Tag Archives: Federal Housing Finance Agency

Mortgage Translations Clearinghouse Launched to Help Borrowers with English Language Barriers

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Washington, D.C. – Oct. 15, 2018 (PRNewswire) The Federal Housing Finance Agency (FHFA), Freddie Mac (OTCQB:FMCC), and Fannie Mae (OTC Bulletin Board: FNMA) together announce the launch of Mortgage Translations – a centralized clearinghouse of online resources to assist lenders, servicers, housing counselors, and other real estate professionals in serving limited English proficient (LEP) borrowers.

Federal Housing Finance Agency FHFA Logo

LEP borrowers make up a growing share of today’s mortgage market – a trend that is likely to continue in the coming decades – and lenders and other mortgage market participants are in need of tools to help them serve these consumers. FHFA, Freddie Mac, and Fannie Mae collaborated extensively with industry experts, consumer advocates, and other government agencies in developing the online collection of mortgage documents, educational materials, and a new online Spanish-English glossary produced by the Consumer Financial Protection Bureau in collaboration with FHFA and the Enterprises. The glossary is expected to be particularly helpful in standardizing translations across the mortgage industry.

The first phase of the launch consists of Spanish-language documents. According to the U.S. Census, persons who speak Spanish as their primary language comprise more than 60 percent of the LEP population in the U.S. Resources in four other languages commonly spoken by LEP households – Chinese, Vietnamese, Korean, and Tagalog – will be added in the coming years.

“FHFA is proud to collaborate with Freddie Mac and Fannie Mae and so many others on this important initiative to help address language barriers that impede access to mortgage credit,” said Janell Byrd-Chichester, chief of staff at FHFA. “The Mortgage Translations clearinghouse is one part of a Language Access Multi-Year Plan and includes a number of meaningful resources to help mortgage industry professionals reach a broader range of borrowers.”

“Freddie Mac is pleased to work with FHFA and Fannie Mae on this language access multi-year plan, as it demonstrates our commitment to help make home possible for today’s borrower and the borrower of the future,” said Danny Gardner, senior vice president of single-family affordable lending and access to credit at Freddie Mac. “The materials included on this website will provide lenders, servicers, real estate professionals and housing counselors with tools to better assist, educate and engage LEP borrowers throughout the mortgage process.”

“Fannie Mae is excited to partner with FHFA and Freddie Mac to launch this central source of translated documents,” said Jonathan Lawless, vice president for product development and affordable housing at Fannie Mae. “This online resource will educate, engage and better assist LEP borrowers when shopping for a mortgage.”

About FHFA
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $6.2 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter @FHFA, YouTube and LinkedIn.

About Freddie Mac
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/FannieMae, YouTube, and LinkedIn.

Fannie Mae Announces Winner of its Latest Non-Performing Loan Sale

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Washington, D.C. – June 12, 2018 (PRNewswire) Fannie Mae (OTC Bulletin Board: FNMA) today announced the winning bidders for its thirteenth non-performing loan sale. The sale includes approximately 9,800 loans totaling $1.64 billion in unpaid principal balance (UPB), divided among four pools. The winning bidder for the transaction is MTGLQ Investors, L.P. (Goldman Sachs). The transaction is expected to close on July 20, 2018.

Fannie Mae Logo

In collaboration with Bank of America Merrill Lynch and Williams Capital Group, Fannie Mae began marketing these loans to potential bidders on May 15, 2018.

The loan pools awarded in this most recent transaction include:

  • Group 1 Pool: 2,372 loans with an aggregate unpaid principal balance of $358,278,749; average loan size $151,045; weighted average note rate 4.73%; weighted average delinquency 25 months; and weighted average broker’s price opinion (BPO) loan-to-value ratio of 79%.
  • Group 2 Pool: 3,182 loans with an aggregate unpaid principal balance of $478,667,973; average loan size $150,430; weighted average note rate 5.21%; weighted average delinquency 40 months; and weighted average BPO loan-to-value ratio of 63%.
  • Group 3 Pool: 1,403 loans with an aggregate unpaid principal balance of $210,828,373; average loan size $150,270; weighted average note rate 5.13%; weighted average delinquency 40 months; and weighted average BPO loan-to-value ratio of 63%.
  • Group 4 Pool: 2,881 loans with an aggregate unpaid principal balance of $595,183,158; average loan size $206,589; weighted average note rate 4.60%; weighted average delinquency 39 months; and weighted average BPO loan-to-value ratio of 120%.

The cover bid, which is the second highest bid, was 81.48% of UPB (53.39% of BPO) for the total of the four pools which were purchased on an all-or-none basis.

Bids are due on Fannie Mae’s thirteenth Community Impact Pools on June 19, 2018.

Potential buyers can register for ongoing announcements or training, and find more information on Fannie Mae’s sales of non-performing loans and on the Federal Housing Finance Agency’s guidelines for these sales, at www.fanniemae.com.

On April 14, 2016, the Federal Housing Finance Agency announced additional enhancements to its requirements for sales of non-performing loans by Fannie Mae and Freddie Mac that build on the requirements originally announced in March 2015. The additional requirements, which apply to this Fannie Mae non-performing loan sale, encourage sustainable modifications that have the potential to provide more borrowers the opportunity for home retention by requiring evaluation of underwater borrowers for modifications that may include principal and/or arrearage forgiveness; forbidding “walking away” from vacant homes; and establishing more specific proprietary loan modification standards.

Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.

NAR Position on AMC Appraisals

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The leaders of NAR’s Real Property Valuation Committee explain REALTORS®’ position on appraiser independence and appraisal management companies. They also respond to a working paper released by the Federal Housing Finance Agency that says AMC appraisals don’t result in overvaluation more than other types of appraisals.