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Mortgage industry encouraged by Fed’s dovish approach

Mortgage rates have increased roughly 50 basis points in the first few months of 2021, in no small part due to fears that inflation will rear its ugly head as the economy rebounds. But the Federal Reserve is staying the course, maintaining the low-rate environment that gave rise to the best year for the mortgage industry in history. Fed Chairman Jerome Powell and the Federal Open Market Committee on Wednesday said they will leave...

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Fannie Mae tightens standards on investment properties

Fannie Mae is tightening the underwriting criteria for second homes and investment properties, the government sponsored entity said in a letter to sellers on Wednesday. “Recent amendments to our senior preferred stock purchase agreement with Treasury impose additional risk criteria on the loans we acquire,” the GSE said in a letter. “One of those restrictions is a 7% limit on our acquisition of single-family mortgage loans...

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FHFA extends multifamily forbearance through June 30

Multifamily property owners who are struggling to make mortgage payments due to the coronavirus pandemic now have a reprieve through the end of June for mortgages backed by Fannie Mae and Freddie Mac, the Federal Housing Finance Agency announced on Friday. Forbearance options for multifamily mortgages backed by the GSEs were set to expire on Mar. 31, but the FHFA has extended that till June 30, 2021, provided landlords are also...

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FHFA doubles affordable housing disbursement to $1B

Federal Housing Finance Agency (FHFA) Director Mark Calabria announced on Monday that he has authorized the disbursement of $1.09 billion for Fannie Mae and Freddie Mac‘s affordable housing allocations. This is the largest amount ever disbursed by the government sponsored enterprises, and more than double what was provided the prior year. Of the GSEs’ provided funds, $711 million will go to the U.S. Department of Housing and Urban...

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FHFA extends forbearance period to 18 months

Borrowers with mortgages backed by Fannie Mae and Freddie Mac may be eligible for an additional forbearance extension of up to six months, the Federal Housing Finance Agency announced Thursday. On Feb. 9, the FHFA extended forbearance plans an additional three months past beyond their initial 12 month expiration. With the latest edict, the agency is now allowing borrowers up to 18 months of coverage. According to the FHFA,...

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HUD extends COVID-19 forbearance for FHA loans

The U.S. Department of Housing and Urban Development on Tuesday extended COVID-19 foreclosure and forbearance moratoriums for FHA and USDA loans to June 30, 2021. It also extended the deadline for the first legal action and the reasonable diligence time frame to 180 days. This announcement follows FHFA action last week to extend moratoriums for loans backed by Fannie Mae and Freddie Mac. The measures announced by HUD today...

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Fannie Mae execs see path to exit conservatorship

Fannie Mae, the largest mortgage financier in the U.S., said Friday that its net income in the fourth quarter of 2020 checked in at $4.6 billion – up 8% from the third quarter. The government-sponsored entity’s total net income for the full year was $11.8 billion, and executives on Friday’s earnings call spoke enthusiastically about an eventual exit from forbearance. However, that nearly $12 billion in net income is down 16%...

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FHFA extends forbearance period to 15 months

Borrowers with mortgages backed by Fannie Mae and Freddie Mac may be eligible for an additional forbearance extension of up to three months, the Federal Housing Finance Agency announced Tuesday. FHFA forbearance plans initially had a 12 month expiration date, however, the government entity is now allowing borrowers up to 15 months of coverage. According to the agency, eligibility for the extension is limited to borrowers who are...