Mortgages Fannie Mae

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
News & Analysis as of

Minnesota Supreme Court Recognizes New Private Right Of Action Against Residential Mortgage Loan Servicers

On April 2, 2014, the Minnesota Supreme Court in Gretsch v. Vantium Capital, Inc. recognized a new private right of action against residential mortgage loan servicers who breach their servicer participation agreements with...more

Dodd-Frank News - March 2014: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases January Through March 2014 ..Dodd-Frank Amendments to RESPA ..Dodd-Frank Prohibition on Arbitration Clauses ..Whistleblower Protection Under Dodd-Frank - News &...more

Georgia District Court Offers New Authority On Issue Of "Full Authority" Under O.C.G.A. § 44-14-162.2

In the latest chapter of the Georgia courts' attempts to interpret Georgia's foreclosure notice statute, O.C.G.A § 44-14-162.2, the U.S. District Court for the Northern District of Georgia issued an opinion on February 25,...more

Court Endorses Use of Predictive Coding (New York)

Fed. Hous. Fin. Agency v. HSBC, 2014 WL 584300 (S.D.N.Y. Feb. 14, 2014). In this housing case, the plaintiff, which regulates Fannie Mae and Freddie Mac, sued 18 banks, over misrepresenting the quality of mortgage...more

Protect Your Mortgage Insurance Rights Now Before It Is Too Late

The Federal Housing Finance Agency (FHFA) recently announced changes to mortgage insurance (MI) master policy requirements. The FHFA has worked with the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, to...more

Fannie Mae Updates Servicing Policies

On February 26, Fannie Mae issued Servicing Guide Announcement SVC-2014-04, which states that a servicer must retain in the mortgage loan servicing file all supporting documentation for all expense reimbursement claims, in...more

Commercial Mortgage Options Expanding – Borrowers to Benefit?

Anyone working in the commercial real estate mortgage industry in the past five or six years is eager for signs of a sustained recovery. Having just returned from the Mortgage Bankers Association Commercial Real Estate...more

FHFA Says Fannie and Freddie Still Take on Risky Mortgages

Fannie Mae and Freddie Mac have continued to spend billions of dollars on questionable mortgage loans despite previous alerts to potential issues with their appraisals, the Federal Housing Finance Agency’s Office of Inspector...more

Fannie Mae Issues Numerous Servicing Policy Updates

On January 24, Fannie Mae issued Servicing Guide Announcements SVC-2014-01 and SVC-2014-02, and on January 29 issued SVC-2014-03. Effective April 1, 2014, the first announcement revises Fannie Mae’s requirements for borrower...more

Orrick's Financial Industry Week in Review - January 13, 2014

European Parliament Committee Publishes Opinion on Money Laundering Directive 4 - On January 7, the European Parliament published an opinion, written by its Committee on Legal Affairs (or JURI) relating to the...more

FHFA Proposes Decreased Loan Purchase Limits

On December 16, the FHFA requested public comment on a plan gradually to reduce the maximum size of loans purchased by Fannie Mae and Freddie Mac. The FHFA bases the plan on the uncertain future of Fannie Mae and Freddie Mac...more

Ohio Appellate Court Rejects Mortgage Servicing Class Action, Finds Foreclosure Actions Are Not “Consumer Transactions” Under The...

Yesterday, the Eighth District Ohio Court of Appeals affirmed the dismissal of a putative class action raising claims against a noteholder, mortgage servicer, and law firm under Ohio’s Consumer Sales Practices Act (“CSPA”)....more

FHFA Increases Guarantee Fees

On December 9, the FHFA directed Fannie Mae and Freddie Mac to raise guarantee fees (g-fees). Under the directive, Fannie Mae and Freddie Mac will increase the base g-fee (or ongoing g-fee) for all mortgages by 10 basis...more

Challenging FIRREA Subpoenas: The RMBS Working Group Faces Subpoena Fight

As the Justice Department has stepped up its pursuit of financial institutions, there has been a surge of civil fraud lawsuits brought by the government under FIRREA — the Financial Institutions Reform, Recovery, and...more

Senate Confirms FHFA Director; FHFA Announces Senior Staff, Organizational Change

On December 10, the U.S. Senate voted to confirm Representative Mel Watt (D-NC) to serve as Director of the FHFA. Once sworn in, Mr. Watt will replace Edward DeMarco, who has led the agency on an “acting” basis for more than...more

FHFA Holds Conforming Loan Limits Steady, Announces Overhauled Mortgage Insurance Master Policy Requirements

On November 26, FHFA announced that 2014 maximum conforming loan limits will remain at $417,000, unchanged from 2013. On December 2, FHFA announced that Fannie Mae and Freddie Mac soon will provide guidance to lenders and...more

Orrick's Financial Industry Week in Review - December 10, 2013

Council of EU Publishes UK Issues Paper on MLD4 - On November 24, the Council of the European Union published a note (dated November 8, 2013) from the Council Presidency to Council Delegations which includes a UK...more

FHFA Announces Changes to Fannie Mae and Freddie Mac Mortgage Insurance Master Policy Requirements

On December 2, the FHFA announced that Fannie Mae and Freddie Mac have completed the first major overhaul of mortgage insurance master policy requirements. Fannie Mae and Freddie Mac, with FHFA oversight, addressed gaps in...more

FHFA Announces Fannie Mae and Freddie Mac Conforming Loan Limits for 2014

On November 26, the FHFA announced that the 2014 maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac will remain at the existing levels in most areas....more

Credit Crunch Digest -- November 2013

This issue of the Credit Crunch Digest focuses on new Libor cases filed against major banks and an update regarding two U.K. Libor cases; a jury verdict against Bank of America in connection with conduct by Countrywide;...more

FHFA OIG Recommends Changes To Fannie Mae Short Sale Oversight

On November 20, the FHFA Office of Inspector General (OIG) issued a report critical of Fannie Mae’s oversight of its short sale process and the servicers who participate in that process. The OIG determined—based on a review...more

Changes of Note to Lenders From the 2013 Legislative Long Session

During the 2013 legislative session, several new laws were passed which directly affect the banking and financial services industries. While most of these changes are relatively minor, they are certainly worth noting. Below...more

Fannie Mae Announces Servicing Policy Changes

On October 30, Fannie Mae issued Servicing Guide Announcement SVC-2013-22, which describes various servicing policy updates. First, effective on or after February 1, 2014 for condominium insurance policy renewals, Fannie Mae...more

Orrick's Financial Industry Week in Review - November 4, 2013

The Fed Approves New Fee Schedules - On October 31, the Fed announced new fee schedules, effective January 2, 2014, for payment services the Federal Reserve Banks provide to depository institutions (priced services). ...more

Wells Fargo Settles Mortgage Claims With FHFA For Close To $1 Billion

Add another mega-settlement to the rapidly growing list of huge payouts by the nation’s largest banks to federal agencies. Wells Fargo reportedly has now agreed to pay the Federal Housing Finance Agency (FHFA), which oversees...more

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