Fannie Mae (FNMA)

[navycmdr]

Short Takes: Is Mel Watt Dropping Hints ?

A Utility Model for Fannie and Freddie ?

Refi Applications on the Rise (Ever So Slightly)

No (Permanent) Ginnie Prez, No FHA Chief

Uber Executive’s Foray Into Mortgages

IMFnews ... Thursday, Feb 15, 2018 By Paul Muolo, Brandon Ivey ...


Analysts and GSE watchers are picking up on language contained in just-filed 10-Ks from Fannie Mae and Freddie Mac that disclose new operating edicts from the Federal Housing Finance Agency. In particular, they point to FHFA directives tying “required profitability of their guarantees.” Analyst Bose George of Keefe, Bruyette & Woods: “Fannie Mae also noted that this could require higher guarantee fees on some loans. While this could raise some concern about the impact on the mortgage insurers (by making them less competitive vs the FHA), we would expect any guarantee fee increases to be modest and to only apply to select loan types…”

Meanwhile, Joshua Rosner, managing director of Graham Fisher & Co., states: “This sounds like the early stages of a utility model. Remember, FHFA suggested, in their policy paper, they prefer a utility model. Funny, I proposed that in my December 2015 paper…”

New residential loan applications declined 4.1 percent for the week ending Feb. 9, according to figures compiled by the Mortgage Bankers Association. The comparison is to the week prior. However, the trade group found that refi applications ticked up ever so slightly to 46.5 percent of new business from 46.4 percent.

HUD UPDATE: In case you’re keeping track (and we are), Ginnie Mae does not have a permanent president or even a nominee. FHA has no commissioner.

MORTGAGE TECH UPDATE: StreamLoan, a vendor that offers a “white-label” digital mortgage option for lenders, has secured $2.0 million in seed funding. Investors in the firm include Steve Weston, the former CEO of Barclays Mortgage Bank, and Rajiv Krishnarao, director of finance at Uber.