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News Breaks | | | | September 11, 2012 | | 08:10 EDT |  | FNMA, FMCC | FHFA, Fannie Mae, Freddie Mac launch new representation and warranty framework
The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are launching a new representation and warranty framework for conventional loans sold or delivered on or after Jan. 1, 2013. The new rep and warranty approach, part of a broader series of strategic initiatives called seller-servicer contract harmonization, aims to clarify lenders’ repurchase exposure and liability on future deliveries. The objective of the new framework, developed at the direction of FHFA, is to clarify lenders’ repurchase exposure and liability on future deliveries. The new rep and warranty approach does not affect loans sold to Fannie Mae or Freddie Mac prior to Jan. 1, 2013. With this new framework: Lenders will be relieved of certain repurchase obligations for loans that meet specific payment requirements, for example, rep and warranty relief will be provided for loans with 36-months of consecutive, on-time payments; Home Affordable Refinance Program loans will be eligible for rep and warranty relief after an acceptable payment history of only 12 months following the acquisition date; Information about exclusions for rep and warranty relief, such as violations of state, federal and local laws and regulations will be detailed; Fannie Mae and Freddie Mac will continue to make available for lenders a range of tools to help improve loan quality. The new model moves the focus of quality control reviews from the time a loan defaults up to the time the loan is delivered to Fannie Mae or Freddie Mac. With the new model FHFA is directing Fannie Mae and Freddie Mac to: Conduct quality control reviews earlier in the loan process, generally between 30 to 120 days after loan purchase; Establish consistent timelines for lenders to submit requested loan files for review; Evaluate loan files on a more comprehensive basis to ensure a focus on identifying significant deficiencies; Leverage data from the tools currently used by Fannie Mae and Freddie Mac to enable earlier identification of potentially defective loans; and make available more transparent appeals processes for lenders to appeal repurchase requests. | |
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News For FNMA;FMCC From The Last 14 Days Check below for free stories on FNMA;FMCC the last two weeks. |
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| May 24, 2013 | | 07:12 EDT |  | FNMA | Fannie Mae's recent success concerns mortgage industry, Bloomberg reports
Fannie Mae is taking potential profits away from mortgage lenders as it posts record earnings that are fueling industry-wide concern the government-backed company is regaining its swagger even as lawmakers plot its demise, reports Bloomberg.Reference Link | | | 06:10 EDT | | FNMA | On the Fly: Periodicals Wrap-Up
 Subscribe for More Information | | | May 15, 2013 | | 05:49 EDT | | FMCC, FNMA | Some hedge funds bet on Freddie, Fannie recovery, WSJ reports
Subscribe for More Information | | | May 12, 2013 | | 20:39 EDT | | FMCC, FNMA | Fannie Mae, Freddie Mac could be in trouble, Barron's warns
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