HUD has issued Mortgagee Letter 2010-06, Extension of Mortgagee Letter 2009-22 Revised Temporary Authority for Multifamily Hubs to Process Waiver Requests Pertaining to the Three-Year Rule for Section 223(f).  The temporary authority established by Mortgagee Letter (ML) 2009-22 published on July 29, 2009, and scheduled to expire on January 29, 2010, allows Multifamily Hubs to process waiver requests pertaining to the Three-Year Rule for Section 223(f) applications.  The Department is extending the provisions of ML 2009-22 for one year from the publication date of this letter.  The extension authority is still needed because of the continuing irregular availability of credit.  To view the entire Mortgagee Letter, please click Read more...

Read More>>

"Throughout the housing crisis, we've continued to supply an ongoing stream of funding for mortgages, every day, in all geographic markets," says CEO Ed Haldeman in a new "Featured Perspectives" column on FreddieMac.com.  Halderman details Freddie Mac's support of the housing market, and how the company's underwriting standards are keeping its delinquency rates among the best in the industry.  To view the entire Article, please click Read more...

Read More>>

Mortgage servicers completed nearly 50,000 permanent HAMP modifications in January, up from 35,000 in the previous month, as the government's Home Affordable Modification Program appears to be finally gaining traction. The Treasury Department reported that HAMP servicers have completed 116,300 permanent modifications since the modification program was launched last spring. The first 5,000 permanent modifications were completed in October. Another 830,500 homeowners are participating in three-month payment trials and their monthly payments have been reduced on average by more than $500. "With nearly 1 million homeowners paying less each month and the number of permanent modifications steadily rising, HAMP is doing the job it was designed to do," said Phyllis Caldwell, chief of Treasury's Home Preservation Office. Treasury also reported that 60,500 borrowers have dropped out the payment trials during the life of program and 1,000 permanent modifications have been cancelled.

Read More>>

On Wednesday, the U.S. Department of Treasury and HUD released January data for the Administration's Home Affordable Modification Program (HAMP).  To view the entire Press Release, please click Read more...

Read More>>

Fannie Mae has issued Lender Letter LL-2010-02, New Fannie Mae-Approved Mortgage Insurers.  Fannie Mae has approved four new mortgage insurers to provide mortgage insurance for conventional first mortgage loans.

The list of Fannie Mae-approved mortgage insurers and their associated mortgage insurance codes (MI Codes) has been updated and is available on eFannieMae.com.  (See Acceptable Conventional Mortgage Insurers and MI Codes for Loan Delivery).  The Web site is the definitive source for the names of approved mortgage insurers.

Read More>>