Fannie Mae

News & Analysis as of

First Month of “Know Before You Owe” Better than Expected

A month has passed since the new TILA-RESPA Integrated Disclosure (“TRID” or “Know Before You Owe”) requirements went into effect on October 3, 2015, and while the transition has not been completely smooth, it has gone better...more

Dodd-Frank News: November 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Fannie Mae Announces New Tools for Lenders

On October 19, Fannie Mae announced four changes: (i) the availability of trended credit data, which may allow a more thorough analysis of borrowers’ credit history; (ii) the availability of nontraditional credit history in...more

Orrick's Financial Industry Week in Review

Barclays and Wachovia Settle with NCUA - On October 19, 2015, Barclays PLC and Wachovia Capital Markets LLC agreed to pay $325 million and $53 million, respectively, to settle claims brought by the National Credit Union...more

FHFA Finalizes House Price Index Measure for Conforming Loan Limits for Fannie Mae and Freddie Mac

On October 19, 2015, the Federal Housing Finance Agency issued a Final Notice indicating that it will continue to use “expanded-data” House Price Index when establishing Freddie Mac and Fannie Mae’s maximum conforming loan...more

Transitional period and initial supervisory practice over TRID

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the Federal Financial Institutions Examination Council (FFIEC) member agencies during the initial months following the implementation...more

Mel Watt of FHFA Discusses the Common Securitization Platform and Credit Risk Transfers

In a recent speech, Federal Housing Finance Agency (FHFA) director Melvin Watt discussed key FHFA initiatives for 2016. Watt stated that the common Securitization Platform (CSP) and Single Security efforts will be launched in...more

GSEs Release Revised Framework for Origination Defects and Remedies — The Proof Will Be in the Execution

By recently releasing yet another revised representation and warranty framework, Fannie Mae and Freddie Mac continued their efforts to assuage the concerns of the lending industry that a default by a borrower poses an unfair...more

Regulators Demand “Good Faith Efforts” for TRID Implementation

Why it matters - Federal regulators said they don’t expect perfection from banks trying to comply with the new mortgage disclosure requirements but will not turn a blind eye with regard to enforcement. In letters to...more

Special Alert: CFPB Adopts Significant Expansion of HMDA Reporting Requirements

On October 15, the Consumer Financial Protection Bureau (the CFPB or Bureau) issued a final rule that will expand the scope of the Home Mortgage Disclosure Act (HMDA) data reporting requirements while seeking to streamline...more

FHFA, Fannie and Freddie File Defensive Class Action in Nevada

In an effort to “avoid the cost and burden of piecemeal litigation” of hundreds of cases in the Nevada HOA foreclosure crisis, the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac (collectively,...more

Fannie Mae and Freddie Mac Issue Guidelines for Mortgage Repurchases

On October 7, under the direction of the FHFA, Fannie Mae and Freddie Mac jointly issued new guidelines clarifying how the GSEs will categorize origination defects, how lenders can correct the defects, and allows for various...more

TRID Legislation and GSA Grace Period

Last week, the House passed H.R. 3192 the “Homebuyers Assistance Act.” On the same day, the Senate read a similar Bill, S. 1711, twice, and referred their Bill to the Committee on Banking, Housing, and Urban Affairs. In...more

GSEs Provide Guidance Regarding TRID Compliance

On October 6, Fannie Mae and Freddie Mac issued guidance stating that both GSEs, under the direction of the FHFA, “will not conduct routine post-purchase loan file reviews for technical compliance with the TRID Rule,”...more

Transitional period and initial supervisory practice over TRID

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the FFIEC member agencies during the initial months following the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule...more

FHFA Issues Update on the Common Securitization Platform

On September 15, the Federal Housing Finance Agency released An Update on the Common Securitization Platform. The Update includes details on the organizational structure of Common Securitization Solutions, LLC, the joint...more

2015-2017 Housing Goals for Fannie Mae and Freddie Mac Finalized

On August 19th, 2015, the Federal Housing Finance Agency (FHFA) adopted a final rule establishing single-family and multifamily housing goals for Fannie Mae and Freddie Mac for 2015 through 2017. In addition, the final rule...more

Fannie Mae Announces New Mortgage Product for Low- and Moderate-Income Borrowers

On August 25, Fannie Mae announced that it will begin offering HomeReady, a mortgage loan product featuring new flexibilities for lower to moderate income borrowers. For the first time, income from a non-borrower household...more

Courts, States Continue to Wrestle with Homeowners Association Assessment Liens

The circumstances under which a condominium or homeowners association (HOA) lien for unpaid assessments may wipe out a lender’s mortgage lien continues to evolve across the country. As noted in our previous alerts regarding...more

Why Getting FHA’s Loan Servicing Rules 'Right' Matters

In recent years, servicing U.S. Federal Housing Administration- insured loans has become risky business. The U.S. Department of Housing and Urban Development has heightened its monitoring and enforcement, with servicers...more

How Nevada SB 306 and Court Rulings Have Changed the Foreclosure Landscape - Counsel's Corner with Jon Patterson

What changes were brought about to the HOA foreclosure sale landscape by the passage of SB 306 in Nevada? SB 306 contained a number of important revisions to Nevada’s super-priority lien statute that will provide...more

DOJ Sentences Real Estate Developers to Prison for Involvement in Alleged Mortgage Fraud Scheme

On July 8, the DOJ announced the prison sentences of three real estate developers for their roles in an alleged mortgage fraud scheme that resulted in over $27 million dollars in losses. Convicted in November 2014 of wire...more

Eleventh Circuit: No Wrongful Foreclosure Claim Under Georgia Law Where Foreclosure Was Result of Borrowers’ Default

In Haynes v. McCalla Raymer, LLC, No. 14–14036, __ F. 3d __, 2015 WL 4188459 (11th Cir. July 13, 2015), the Eleventh Circuit Court of Appeals affirmed the Northern District of Georgia’s grant of summary judgment in favor of...more

Verify Payment Records When Buying A Mortgage

If you purchase a mortgage, how can you prove the amount due in a subsequent foreclosure lawsuit? That is the question that is raised in a series of recent Florida court cases. Proving the amount due at trial is sometimes...more

Orrick's Financial Industry Week in Review

Federal Reserve Releases First Determination of Aggregate Consolidated Liabilities of all Financial Companies - On July 1, the Federal Reserve Board released its first determination of the aggregate consolidated...more

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