The Office of Federal Housing Enterprise Oversight started looking at the way Fannie Mae and Freddie Mac set loan guarantee fees for different sellers several months ago, according to a recently released letter to Congress."We have started to analyze the data to assess how the fees vary across sellers," OFHEO Director Armando Falcon Jr. says in an Oct. 27 letter to Rep. Richard Baker, R-La. The study is still under way, and there is no timetable for its completion, an OFHEO spokeswoman told MortgageWire. The two government-sponsored enterprises negotiate "g-fees" with their largest customers and generally offer fixed prices to their smaller customers. This disadvantage has prompted smaller sellers to form cooperatives or to use their trade groups to negotiate special deals. In the Oct. 27 letter, the OFHEO director comments that Fannie and Freddie are able to charge high g-fees due to their GSE status and to limited competition in the conforming loan market. "While the fees received prudently cover costs and provide essential risk protection, they also contribute to the Enterprises' unusually high rates of return," Mr. Falcon says.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18