Fannie Mae, in a new quarterly filing, says it is receiving "higher amounts" from lenders on loan repurchase requests while its pipeline of buyback claims on defaulted mortgages continues to grow.
The GSE reports that in 2Q lenders satisfied its requests for repurchases on loans with an unpaid principal balance of $3.3 billion, almost three-times the figure for 1Q.
"During the first half of 2011, our primary mortgage servicer counterparties have generally continued to meet their [re-purchase] obligations to us," the GSE said in the Securities and Exchange Commission filing.
Meanwhile, Fannie reported that its outstanding repurchase requests totaled $9.6 billion as of June 30, up $1 billion from the end of the first quarter.
The government sponsored enterprise also has $4.4 billion in outstanding re-purchase requests with private mortgage insurers.
"We received proceeds under our primary and pool mortgage insurance policies for single-family of $1.5 billion for the second quarter," the SEC filing says.
Fannie noted that the insurers' have rescinded mortgage insurance coverage on $534 million of the $4.4 billion in outstanding repurchasing requests. Now the GSE is going back to the original seller/servicers to collect that money. "(I)f a mortgage insurer rescinds insurance coverage, the initial receivable becomes due from the mortgage seller/servicer," Fannie states in the securities filing.
