The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Steve Murray on the importance of protecting property rights

In this episode, Steve Murray, RealTrends advisor and industry stalwart, discusses some of the issues facing private property rights, including how a case in Germany could potentially affect U.S. legislation.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Politics & Money

David Brickman to step down from Freddie Mac

Michael Hutchins has been named as interim president, effective Monday, Nov. 16.

Just weeks before President-elect Joe Biden’s administration is sworn into office, Freddie Mac CEO David Brickman will step down as head of the government sponsored enterprise, the company disclosed in a filing on Friday.

Brickman, who took over as CEO of the company in July 2019, will leave Freddie Mac on Jan. 8, Freddie Mac disclosed in a filing with the Securities and Exchange Commission.

Michael Hutchins has been named as interim president, effective Monday, Nov. 16. Hutchins will continue to lead the investments and capital markets business. He won’t receive any additional compensation.

Freddie Mac’s board plans to launch a search for a new CEO, the filing says.

The departure of Brickman, who ran the multifamily division before taking over from prior CEO Donald Layton, comes amid questions about the future of the GSE. President Donald Trump’s administration has worked feverishly toward removing Fannie Mae and Freddie Mac from conservatorship, but most political observers believe a Biden administration would resist and reverse any such moves.

Turning first-time borrowers into customers for life

Join us for our upcoming webinar where panelists will share new research results and opportunities for lenders to assess their current mortgage journey, address borrower pain-points and successfully engage customers beyond the close.

Presented by: Total Expert

Last month, Brickman spoke of the prospect of leaving conservatorship.

“The company delivered strong earnings on higher revenues, substantially increasing our total equity by $2.5 billion to $13.9 billion – bringing us one step closer to our goal of responsibly exiting conservatorship,” he said following a third quarter earnings presentation. “We did this while helping hundreds of thousands of families buy, rent and remain in their homes.”

Freddie Mac’s net income rose to $2.5 billion in the third quarter of 2020, up from $1.5 billion in the second quarter. Year-to-date, Freddie Mac has made $4.41 billion in profits.

Before ending the profit sweep, Freddie Mac had repaid a total of $119.7 billion to the U.S. Department of the Treasury, exceeding its original draw during the financial crisis by about $48.1 billion. Fannie Mae has repaid a total of $181.4 billion, compared to $119.8 billion that it drew.

Hutchins has served as Freddie Mac’s head of investments and capital markets since 2015, and has worked at the GSE since 2013. Prior to his stint at Freddie, Hutchins was co-founder and Chief Executive Officer of financial services firm PrinceRidge. He’s also worked at UBS and now-defunct Saloman Brothers.

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