Mortgage industry of the United States

Freddie Mac Announces Pricing of $385 Million Multifamily Small Balance Loan Securitization

Friday, June 11, 2021 - 3:54pm

Freddie Mac is also acting as mortgage loan seller and master servicer to the trust.

Key Points: 
  • Freddie Mac is also acting as mortgage loan seller and master servicer to the trust.
  • In addition to the five classes of securities guaranteed by Freddie Mac, the trust will issue certificates consisting of Class B and Class R Certificates, which will not be guaranteed by Freddie Mac and will be sold to private investors.
  • Freddie Mac has a specialty network of Optigo Seller/Servicers and Optigo SBL lenders with extensive experience in this market who source loans across the country.
  • Freddie Mac undertakes no obligation, and disclaims any duty, to update any of the information in those documents.

ICE Mortgage Technology Acquires eVault Technology from DocMagic for Encompass eClose

Friday, June 11, 2021 - 1:30pm

ICE Mortgage Technology and DocMagic have been helping lenders implement digital mortgage processes for years, said Dominic Iannitti, president and CEO of DocMagic.

Key Points: 
  • ICE Mortgage Technology and DocMagic have been helping lenders implement digital mortgage processes for years, said Dominic Iannitti, president and CEO of DocMagic.
  • ICE Mortgage Technology combines technology, data and expertise to automate the entire mortgage process from consumer engagement through loan registration.
  • At ICE Mortgage Technology , we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration.
  • Encompass and the ICE Mortgage Technology logo are trademarks of the entities of ICE Mortgage Technology, Inc.
    View source version on businesswire.com: https://www.businesswire.com/news/home/20210611005076/en/

Freddie Mac Prices $1 Billion Multifamily K-Deal, K-129

Thursday, June 10, 2021 - 10:11pm

The K-129 Certificates are backed by corresponding classes issued by the FREMF 2021-K129 Mortgage Trust (K129 Trust) and guaranteed by Freddie Mac.

Key Points: 
  • The K-129 Certificates are backed by corresponding classes issued by the FREMF 2021-K129 Mortgage Trust (K129 Trust) and guaranteed by Freddie Mac.
  • Freddie Mac Multifamily is a leading issuer of agency-guaranteed structured multifamily securities.
  • Freddie Mac undertakes no obligation, and disclaims any duty, to update any of the information in those documents.
  • Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders.

Special Needs Assistance Program Subsidy Helps Mississippi Woman

Thursday, June 10, 2021 - 10:36pm
Key Points: 
  • View the full release here: https://www.businesswire.com/news/home/20210610005979/en/
    A Special Needs Assistance Program subsidy provided by BankPlus and the Federal Home Loan Bank of Dallas funded repairs for a Jackson, Mississippi, homeowner.
  • But over time, the home where she consistently hosted her family began to need repairs she couldnt afford.
  • Miss Lee had handymen patch things until a $7,000 Special Needs Assistance Program (SNAP) subsidy from BankPlus and the Federal Home Loan Bank of Dallas (FHLB Dallas) funded more substantial repairs including a new roof, trim, porch railings and repairs to interior walls.
  • FHLB Dallas set aside $2.5 million of its 2021 Affordable Housing Program funds for SNAP, and all SNAP funds were allocated in January for the highly sought-after program.

PennyMac Mortgage Investment Trust Announces Update for Investor Day on June 17, 2021

Thursday, June 10, 2021 - 9:30pm

PennyMac Mortgage Investment Trust (NYSE: PMT) today announced an update regarding its combined virtual Investor Day with PennyMac Financial Services, Inc. (NYSE: PFSI) on Thursday, June 17, 2021.

Key Points: 
  • PennyMac Mortgage Investment Trust (NYSE: PMT) today announced an update regarding its combined virtual Investor Day with PennyMac Financial Services, Inc. (NYSE: PFSI) on Thursday, June 17, 2021.
  • Registration for the event is now open and available on the Companys investor relations website at www.PennyMac-REIT.com .
  • PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets.
  • Additional information about PennyMac Mortgage Investment Trust is available at www.PennyMac-REIT.com .

Electric Vehicles Offer Unique Potential for Rural Cooperatives, Communities

Thursday, June 10, 2021 - 5:31pm

According to a new report from CoBanks Knowledge Exchange , 2% to 5% of all new car sales in rural communities could be electric by 2025.

Key Points: 
  • According to a new report from CoBanks Knowledge Exchange , 2% to 5% of all new car sales in rural communities could be electric by 2025.
  • On average, most consumers can expect to save nearly $8,000 in fuel costs over the useful life of an electric vehicle.
  • With 80% or more of charging taking place at home, EV adoption represents a new revenue opportunity for rural electric cooperatives.
  • CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities.

Fannie Mae Announces Twenty-first Sale of Reperforming Loans

Thursday, June 10, 2021 - 3:00pm

WASHINGTON, June 10, 2021 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today began marketing its twenty-first sale of reperforming loans as part of the company's ongoing effort to reduce the size of its retained mortgage portfolio.

Key Points: 
  • WASHINGTON, June 10, 2021 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today began marketing its twenty-first sale of reperforming loans as part of the company's ongoing effort to reduce the size of its retained mortgage portfolio.
  • The sale consists of approximately 12,200 loans, having an unpaid principal balance of approximately $1.6 billion, and is available for purchase by qualified bidders.
  • This sale of reperforming loans is being marketed in collaboration with Citigroup Global Markets, Inc.
  • Reperforming loans are loans that were previously delinquent but have reperformed for a period of time.The terms of Fannie Mae's reperforming loan sale require the buyer to offer loss mitigation options designed to be sustainable to any borrower who may re-default within five years following the closing of the reperforming loan sale.

Mortgage Rates Move Slightly

Thursday, June 10, 2021 - 3:00pm

MCLEAN, Va., June 10, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.96 percent.

Key Points: 
  • MCLEAN, Va., June 10, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.96 percent.
  • Despite the stronger economy, the housing market is experiencing a slowdown in purchase application activity due to modestly higher mortgage rates.
  • 15-year fixed-rate mortgage averaged 2.23 percent with an average 0.6 point, down from last week when it averaged 2.27 percent.
  • Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.

TruStone Home Mortgage Consultants recognized as Minnesota Housing Top Producers for 2020

Thursday, June 10, 2021 - 2:00pm

PLYMOUTH, Minn., June 10, 2021 (GLOBE NEWSWIRE) -- TruStone Home Mortgage consultants Wendy Nelson and JoLee McDevitt were recognized as Minnesota Housing Top Producers for 2020, for their Single Family homeownership program loan production.

Key Points: 
  • PLYMOUTH, Minn., June 10, 2021 (GLOBE NEWSWIRE) -- TruStone Home Mortgage consultants Wendy Nelson and JoLee McDevitt were recognized as Minnesota Housing Top Producers for 2020, for their Single Family homeownership program loan production.
  • TruStone Home Mortgage consultants who received the Minnesota Housing Top Producing Loan Officer Awards were as follows:
    I applaud Wendy and JoLees accomplishments of being honored by Minnesota Housing and obtaining their Platinum and Gold level status, says Frank Planton, Vice President and Mortgage Sales Manager at TruStone Home Mortgage.
  • The Minnesota Housing Top Producing Loan Officer Program has been recognizing individual loan officers with the highest volume of Minnesota Housing program loans for more than a decade.
  • TruStone Home Mortgage is a division of TruStone Financial Credit Union that provides mortgage financing throughout Minnesota and Wisconsin.

Mortgage Lenders' Profitability Outlook Tightens Further Following 2020 Refi Boom

Thursday, June 10, 2021 - 1:30pm

"Despite elevated optimism toward the U.S. economy, lenders show a cautious outlook for their mortgage business," said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist.

Key Points: 
  • "Despite elevated optimism toward the U.S. economy, lenders show a cautious outlook for their mortgage business," said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist.
  • "This quarter, the largest net percentage of lenders in the survey's seven-year history are expecting a decrease in their profit margin outlook.
  • This is the third quarterly decline from the lender profitability highs of 2020.
  • Purchase mortgage applications have trended slightly lower in recent weeks; however, they remain fairly strong, and higher than the pre-pandemic level, likely because of continued low mortgage rates.