Fannie Mae is the largest owner of REO properties in the United States. The government-sponsored enterprise reported in its second quarter 2010 financial statement that it had more than 129,000 properties in its inventory as of June 30 — more than double the 62,000 that fellow GSE Freddie Mac reported owning during the same period and nearly three times the estimated 44,000 REO properties that the Department of Housing and Urban Development owns from the Federal Housing Administration mortgage guarantee program.
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Modern mortgage loan servicing requires vigilant attention to detail, roundtable participants say
At a recent industry conference, HousingWire sat down with with Jay Loeb, vice president and a principal owner of National Creditors Connection, Inc (NCCI), Gagan Sharma, president and CEO of BSI Financial Services and M.E. Mike Wileman, president and CEO, Orion Financial Group.
Freddie Mac said mortgage rates were unchanged this week, while another rate survey set new record lows.
The Freddie Mac weekly survey put the average for a 30-year fixed-rate mortgage at 4.37% with an average 0.7 point for the week ending Sept. 23, stable from last week's slight increase. A year ago, the average rate was 5.04%.
U.S. Rep. Shelley Moore Capito met with HousingWire for an exclusive interview just days before President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act to talk about financial reform, Fannie Mae and Freddie Mac, the future of HUD and the Federal Housing Administration.
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Although quarterly losses at the government-sponsored enterprises (GSEs) continued to mount in Q210 — requiring cash infusions in the range of billions of dollars — analysis out today indicates losses will begin to level out as the companies set aside fewer capital reserves.
Hope LoanPort, the service provider that connects housing counselors with mortgage servicers to help borrowers apply for mortgage modifications, recently offered journalists a hands-on demonstration of its Web-based software.
The Hope LoanPort service is the brainchild of the Hope Now Alliance's technology committee. Hope Now is a consortium of servicers, housing counselors, the government-sponsored enterprises (GSEs) and other industry players working to find solutions to the foreclosure and mortgage crisis.
The national median existing home sales price was increased slightly in Q210 compared to the same quarter a year ago, as 100 of 155 markets the National Association of Realtors (NAR) tracks experienced year-over-year price increases during the quarter.
JPMorgan Chase [JPM]] today purchased a $3.5bn portfolio of 3,800 performing multifamily and other commercial real estate (CRE) loans from a Citigroup [stock C][/stock] subsidiary.
While JPMorgan declined to specify the terms of the deal in a news release, it did say the loans are primarily multifamily CRE mortgages backed by properties in California, New York and Illinois. All of the loans in the portfolio are performing and the properties show strong credit performance, JPMorgan said.
For the 14th consecutive quarter, national US home values declined 3.2% year-over-year during Q210, according to a quarterly market report produced by real estate listing website Zillow.
As HousingWire first reported in this week's edition of "Monday Morning Cup of Coffee," the report also found a bit of positive news, as the rate of borrowers underwater on their mortgage declined.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.