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Fannie and Freddie Overhaul Mortgage Insurance Master Policy Requirements

by Jann Swanson

 

Fannie and Freddie Overhaul Mortgage Insurance Master Policy Requirements

 

Dec 2 2013, 12:22PM

 

Fannie Mae and Freddie Mac have completed a major overhaul of their master policy requirements for private mortgage insurance the Federal Housing Finance Agency (FHFA) announced today.  The changes meet one of FHFA's 2013 Conservatorship Scorecard goals for the two government sponsored enterprises (GSEs), aligning their individual policy requirements.  The changes are the first made to the master policies in many years FHFA said

 

Private mortgage insurance is required of borrowers who provide less than a 20 percent downpayment on a home purchase.   While the premiums are paid by the borrower, the insurance covers losses for the lender or the loan's owner should the homeowner default on payments.  Mortgage insurance master policies specify the terms of business interaction between seller-servicers and mortgage insurers.  FHFA said the GSEs have worked with the mortgage insurance industry to identify and fix gaps in the existing master policies and the new policies will, among other things, facilitate timely and consistent claims processing.

 

The changes include a requirement that the master policies support various loss mitigation strategies that were developed during the housing crisis to help troubled homeowners and establishes specific timelines for processing claims, including requests of additional documentation.  The changes also seek to address a frequent source of complaints from homeowners, setting standards for determining when and under what circumstances the mortgage insurance must be maintained or can be terminated.  The changes are also designed to promote better communication among insurers, servicers, and the GSEs.

 

"Updating the mortgage insurance master policy requirements is a significant accomplishment for Fannie Mae and Freddie Mac," said FHFA Acting Director Ed DeMarco. "The new standards update and clarify the responsibilities of insurers, originators and servicers and they enhance the insurance protection provided to Fannie Mae and Freddie Mac, which ultimately benefits taxpayers."

 

The changes will be incorporated by mortgage insurance companies into new master policies which will be filed with state insurance regulations for review and approval.  FHFA said it expects the master policies will go into effect in 2014. 

 

Andrew Bon Salle, Fannie Mae's Executive Vice President, Single-Family Underwriting, Pricing, and Capital Markets said of the changes, "Mortgage insurers are an important part of the mortgage finance system and these changes help lay the foundation for a stronger system going forward. These updates will help us better manage our credit risk, which we believe will ultimately benefit Fannie Mae, mortgage insurers, homeowners and taxpayers."

 

Happy Thanksgiving !!!!

Seattle-area home supply slowly increasing

There were a few more homes for sale in the Seattle area last month than in July, although the situation remained tight.

 

Seattle had 1.6 months worth of homes for sale at the current sales pace in August, up from 1.5 months of inventory in July. King County had 1.9 months of inventory, up from 1.7 months.

 

But both were down from more than two months of supply a year earlier and well below the four to six months generally considered balanced between supply and demand.

 

"What these numbers tell us loud and clear is that buyer demand in the Puget Sound region is still incredibly strong," Windermere Real Estate President OB Jacobi said in a listing service news release.

 

The median price of a house that sold in August was $457,000 in Seattle and $430,000 countywide. That was up 11 percent and 13.8 percent, respectively, from a year earlier, but down 1.7 percent and 0.9 percent from July.

 

The median condo price was $297,500 in Seattle and $255,000 countywide. That was up 19 percent in the city and 31 percent in the county from a year earlier, and 5.5 percent and 10.4 percent, respectively, from July.

 

In the listing service news release, Prudential Northwest Realty Associates President and CEO Mike Gain said rising prices and interest rates are not deterring sales because "homes are still more affordable than they have been in decades."

 

Read more real estate news. Visit seattlepi.com's home page for more Seattle news.

 

 

 

 

 

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