News & Analysis as of

Mortgage Loan Originators Fannie Mae

Mortgage Loan Originators are individuals who are paid to assist borrowers with residential mortgage transactions by taking applications and offering or negotiating terms.
Dechert LLP

Proposed Rule on Quality Control Standards for Automated Valuation Models: Comments Closed and Now What?

Dechert LLP on

The proposed rule, if adopted, would apply to mortgage originators and issuers of mortgage-backed securitizations that rely on automated valuation models (“AVMs”) to determine the value of real estate collateral. The...more

Ballard Spahr LLP

Fannie Mae and Freddie Mac Extend Origination Flexibilities Due to COVID-19

Ballard Spahr LLP on

As previously reported, the Federal Housing Finance Agency (FHFA) recently announced the extension of various Fannie Mae and Freddie Mac origination flexibilities due to COVID-19 to September 30, 2020. Fannie Mae, in updates...more

Ballard Spahr LLP

FHFA Announces Fannie Mae and Freddie Mac Will Continue Purchasing Loans in a COVID-19 Forbearance

Ballard Spahr LLP on

As previously reported, Fannie Mae and Freddie Mac recently announced that there are no plans to extend the eligibility for purchase of loans in a COVID-19 forbearance for loans with note dates after August 31, 2020....more

Ballard Spahr LLP

Fannie Mae and Freddie Mac announce adverse market LLPA

Ballard Spahr LLP on

On August 12, 2020, Fannie Mae and Freddie Mac announced that the cost to originate and to deliver single family limited cash out refinances and cash out refinance mortgage loans would increase by one half of one percent...more

Ballard Spahr LLP

Fannie Mae and Freddie Mac Further Extend Origination Guidance Based on COVID-19

Ballard Spahr LLP on

On July 9, 2020, Fannie Mae in updates to Lender Letters 2020-03 and 2020-04 and Freddie Mac in Bulletin 2020-27 announced the further extension of origination guidance based on COVID-19 (the Freddie Mac action extends the...more

Ballard Spahr LLP

Fannie Mae and Freddie Mac Extend COVID-19 Origination Guidance

Ballard Spahr LLP on

On June 10, 2020, Fannie Mae in updates to Lender Letters 2020-03, 2020-04, and 2020-06 and Freddie Mac in Bulletin 2020-23 extend temporary COVID-19 origination guidance....more

Ballard Spahr LLP

Fannie Mae and Freddie Mac Update Origination Guidance Based on COVID-19

Ballard Spahr LLP on

On May 28, 2020, Fannie Mae in updates to Lender Letter 2020-03 and Lender Letter 2020-04 and Freddie Mac in Bulletin 2020-19 updated their temporary origination requirements based on COVID-19....more

Ballard Spahr LLP

Fannie Mae and Freddie Mac Update Origination and Appraisal Guidance Based on COVID-19 and Suspend Bulk Purchases

Ballard Spahr LLP on

On May 5, 2020 Fannie Mae updated Lender Letter 2020-03 and Lender Letter 2020-04 and Freddie Mac issued Bulletin 2020-14, to update and extend temporary origination and appraisal guidance based on COVID-19. The Freddie Mac...more

Bilzin Sumberg

A Resurgence of Residential Mortgage Repurchase Claims on the Horizon

Bilzin Sumberg on

A surge in repurchase claims against mortgage originators may be imminent as aggregators and servicers face nonpayment of debt obligations and liquidity shortfalls resulting from an increase in residential mortgage loans put...more

Ballard Spahr LLP

Fannie Mae and Freddie Mac Further Revise Origination Guidance In Connection With COVID-19

Ballard Spahr LLP on

On April 14, 2020, Fannie Mae again updated Lender Letter 2020-04 and Freddie Mac issued Bulletin 2020-11 to further revise their guidelines regarding mortgage loan originations in view of COVID-19 with regard to appraisals...more

Bricker Graydon LLP

Fannie Mae releases new Lender Letters on originations and appraisals

Bricker Graydon LLP on

In its evolving response to the COVID-19 pandemic, Fannie Mae has released two separate Lender Letters addressing originations and appraisals. Lender Letter LL-2020-03 addresses questions and concerns of industry partners...more

Ballard Spahr LLP

California Amends RMLA: Federal Agency Approval Not Required For Processing and Underwriting Companies

Ballard Spahr LLP on

Effective January 1, 2017, the definition of lender under the California Residential Mortgage Lending Act (RMLA) will be amended to include third-party processors and/or underwriters who do not solicit loan applicants,...more

K&L Gates LLP

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

K&L Gates LLP on

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

Bilzin Sumberg

Mid-2015 Mortgage Crisis Update – The Repurchase Demands Continue

Bilzin Sumberg on

In the aftermath of the financial crisis, Fannie Mae and Freddie Mac aggressively demanded Wall Street and big bank aggregators (“aggregators”) repurchase millions of defaulted and distressed loans, due to purported breaches...more

Bradley Arant Boult Cummings LLP

Senator Shelby Moves Forward with Major Dodd-Frank Reforms

On May 12, 2015, U.S. Senator Richard Shelby (R-Ala.), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, released the text of draft legislation intended to reform the regulatory framework...more

Bilzin Sumberg

Fraud Verdict Against Countrywide & BofA Upheld

Bilzin Sumberg on

BofA’s “hustling” attempt to overturn a $1.27 billion judgment against it and Countrywide—along with the individual defendant identified in the next paragraph, the “Defendants”—in the U.S. District Court for the Southern...more

Orrick - Finance 20/20

FHFA Wins Summary Judgment That It Did Not Have Actual Knowledge of RMBS Misrepresentations

On July 30, Judge Denise Cote of the United States District Court for the Southern District of New York granted the motion for partial summary judgment brought by FHFA, as conservator for Fannie Mae and Freddie Mac. ...more

Bilzin Sumberg

New FHFA Head Will Delay Proposed Mortgage Fee Hike

Bilzin Sumberg on

Former North Carolina congressman and the new head of the Federal Housing Finance Agency (FHFA), Mel Watt, has given the public a sneak peek of how he will lead the FHFA. On December 20 he released a statement expressing his...more

Bilzin Sumberg

Citigroup Resolves Mortgage Buyback Dispute With Fannie Mae

Bilzin Sumberg on

$968 Million Settlement - During the aftermath of the financial crisis, Fannie Mae and Freddie Mac have been aggressively demanding that Wall Street and big bank aggregators repurchase millions of defaulted and...more

Bilzin Sumberg

Citigroup Resolves Mortgage Buyback Dispute with Fannie Mae

Bilzin Sumberg on

During the aftermath of the financial crisis, Fannie Mae and Freddie Mac have been aggressively demanding that Wall Street and big bank aggregators repurchase millions of defaulted and distressed loans for alleged breaches of...more

Bilzin Sumberg

Big Banks Fail 2012 Fannie Mae Star Program

Bilzin Sumberg on

According to a report released Tuesday by Fannie Mae, the big banks who love to act like “injured innocents” when it comes to making mortgage repurchase and indemnification demands on loan originators had their own...more

Ballard Spahr LLP

Bipartisan Policy Center Proposes New Directions for National Housing Policy

Ballard Spahr LLP on

The Housing Commission of the Bipartisan Policy Center (BPC) recently released proposals for reforming federal housing policy. The Housing Commission report, issued on February 25, 2013, proposes a number of changes to...more

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