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We're all waiting for the fat lady to sing...
A comprehensive housing reform is not necessary for an uplist to the regular stock boards...it's just another excuse for Obama Admin to trap profits of the GSE's...
It's unlikely for that to happen. Many banks are very unhappy with products with Ginnie Mae. Bank of America is already cutting lose FHA (regulator for Ginnie Mae) and teaming up with Freddie Mac. The new mortgage plan would eliminate PMI altogether.
FHFA Releases 2016 Scorecard for Fannie Mae, Freddie Mac and Common Securitization Solutions
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released the 2016 Scorecard outlining specific, conservatorship priorities for Fannie Mae, Freddie Mac, and their joint venture, Common Securitization Solutions, LLC. The 2016 Scorecard furthers the goals outlined in FHFA's Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac, published in May 2014. These goals include:
Maintain, in a safe and sound manner, credit availability and foreclosure prevention activities for new and refinanced mortgages to foster liquid, efficient, competitive and resilient national housing finance markets;
Reduce taxpayer risk through increasing the role of private capital in the mortgage market; and
Build a new single-family securitization infrastructure for use by the Enterprises and adaptable for use by other participants in the secondary market in the future.
"The progress Fannie Mae and Freddie Mac made in 2015 substantially advanced the goals set forth in our Conservatorship Strategic Plan and we expect to build on this progress in 2016," said FHFA Director Melvin L. Watt. "The new Scorecard will guide Fannie Mae, Freddie Mac and Common Securitization Solutions as they continue working to foster liquidity and access to credit for creditworthy borrowers in the national housing finance markets in a safe and sound manner."
Link to 2016 Scorecard for Fannie Mae, Freddie Mac and Common Securitization Solutions
###
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide nearly $5.7 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter @FHFA, YouTube and LinkedIn.
Contacts:
Media: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
Consumers: Consumer Communications or (202) 649-3811
http://www.fhfa.gov/mobile/Pages/public-affairs-detail.aspx?PageName=FHFA-Releases-2016-Scorecard-for-Fannie-Freddie-and-CSS.aspx
http://www.fhfa.gov/AboutUs/Reports/ReportDocuments/2016-Scorecard.pdf
Job Description
This position is open as of 3/5/2016.
Underwriter - FNMA FHLMC
Underwriter needed for fast growing well established brand name finance giant!!
Top Reasons to Work with Us
Great pay, excellent benefits and career growth!!
What You Will Be Doing
•Makes an appropriate lending decision to approve, decline, counter offer or suspend home equity and consumer loan applications as necessary, adhering to bank guidelines
•Loan authority in the maximum amounts of; Equities $250k, Personal loans of $5k, Home improvement $10k, Overdraft LOC's $5k, and Auto loans $20k.
• Familiar with all product parameters and underwriting guidelines offered in the Residential and Consumer Lending departments for Cambridge Savings Bank and approved investors.
•Responsible for requiring appropriate level of financial and collateral documentation as required by bank or secondary market guidelines and to support the loan decision being made.
•Analyze and sign off on all required documentation including all credit, income, asset and collateral documentation to ensure the documents are satisfactory and meet applicable guidelines.
• Review loans through applicable automated underwriting systems such as; DU and DO when applicable.
•Update PC Lender to accurately reflect final figures used to qualify the loan and maintain loan tracking system
•Issue and sign all loan commitment letters.
•Present decline files to the Second Review Committee.
•Work with loan analysts, loan officers and branch personnel on discrepancies and problems, ensuring that proper policies and procedures are followed with all home equity and consumer loans.
•Assist in pipeline management, working closely with manager, loan officers and loan analyst, to ensure that all conditions are met prior to closing. Attend pipeline meetings as necessary.
•Assist with coordinating materials for independent audits.
•Establish and maintain effective working relationships with the banks vendors, other bank employees and customers.
•Perform additional duties as required.
What You Need for this Position
•College education preferred.
•Minimum three years' experience in loan underwriting or participation in underwriting process.
•Thorough understanding of underwriting practices and risks.
•Thorough understanding of secondary market guidelines, specifically FNMA or FHLMC.
•Excellent analytical skills are a must, with the ability to analyze documents such as personal and business tax returns, appraisal reports, credit reports, asset statements, purchase and sales agreements, etc.
•Excellent written and oral communication skills, with the ability to clearly support loan decisions being made.
•Strong computer skills required. Familiarity with FNMA's DU or FHLMC's LP, preferred.
•Thorough understanding of federal and local regulations and laws pertaining to lending.
What's In It for You
Great pay, excellent benefits and career growth!!
So, if you are an Underwriter, please apply today!
Required Skills
Loan Underwriting, fnma, fhlmc, fha, DE, Chums, VALAPP
If you are a good fit for the Underwriter - FNMA FHLMC position, and have a background that includes:
Loan Underwriting, fnma, fhlmc, fha, DE, Chums, VALAPP and you are interested in working the following job types:
Finance, Accounting, Banking
Within the following industries:
Banking - Financial Services, Banking - Financial Services, Biotechnology
Our privacy policy: Your resume and information will be kept completely confidential.
Looking forward to receiving your resume through our website and going over the job in more detail with you!
CyberCoders, Inc is proud to be an Equal Opportunity Employer
All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, protected veteran status, or any other characteristic protected by law.
Your Right to Work – In compliance with federal law, all persons hired will be required to verify identity and eligibility to work in the United States and to complete the required employment eligibility verification document form upon hire.
Job Requirements
Loan Underwriting, fnma, fhlmc, fha, DE, Chums, VALAPP
EarlyCheck Release Notes
EarlyCheck Version 4.0.3
January 5, 2016
During the weekend of March 5, 2016, Fannie Mae will implement EarlyCheck™ Version 4.0.3,
which will include the introduction of new edits and changes to current edits, as described below.
The modifications included in this release will apply to loans submitted to EarlyCheck via the User
Interface and Direct Integration, effective following the weekend of March 5, 2016.
New and Modified Edits
EarlyCheck Version 4.0.3 will introduce approximately:
? 11 new loan-level edits that check the loan delivery XML file format (also referred to as the ULDD-
MISMO 3.0 file format)
o one fatal edit
o nine warning edits
o one observational edit*
? six new loan-level edits that check the 1003 and MISMO AUS 2.3.1 origination file formats
o five warning edits
o one observational edit*
? one edit message text change for better clarity
? three edit severity changes
o switched from warning to fatal
? two edit deactivations
The introduction of these new and modified edits will ensure EarlyCheck’s continued alignment with the new
Loan Delivery application (made available as of December 1, 2015).
New Observational Edit*
The new observational edit being introduced in EarlyCheck Version 4.0.3 is Edit 5028, which will identify the
version of EarlyCheck used to evaluate the loan data:
Edit ID Message Text Severity Input File Type
5028 This loan was submitted to EarlyCheck Version
4.0.3, updated March 5, 2016.
Observational 1003
MISMO 2.3.1
MISMO 3.0
For More Information
For a complete list of the new and modified edit messages effective with EarlyCheck Version 4.0.3, please
view the EarlyCheck Edit Messages document on the EarlyCheck page of FannieMae.com in early February.
For more information about EarlyCheck, please visit the EarlyCheck page or contact your Fannie Mae
Technology Account Manager or representative.
Risky is that you? ...lol
...if you're nice enough and say "tlees", you may get an order in your favor...
Ofcourse there is...they want you to sell so that they can quickly buy since good news is around the corner for the GSE's...they're running out of time to cover/buy shares...that's why some brokers are reporting incorrect low numbers so that it will register the same on 3rd party websites...
SEC Rule 15c2-11 was designed to allow non-reporting public company’s securities to be quoted on NASDAQ’s Over-the-Counter Bulletin Board (“OTCBB”) by filing certain required disclosures through a FINRA member Market Maker. To be eligible for a quotation of its securities, the company’s market maker must file a Form 211 with FINRA and the company must have sufficient free trading stock in its public float to satisfy Rule 15c2-11.
Companies seeking to obtain a quote on the NASDAQ OTCBB are required to file reports with the SEC. Under Section 15 of the Securities Exchange Act of 1934 (the “Act”), as amended, a company who has filed a registered offering with the SEC, such as an SB-1 or SB-2 registration statement, is required to file reports for one year. A company which files a Form 10 or Form 10SB (for small business issuers) becomes a reporting company under Section 12g of the Act and must file reports.
Bank of America's Newest Mortgage: 3% Down and No FHA
Source: Dow Jones News
Bank of America Corp. is rolling out a new-mortgage product that would allow borrowers to make down payments of as little as 3%, in a move that would represent an end run around a government agency that punished the bank for making errors on similar loans.
The new mortgage program, which the Charlotte, N.C.-based lender plans to unveil on Monday, will let borrowers avoid private mortgage insurance, a product to protect mortgage lenders and investors that is usually required for low-down-payment loans.
That could make the new loans cheaper than those offered through the Federal Housing Administration, the government agency that has won big settlements from banks in recent years for what the lenders describe as minor errors.
The FHA doesn't make loans but insures lenders against default on mortgages that can have down payments of as little as 3.5% and a credit score of as low as 580, on a scale of 300 to 850. When lenders make the loan, they have to certify that everything in a loan file is accurate.
Bank of America's new mortgage cuts the FHA out of the process. Instead, the new loans are backed in a partnership with mortgage-finance giant Freddie Mac and the Self-Help Ventures Fund, a Durham, N.C.-based nonprofit.
Bank of America agreed to pay $800 million to settle claims of making errors on FHA-backed loans in 2014. This month, Wells Fargo & Co. said it would pay $1.2 billion to settle similar claims, joining J.P. Morgan Chase & Co., which settled in 2014, and other big lenders which have settled over the past few years. Nonbank lender Quicken Loans Inc. is currently fighting such claims.
Many big banks have pulled back sharply from FHA-insured lending in the past few years, citing the risk of being hit with penalties for minor errors. A raft of nonbank lenders have rushed in, but the banks' retreat from the program has made it more difficult for low-income borrowers to get home loans.
"We need an alternative in the marketplace that helps creditworthy borrowers with a track record of paying debts on time," said Bank of America managing director D. Steve Boland, who noted that "We think there are still a lot of uncertainties out there in working with FHA."
After making a mortgage under the new program, Bank of America will sell it to Self-Help, which then sells it to Freddie Mac. If a mortgage defaults, and Self-Help isn't able to recover the full amount owed, Self-Help takes a big chunk of the losses before Freddie Mac starts to take a loss, which lets borrowers avoid paying mortgage insurance.
Self-Help also gives counseling to borrowers who struggle to pay, which it believes will help more people avoid foreclosure.
"We believe the mortgage-lending sector is underserving families of modest means," said Self-Help CEO Martin Eakes. Mr. Eakes said that his fund also is in talks with other large and small lenders to roll out similar programs.
Mr. Eakes said Self-Help didn't need new funding for the Bank of America program, but in the past the organization has received funding for other loan programs from foundations, the government and companies.
Mr. Eakes is also CEO of the Center for Responsible Lending, a nonprofit advocacy group for borrowers that in the past has also asked the FHA to limit lenders' damages for some errors.
To get the loans under Bank of America's new program, borrowers must have a credit score of at least 660, which is higher than FHA's requirement, and an income that is less than the area's median.
Bank of America said that for now it is capping loan production at $500 million annually under the program and that it expects that three out of four mortgages in the new program would have otherwise been backed by the FHA.
Last year, Bank of America made $1.36 billion in FHA-backed loans, according to trade publication Inside Mortgage Finance, making it the 22nd biggest FHA lender. The bank used to be in the top 10.
Freddie and competitor Fannie Mae in 2014 said they would roll out mortgages with down payments of as low as 3% to improve mortgage availability for low-income borrowers. But because the mortgages often cost more than FHA-backed loans, the programs had little volume last year.
As lenders become more wary of the FHA program, lenders and Fannie and Freddie executives said that their programs' volume could rise.
In October, Quicken Loans, which is in the midst of FHA-related litigation, announced a partnership with Freddie to originate more Freddie-backed low-down-payment loans.
"Many lenders, including us, are looking at the Fannie and Freddie programs as an alternative to the FHA," said Quicken CEO Bill Emerson.
Bank of America says that for a borrower with a $150,000 mortgage, a credit score of 680 to 719 and a 3% down payment, the monthly cost of the new mortgage would be about $782. A comparable FHA borrower with Bank of America would pay $887 a month, the bank said.
The FHA has been working for months to attempt to clarify the liabilities lenders could face when making an FHA-backed mortgage, including changing the certification that lenders must make in order to limit major penalties. An FHA spokesman said that the agency plans to unveil the final version of the certification by the spring.
Write to Joe Light at joe.light@wsj.com
Typed!
So, don't hand me no lies and just keep your thoughts to yourself...
Thank you for your inconsistent and failing knowledge of the past or current situations. We have come along way since it was first announced that the GSE's will be turning the page on housing including being wound down. The current discussions are very different than in the past and has been spoken by Watt addressing how important it is to recapitalize these entities. So after 8 years of conservatorship, another 1-2 years is really considered a light at the end of the tunnel rather than struggling to be "out of the woods". Your random comments of negativity is not new on this board and does not affect the shareholders knowledge that have been following this board religiously. Keep in mind that even though we may have another 1-2 years to be "out of the woods", decisions may come from any one of the court cases that are currently pending that may end the sweep amendment at any given time. So if you choose to keep posting this type of random derogatory comments, please be warned of retaliatory feedbacks that you may receive from more knowledgeable people on this board who have facts to combat you with. Nevertheless, we appreciate you sharing your thoughts on this board.
So who do you ask if you grew up as an orphan and don't know your mother or father?...What law would that fall under? Your uncle Sam?
Conservatorship with taxpayer backing is not conserving the GSEs...stop and listen to your nonsense...
Hillary most recently quit her own Clinton Foundation...so she has this history of starting something and never finishing it...I'm afraid that who ever will run as Vice President will be our new President by default once Hillary resigns as President....
Your decimal is off by 2 digits...try $72.00
That's what we need...more people who think it's a joke having a Commander in Chief with all military powers with no extensive background checks to go to war with a mindset of playing World of Warcraft...yes Lumpina...being a president of the U.S. should be much more than receiving some votes...and quite frankly, email scandals are included... and we most definitely don't need a quitter which Hillary has already shown to do.
I wouldn't be so sure...he's leading so far...and we certainly can't have a president who has skeletons in the closet...
DEPENDS
Maybe another server blame?...lol
You're definitely right about that one...got to give credit where credit is due...
Don't worry, the GSE's will be fine with or without any candidates because no one is above the law...
Delegation of private company daily activities was not the point I was making, it was about shareholder communications. Shareholders as part of a stakeholder, that responsibility falls on FHFA while in conservatorship, not the GSE's. Those who post the complete alphabets every hour and think that makes them right should refrain from watching too much Gomer Pyle.
Role as Conservator
Conservatorship is intended to stabilize troubled institutions with the objective of maintaining normal business operations and restoring financial safety and soundness.
As conservator, FHFA has the powers of the management, boards, and shareholders of Fannie Mae and Freddie Mac. However, Fannie Mae and Freddie Mac continue to operate as business corporations.
While FHFA has very broad authority, the focus of the conservatorships is not to manage every aspect of Fannie Mae's and Freddie Mac's operations. Instead, under conservatorship, we are responsible for the overall management of Fannie Mae and Freddie Mac and have delegated many operational and other duties to their management and boards. However, they must consult with, and obtain approval from us, as conservator, on critical matters.
Fhfa.gov
It is the companies duty to conduct daily activities, however it is FHFA'S responsibility when it comes to shareholders since FHFA is acting in lieu of shareholders.
It doesn't have to be stated...it is the procedure for conservatorship...
Under conservatorship it is FHFA's responsibility to interact with shareholders, not the companies. FHFA is acting on behalf of and making all decisions during c-ship which includes reports (may be generated by the companies as laborers), public relations, and stakeholder communications. Henceforth, includes shareholders even though he doesn't stay awake at night for them.
Gee...I wonder why...lol
Freddie Mac Prices First Guaranteed Multifamily Small Balance Loan Securitization of 2016
MCLEAN, VA--(Marketwired - Jan 19, 2016) - Freddie Mac (OTCQB: FMCC) announces the pricing of the SB11 offering, a multifamily mortgage-backed securitization backed by small balance loans underwritten by Freddie Mac and issued by a third-party trust. The company expects to guarantee approximately $99 million in SB11 Certificates, which are anticipated to settle on or about January 29, 2016.
...look at all these free shares...lol
Fannie Mae rolls out new mortgage rules
https://www.fanniemae.com/content/fact_sheet/homeready-overview.pdf
GOLDEN VALLEY, Minn. - Fannie Mae is making it easier to get a mortgage, especially for creditworthy borrowers with low and moderate incomes.
For many people trying to buy a home, there are a number of barriers that stand in the way.
"They've recognized that households have changed and our guidelines need to change with it," said O'Connell.
It's called the HomeReady mortgage program, and here's how it works.
Buyers can put as little as 3 percent down on the house, with expanded rules regarding the source of the payment.
But here's the real kicker.
Traditionally, a bank looks at a buyer's income versus their debt, which establishes how much money it will loan you.
Banks will only consider income from you and a spouse or you and a cosigner, that's it.
HomeReady will consider incomes from others planning to live in the house without being a borrower on the loan. This means, if you live with parents, siblings, working children or maybe a roommate, as long as they make 30 percent of the household income, Fannie will include their money to help you qualify for a loan. These are being called "non-borrowers" by Fannie.
Also, non-occupants of the home can add further income to the mortgage. Perhaps parents living elsewhere but willing to help pay the loan.
St. Thomas Real Estate Program director Herb Tousley says this program could help a lot of people.
"The typical household has changed now. It's not the household we used to know 20 years ago because there's a lot of extended family. Parents are living with the family, children are staying home longer, and it allows you to consider their income too," said Tousley.
According to Fannie Mae, in 2013, 14 percent of all households with a mortgage had extended family living there. Most commonly adult children, unmarried domestic partners, and other relatives.
Tousley says he doesn't believe the relaxed restirctions on this new loan will create another housing bubble where homeowners borrow over their heads.
"I think the key to this is they are going to do it with creditworthy borrowers. They may change the criteria to qualify a little bit but I don't think they are going to borrow to anybody. It's not going to be like 2006, 2007 where you didn't need any documentation, you didn't have anything, and I don't see them go down that road again," said Tousley.
If this option intrigues you, stand by. The HomeReady program goes live before the end of the year.
http://www.kare11.com/story/life/family/take-kare/money/2015/12/02/fannie-mae-roles-out-new-mortgage-rules/76694672/
It's in the body of the email address...
Oppose Misguided GSE Legislation (“Jumpstart GSE Reform Act”) in FY2016 Omnibus
Advocacy Letter - 12/11/15
Source: The Leadership Conference on Civil and Human Rights
Recipient: The Honorable Harry Reid et all
View the PDF of this letter here.
The Honorable Harry Reid
United States Senate
Washington, DC 20510
The Honorable Barbara Mikulski
United States Senate
Washington, DC 20510
The Honorable Nancy Pelosi
United States House of Representatives
Washington, DC 20510
The Honorable Nita Lowey
United States House of Representatives
Washington, DC 20510
Dear Leaders Senator Harry Reid and Representative Nancy Pelosi, and Ranking Members Senator Barbara Mikulski and Representative Nita Lowey:
The undersigned organizations oppose S. 2038, the “Jumpstart GSE Reform Act,” and urge you to reject any effort to include it in the omnibus FY 2016 appropriations agreement. While the name and the stated purpose of this bill may sound innocuous, it would effectively hinder rather than advance reform of Fannie Mae and Freddie Mac, increasing the risk of future taxpayer bailouts, and potentially jeopardizing the ability of the GSEs to expand affordable housing in the communities we represent.
We understand the desire of S. 2038’s sponsors for Congress to determine the future of our national housing finance system. After all, it is preferable to have the legislature take up sweeping policy issues in a deliberative, transparent process. The problem is that S. 2038, while seeking to eliminate the prospect of administrative GSE reform, does nothing whatsoever to help build a legislative consensus in its place.
Because Congress has no plans to take up GSE reform in the foreseeable future – something that even supporters of S. 2038 acknowledge – we would hope Congress would at the very least study the consequences of prohibiting Treasury from selling its shares of two corporations that have more than $5 trillion in assets and liabilities, and that guarantee the majority of mortgage loans today. This would be especially important given the small and – by design – shrinking capital reserves held by the GSEs, which increases the likelihood of future bailouts. Yet S. 2038 has not been subjected to any formal hearings, floor debate, or other serious examination.
We should note that we join with housing, mortgage lending, and real estate industry advocacy organizations in opposing the use of GSE guarantee fees for federal expenditures that are not related to homeownership. We would be happy to work with Congress to advance legislation to this effect. In the meantime, we urge you to reject S. 2038. If you have any questions, please contact Rob Randhava, Senior Counsel at The Leadership Conference, at (202) 466-3311.
Sincerely,
Center for Responsible Lending
The Leadership Conference on Civil and Human Rights
NAACP
National Fair Housing Alliance
http://www.civilrights.org/advocacy/letters/2015/oppose-misguided-gse.html
Oh, no wonder we're still in conservatorship...lol...
Isn't Nomura and RBS done? They were contemplating on an appeal, but didn't file.
Who did they sell them to...ghosts? How do you know it was MM's selling and not retail selling? Did it show on your monitor next to the share numbers as: (MM)?
You forgot another F in the front...
As I was writing the last post, I was coming to a conclusion that the posting I sent you had many variables reading your initial response......I was afraid you'll come back with a response such as your current one...but, I hit send anyway...lol. I know it's premature and much more information would be required to come to a satisfactory answer, but they were just questions that came to mind with your posting. I'll just have to wait and see. I'm sure if we ever have to cross that bridge, some of those variables will be eliminated at that point in time and the path for an outcome will be clearer. I do appreciate you taking the time to respond to my postings. Thank you!