GSEs Issue Updates to Mortgage Repurchase Guidelines

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first_img  Print This Post The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Ask the Economist: Rise in Employment, Millennial Demand Will Bring Housing Up in 2016 Next: DS News Webcast: Friday 10/9/2015 Home / Daily Dose / GSEs Issue Updates to Mortgage Repurchase Guidelines GSEs Issue Updates to Mortgage Repurchase Guidelines Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Xhevrije West Fannie Mae and Freddie Mac recently issued new updates to rules related to mortgage repurchases that will provide clarity and transparency to lenders and more credit access to borrowers.The new policies, sent in a letter to sellers and servicers, are expected it go into effect January 1, 2016, at the direction of the Federal Housing Finance Agency (FHFA).The origination defects and remedies framework will provide clarity on the process followed in categorizing origination defects, lender corrections of such defects, and available remedies. In addition, it will also provides more transparency regarding Fannie Mae’s discretion on loan-level decisions when reviewing a loan during a quality control review.Donna Corley, SVP, Division Chief Risk Office of the Single Family Division at Freddie Mac, noted that the new framework is a reflection of the company’s and its consumer’s commitment to partner with lenders to improve loan manufacturing.”The framework announced today will not affect our customers’ operations or our full file quality control reviews for performing and non-performing loans,” Corley said. “The enhanced framework is intended to provide more clarity and transparency to lenders who do business with Freddie Mac on identifying and correcting origination defects, and the remedies that are available to them. “Today’s announcement also underscores Freddie Mac’s commitment to work with the Federal Housing Finance Agency and other stakeholders to continually improve America’s mortgage finance system.””The framework announced today will not affect our customers’ operations or our full file quality control reviews for performing and non-performing loans.”“Lenders consistently tell us that concerns about repurchases limit their willingness to lend, so we’re trying to put those concerns to rest,” said Andrew Bon Salle, EVP, Single-Family Business at Fannie Mae. “By pursuing repurchase alternatives and providing clarity on significant defects we aim to help lenders serve the market confidently, efficiently and profitably. Today’s guidance is another milestone in our efforts to provide more clarity and certainty to our customers.”Click here to view Fannie Mae’s letter.Click here to view Freddie Mac’s letter. Related Articles in Daily Dose, Featured, News, Secondary Marketcenter_img October 8, 2015 8,532 Views Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Share Save Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Fannie Mae Freddie Mac Mortgage Repurchase Guidelines Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Fannie Mae Freddie Mac Mortgage Repurchase Guidelines 2015-10-08 Brian Honealast_img

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