Secondary Market

In order to more closely align with the FHFA’s hike in conforming loan limits for 2024, Ginnie Mae has revised its definition of High Balance Loans for single-family forward mortgage loans nationwide.

The amendments in the final rule will bolster the ERCF to ensure that each GSE operates in a sound manner and is well-positioned to fulfill its mission to provide stability and assistance to the secondary mortgage market.

The GSE offloads its latest pool of risky loans to investors, which provides the opportunity for investors and reinsurers to invest in the U.S. housing finance system.

After 21 years with the GSE, David Benson has announced that he will step down as President in early- to mid-2024, to be replaced by current Fannie Mae CEO Priscilla Almodovar.

As hedge funds are invested more within the REO market, a growing demand for skilled agents is necessary, and an upcoming course presented by Five Star’s FORCE group will tap into this growing market.

Assuming the role of Board Chairman, former Fiserv and Bank of America exec is set to replace Sara Mathew, who will be retiring as the GSE’s Board Chair and Director in February 2024.

Delivering solid third quarter earnings while supporting the U.S. housing finance system, Freddie Mac reported net revenues at $5.7 billion, up 10% year-over-year, driven by higher net interest income and non-interest income.

Quarter-over-quarter, the GSE reported that net income decreased $295 million in Q3 of 2023 over Q2, as Fannie Mae assisted with the purchase, refinance, or rental of 428,000 households in the third quarter. Read the full financials in our story after the link.

In an effort to reduce the size of its retained mortgage portfolio, Freddie Mac has sold 88 non-performing residential first-lien loans as part of the GSE’s Extended Timeline Pool Offering.

CRT, or the Credit Risk Transfer program, was launched by Fannie Mae 10 years ago. A new Fannie Mae blog examines how the program has performed since its inception.