation. We’re working to harness that innovation every day—to create and enhance offerings to meet customer’s diverse needs, to lower our cost of capital and protect taxpayers with innovative securities, and to lead the multifamily industry into its next great chapter,” Jenkins continued. “Without question, our team at Freddie Mac multifamily and our network of sellers and servicers are the driving force behind our successes and we thank everyone for their dedication to this business and industry.”

According to Freddie Mac, it also reached several other milestones in multifamily production last year, including:

  • A record $8.1 billion in Targeted Affordable Housing Loans
     
  • More than $8.3 billion in Small Balance Loans, up from $7.8 billion in 2017
     
  • Nearly $23.1 billion in Green Advantage loans for energy- and water-saving improvements to workforce housing

“We’re proud of our successes in 2018, but we do not measure them by numbers alone. As we look forward, we’re going to continue working to address the persistent affordability challenges facing countless renters,” Jenkins said about the GSE’s plans for this year.

“In fact, far too many Americans are struggling to find suitable housing at a reasonable price, and we are continuing our work toward innovations that can help. We’re also striving to improve the customer experience through our digital transformation initiative,” Jenkins added. “This multiyear effort will leverage new technologies to redefine the commercial loan experience so that it is more transparent and efficient.”

For more information about which lenders helped Freddie Mac reach its record-breaking volume, click here.

Most Popular Articles

Millions will enter housing market in 2021: Zillow

Up to 2.5 million households could enter the housing market in 2021, per Zillow. The buyers will descend on the “secondary cities” across the U.S.

Apr 07, 2021 By

Latest Articles

William Raveis ain’t no stinkin’ iBuyer

Like others, resi brokerage & lender William Raveis is happy to buy your home. But its new program doesn’t mean it’s an iBuyer.

Apr 09, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please