The Office of Federal Housing Enterprise Oversight and outside counsel for Freddie Mac are investigating what is being described as a servicing "transaction" between the mortgage giant and one of its former top strategic alliance partners, Bank of America.At MortgageWire's deadline on Wednesday it was unclear what the investigation entailed. Both OFHEO and Freddie Mac confirmed that a transaction between Freddie and BoA is under review. A source described it as "one transaction" that took place in 2000 but declined to discuss the size of the deal. A Freddie Mac spokesman said the government-sponsored enterprise's audit committee brought the transaction to the attention of its outside counsel, Baker Botts LLP. "We don't think the issue is important enough to impact our restated financial statements," the Freddie spokesman said. "It won't affect our 2003 results either." In early 2003 BoA ended its strategic alliance with Freddie. Under an SA arrangement, a seller/servicer promises to sell most of its conventional production to a GSE in return for a lower "guarantee fee." A lower g-fee arrangement can allow a mortgage banking firm to have greater servicing fee income.
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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.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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