Category Archives: GSE

VIDEO: The Great Unwind

In today’s episode of FNC Morning View, hosts Bill Rayburn and Bob Dorsey discussed some issues involved with winding down the GSEs and starting a private secondary mortgage market. They talked about some of the things that must be brought to the marketplace to attract private capital: Bill said transparency at the loan level; quantification of bondholders’ risks; process standardization and third-party independence are necessary. Bob added that well-defined… Continue reading

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Freddie Mac Proprietary Rules

Freddie Mac has recently proposed to institute a number of proprietary rules to be associated with the UCDP submission process. These rules all involve the use of the Freddie Mac AVM, Home Value Estimator (HVE). Since all AVM models are imperfect estimators of value, the use of the HVE model will result in some warnings being delivered in error and also the failure to issue some warnings when they should… Continue reading

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The Importance of being Earnest: Data Verification in Appraisal Compliance.

When the Home Valuation Code of Conduct (HVCC) was instituted, many lenders began outsourcing their appraisal procurement and other collateral valuation process to AMCs as they felt it was easier to stay in compliance using a third party.  Putting it simply, HVCC was intended to increase oversight and eliminate improper pressure and relationships between lenders and appraisers. Since the advent of the HVCC, now replaced by the very similar Appraiser… Continue reading

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Thankful for Higher FHA Loan Limits?

FNC’s Morning View callers couldn’t see Bill Rayburn’s pink shirt, pink tie, and yellow ascot on Monday, but he and Bob Dorsey were in a festive mood going into the Thanksgiving holiday weekend.

Bob: We need to talk about important stuff first. Have you got your turkey yet, or are you having a pig this year?

Bill: We got a lot of turkey. We got a lot… Continue reading

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Calm Amid Chaos

Chaos. That’s what some mortgage industry experts are predicting will happen when Fannie Mae and Freddie Mac’s UCDP initiative takes effect next month.

As of Dec. 1 — just over two weeks away — mortgage lenders will be required to upload their appraisals as electronic data via the GSEs’ Uniform Collateral Data Portal (UCDP) for loan applications being delivered on or after March 2012. By now, lenders should not… Continue reading

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OMG I H8T UAD (J/K)

For the last few months my life has been consumed by alphabet soup. This is the nickname that many people seem to adopt when first exposed to UADiand UCDPii. My experience with alphabet soup actually stretches as far back as 2009 when we began work on CDDiii. It therefore seemed a bit anticlimactic a month ago when UAD took effect. Almost every partyiv in the appraisal fulfillment vertical has been… Continue reading

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We’ve Got You Covered

In less than a month (on June 27), Fannie Mae and Freddie Mac will begin accepting appraisal reports through an internet portal specifically designed to receive the property information and valuations as electronic data. FNC clients will be ready.

For many months now, we’ve worked closely with the GSEs to ensure that our clients experience a seamless transition when the Uniform Collateral Data PortalSM (UCDPSM) goes live… Continue reading

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Bloggers, Researchers, Economists Examine GSE Housing Reform Options

“A growing number of observers are arguing that one of the Treasury Department’s proposed replacements is effectively the same system by another name,” writes Donna Barak in today’s American Banker.

The housing reform plan, presented in February by the Obama Administration and the Department of Treasury, outlines three options for the industry’s future:

1. Privatized system of housing finance with the government insurance role limited to FHA, USDA… Continue reading

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Want a Dodd-Frank Act Crash Course? Read on.

About 150 attendees logged into FNC’s Dodd-Frank webinar last week. FNC general counsel Neil Olson and executive vice president of corporate development David Work provided an overview of the new law’s 2,319 pages. First and foremost, the new act has 16 titles and creates 12 new federal regulatory agencies which will be established in the next months. The regulatory agencies include the Consumer Financial Protection Bureau (Title X), the largest… Continue reading

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HUD Gives $7 Billion to City Agencies to Buy Distressed Homes for Affordable Housing

The First Look Program launches two weeks just two weeks after Atlanta riots over a lack of low-income housing hospitalized a dozen people. If First Look works, a riot like that will never happen again and thousands of working class and formerly homeless families will have homes they can afford.

Yesterday, the White House announced that $7 billion had been given to housing and community redevelopment agencies across the nation… Continue reading

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