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Are Fannie Mae and Freddie Mac Going Away?

A new paper issued by a robust group of government and economic leaders in the real estate economy have outlined a proposal to merge Fannie Mae and Freddie Mac into a new government-owned corporation.  Currently both organizations are government-regulated, but privately owned. According to the paper the goal of the proposal is to overhaul the mortgage lending process to accomplish the following: “This would facilitate a deep, broad and competitive primary and secondary mortgage market; limit the taxpayer’s risk to where it is absolutely necessary; ensure broad access to the system for borrowers in all communities; and ensure a level playing field [...]

RPR Working to Bridge the Gap with the Mortgage Industry

Dale Ross, head of RPR published a very interesting article today that I thought would share with you about the company's efforts to have a positive impact on the mortgage industry. One of the key goals of RPR is to help improve the accuracy of the valuations of properties by providing more comprehensive, accurate and up to date information.  Here it is: Today, RPR is available to the majority of NAR’s REALTOR® members.  In 2011, RPR began to place greater focus on the communications and relationships needed to engage the entities responsible for mortgage liquidity.  With the support of NAR’s [...]

By |2018-05-03T21:24:52+00:00September 12th, 2012|Main category|0 Comments

GSEs NAR Profit and Welfare

What happens next in the financial markets of the mortgage industry is up in the air. Our current system is a failure when markets go down. It cripples our industry, the financial markets, and millions of consumers. The National Association of REALTORS released their reform recommendations. As one of the chief lobbying groups in Washington DC, you can bet that government is listening. They highlight the issues. Government Sponsored Entities are problematic. Anytime you have an artificial business that shares profits when times are good, and gets bailed out by taxpayers when times are bad - risk of collapse is high. [...]

By |2018-05-03T21:25:51+00:00February 17th, 2011|Broker-Agent Information, Main category, MLS Insights|0 Comments

740 and 25% are the new magic mortgage numbers

The Frank-Dodd bill was designed to insure that loan originators to have any financial interst in the terms or conditions of a loan. But in a policy change today, Fannie and Freddie announced changes in the terms and conditions of a loan that modifies their financial interests. Thats right, the Government Sponsored Enterprises (GSEs) just did exactly what other loan originators are denied from doing by law. Specifically, charge higher interest rates for higher risk loans. If you do not have a credit score of 740 or better, or put down 25% of the purchase price - you will pay [...]

By |2018-05-03T21:25:52+00:00February 8th, 2011|Main category|0 Comments

LPS launches ClosingStream 2.0 and completes First online loan mod!

Lender Processing Services (LPS: 26.54 -0.23%) said it completed the first electronically signed and submitted loan modification through the Home Affordable Modification Program. LPS provides a suite of mortgage technology and real estate services, which includes the development of ClosingStream 2.0. The servicer, which was not identified by LPS, electronically created modification documents to a borrower through the Web-based tool. The borrower then reviewed, signed and returned the documents to the servicer in four hours. According to LPS, the manual process can take as long as two weeks, an estimation far below the experience at some servicing shops and the Treasury’s [...]

By |2018-05-03T21:25:59+00:00October 25th, 2010|Main category|0 Comments