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Home | Author Archives: Staff Writer (page 2)

Freddie Mac MSR Changes Hands; Fannie Mae to Follow?

According to a filing with the U.S. Securities and Exchange Commission on Monday, PHH Mortgage Corporation has closed the sale of nearly its entire Freddie Mac portfolio of mortgage servicing rights (MSR) to New Residential Mortgage, LLC—about 81,500 loans. New Residential picked up the portfolio for approximately $110 million. Of that sum, $101.5 million was attributable to the purchase rights for the Freddie Mac MSR portfolio and $8.5 million was for related servicing advances.

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Cost of Living Rises in Tandem with Home Prices

Cost of living is on the rise across the country, according to a report released on Monday that lists the top 10 cities in the country with the fastest rate of increase in the cost of living over a one year period between 2016 and 2017. The study used two main metrics to rank the cities: the increase in the cost of living index—food, rent, utilities, and transportation costs. It also measures the increase in the amount of income that was needed to “live comfortably,” which is defined by the amount of money a household has to make in a year to account for necessities, savings, and discretionary spending.

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Tear-Down Starts Boast Year-Over-Year Increase

A recent estimate of single-family tear-down starts in 2016 calculated that the number has increased from 2015’s average. A tear-down start is defined by a home that was built on land that was once previously the sight of another structure. And while these figures are only estimates, the report finds that the increase in tear-down starts in indicative of the continued recovery of the single-family housing market.

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Purdy Selects FotoNotes as Technology Solution

Purdy Enterprise has selected FotoNotes as its technology solution for managing property inspections, maintenance work orders and other field service activities. FotoNotes’ mobile app and cloud platform solution provides companies full visibility and control of HUD FSM inspections, work orders, and field service operations. FotoNotes also provides solutions for a wide variety of other use cases, including estimating, construction, renovations, and turns.

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FHFA Drops Optimistic 2016 Report to Congress

The Federal Housing Finance Agency released recently its exhaustive annual 2016 Report to Congress, where it highlights actions it has taken over the year to support and maintain the nation’s housing industry. The 120 page report covers, amongst others: a report of the annual examination of Fannie Mae and Freddie Mac (The Enterprises), reports of annual examinations of the Federal Home Loan Banks, the results of stress tests under the Dodd-Frank Wall Street Reform Consumer Protection Act. You can find some of the report’s highlights here.

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Current Costs of Living Effects Homebuyers Affording College Tuitions

Affording a comfortable lifestyle while saving enough money to send a child to college is a concern for the current homebuyer. The price of college is high and the cost of living in certain states directly impacts the chances of providing a child’s higher education. Recent data identifies the income needed to determine the cost of living securely and affording college tuition.

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Portfolio Underwriter is Now Available through Calyx Software

Calyx Software announced that Portfolio Underwrite is now available to Point and PointCentral clients. Portfolio Underwriter allows portfolio lenders to customize credit decisioning and safely originate non-agency loans that they intend to put on their balance sheets. It captures a portfolio lender’s program guidelines within its engine and delivers a rules-based underwriting decision in seconds and results of the decision are documented into a findings report.

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Freddie Mac Slaps a Price Tag on STACR Deal

Freddie Mac, in conjunction with J.P. Morgan and BNP Paribas as co-lead managers and bookrunners, recently announced the price of its fourth Structured Agency Credit Risk (STACR) debt note offering at $787.5 million. Mortgages in the reference pool have an unpaid principle balance of $31.6 billion. STACR is an ongoing effort to transfer a portion of its mortgage credit risk to private investors.

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Pam Patenaude’s Advancement Sparks Industry Excitement

Pam Patenaude was advanced by the Senate Banking Committee on Wednesday afternoon as Deputy Secretary of the Department of Housing and Urban Development, although she still must pass the Senate confirmation vote. Patenaude was received favorably by all members of the committee, aside from Senator Elizabeth Warren (D-MA) who requested to be recorded as a no vote.

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