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Commercial Loan Compliance | Multifamily Origination Drops 40%
Commercial Loan Compliance | Multifamily Origination Drops 40% Over the past year multifamily loan defaults have been on the rise even though housing analysts believe there will be more renters because of a weak job market. The origination of commercial mortgages backed by apartment buildings fell 40% in 2008 to $88 billion with a small cadre of lenders dominating the market, according to an... [Read more]
Mortgage Loan Compliance | Defaulted Loan Buybacks Surge
Fannie does not disclose buyback information. However, Freddie Mac forced its seller/servicers to buy back $960 million in bad mortgages in third quarter. Ginnie Mae and Federal Housing Administration also require buybacks and indemnifications on bad loans. In total Banks had to buy back $7.1 billion in defaulted single-family loans in the third quarter to reimburse mortgage investors, up from $1.9... [Read more]
Mortgage Loan Compliance | The Health of FHA
Citing FHA’s deteriorating financial position, Reps. Spencer Bachus (Ala.) and Shelley Capito (W. Va.) are urging committee chairman Barney Frank, D-Mass., to schedule a hearing as soon as possible. Republican leaders on the House Financial Services Committee are calling for hearings on the financial health of the ailing Federal Housing Administration reserve fund, which recently reported a... [Read more]
Mortgage Loan Compliance | FHA’s New Condo Rules
The Federal Housing Administration has issued new condominium lending policies that go into effect Dec. 7. But the agency is making several temporary exceptions to the new rules due to the “volatility” in the condo market. The new FHA lending policies spelled out in Mortgagee Letter 2009-46 B limit the number of condo units in one complex that can be financed with FHA-insured loans... [Read more]
Mortgage Loan Compliance | Commercial Real Estate Workout Guidance
Federal regulators have issued guidance that encourages banks to refinance or restructure commercial real estate loans despite declines in property values and rents. A policy statement issued by the Federal Financial Institutions Examination Council provides examples of prudent CRE workouts. It also stresses the importance of the borrower’s willingness and capacity to repay the mortgage. The... [Read more]
