Fannie Mae And Freddie Mac Will Update Uniform Residential Loan Applications In November 2020
The Federal Housing Finance Agency announced three years ago that they were changing the Uniform Residential Loan Applications used by the lending industry. It will the first change in 20 years. The GSEs later dictated that lenders would be required to begin using the new loan application by February 1, 2020.
But that all changed earlier this year. The GSEs delayed the mandatory use of the redesigned Uniform Residential Loan Application.
The FHFA postponed the implementation of the URLA to an unspecified date. However, the GSEs revealed Wednesday a new date for the mandatory use of the new URLA.
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FHFA Is Preparing And Interviewing Wall Street Investment Banks To Handle What Will Be The Largest IPO In History
The FHFA is preparing Fannie Mae and Freddie Mac for a record-setting IPO. The FHFA is interviewing Wall Street firms to handle a public offering of the shares of the nation’s two largest mortgage financiers that would dwarf any IPO in history.
The Federal Housing Finance Agency has been interviewing Wall Street investment banks. Fox cited anonymous sources directly involved in the process.
According to Fox News:
Winning the adviser appointment would be a coveted one and potentially lucrative given the size of the offering.
The government told investment banks that offering is expected to be somewhere between $150 billion and $200 billion.
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Federal Prosecutors Accuse Loss Mitigation Services Of Defrauding HUD, Fannie Mae, and Freddie Mac
The owners and co-founders of Loss Mitigation Services are accused of defrauding Fannie Mae, Freddie Mac, and HUD. Federal prosecutors allege the Massachusetts based short sale company defrauded government agencies on nearly 100 short sale transactions.
Loss Mitigation Services negotiates with lenders and mortgage guarantors approval of short sales in lieu of foreclosure.
A short sale occurs when the mortgage debt on the home is greater than the sale price. As a result, the lender or mortgage owner agrees to take a loss on the transaction.
Prosecutors allege company founders Gabriel Tavarez and Jaime Mulvihill collected fees for acting on behalf of underwater homeowners.
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