GSEs Launch Mortgage Deferment Programs

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / GSEs Launch Mortgage Deferment Programs Governmental Measures Target Expanded Access to Affordable Housing 2 days ago March 25, 2020 1,833 Views Fannie Mae has updated their Lender Letter to require that a borrower be evaluated for payment deferral prior to other mortgage loan modifications.Freddie Mac has announced similar changes, with the Freddie Mac Payment Deferral program. According to the GSE, effective January 1, 2021, Freddie Mac will launch a loss mitigation solution for borrowers who became delinquent due to a short-term hardship that has since been resolved.”Customers want deferrals on the front end, as a ‘right now’ option,” said Courtney Thompson, SVP, Default Mortgage at Flagstar Bank. “I think consumers would be much happier with the relief we could offer them if that deferral was available now.”According to Freddie Mac, the Payment Deferral is designed to provide relief to eligible Borrowers who have the financial capacity to resume making their monthly payments, but who are unable to afford the additional monthly contributions required by a repayment plan.”I applaud the decisive and continuing actions by FHFA, Fannie Mae, and Freddie Mac to provide clarity to servicers and assistance to homeowners impacted by the current health crisis,” said Ed Delgado, President and CEO, Five Star Global. “While mortgage relief is a much-needed step, we call on FHFA and other government stakeholders to continue working with the mortgage industry to ensure the ongoing stability of the housing market and our system of homeownership.”This development follows upon the FHFA’s announcement that the GSEs would provide payment forbearance to borrowers impacted by the coronavirus. This forbearance would permit a mortgage payment to be suspended for up to 12 months due to hardship considerations.Additionally, suspension of foreclosures and evictions for mortgages backed by the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) will extend at least 60 days.”I was happy to see the GSEs came out with a simple deferment program that helps out borrowers and defers payments to the end of term while they’re going through their difficulties,” said Wes G. Iseley, Senior Managing Director, Carrington Holding Company, LLC, and Chair of the National Mortgage Servicing Association (NMSA). “We hope that FHA and HUD will look at this and adopt a similar program as well.”In a letter to HUD, the NMSA recently advocated for deferments as the best tool to help homeowners and the industry during this time.“This option is preferred over forbearances, trial options, and modifications currently being discussed to assist homeowners,” the letter states.“Deferments have assisted borrowers in times when there is a short-term financial disruption,” it continues. “A deferment is an extension of the term of the loan with the coupon rate remaining. The borrower would resume monthly payments at the end of the deferment period as adjusted by any interim escrow analysis change in payment.”As the letter notes, no firm is staffed adequately to accommodate the documentation, analysis, calculation, recording, and paperwork required for the levels of forbearance, trial plans, and modifications projected in the current crisis. For reference, staffing numbers would need to be brought to the type of multiples of servicing headcount not seen since the financial crisis of 2008.Here’s a link where you can track related announcements from FHFA, Fannie, and Freddie. Coronavirus Deferral Fannie Mae Freddie Mac 2020-03-25 Seth Welborn Share 1Save Servicers Navigate the Post-Pandemic World 2 days ago Previous: Senate Leaders Reach Deal on $2T Stimulus Package Next: FHFA Tracks GSE Foreclosure Prevention About Author: Seth Welborn Sign up for DS News Daily Related Articles Demand Propels Home Prices Upward 2 days agocenter_img GSEs Launch Mortgage Deferment Programs Tagged with: Coronavirus Deferral Fannie Mae Freddie Mac Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. last_img read more

Crime agency freezes £3.2 million property assets of woman linked to organised crime

first_imgThe National Crime Agency (NCA) has issued its latest Unexplained Wealth Order (UWO) to a property owner who, it believes, is associated with criminals involved in paramilitary activity and cigarette smuggling.The order in effect freezes the ownership of the woman’s property portfolio which is estimated to be worth £3.2 million, including properties in London and Northern Ireland.The woman, who the NCA has not named, may have links to serious organised crime and has been ordered to explain how she financed the purchase of the properties.Cigarette smugglingThe order is part of the NCA investigation into properties owned by the woman who now lives in London.The NCA says four of the properties are in London and a further two are in Northern Ireland. Interim Freezing Orders have also been granted which means that the properties cannot be sold, transferred or dissipated while the investigation continues.“This is the fourth case in which we have obtained a UWO,” says Andy Lewis, Head of Asset Denial at the NCA. “Our investigations are complex and involve careful consideration before we make an application before the court.“We do not investigate illicit finance based on monetary value alone. This latest order shows that we will act against those who we believe are causing the most harm to our communities.”Sarah Pritchard (left), Director of the National Economic Crime Centre, says: “Criminally obtained assets undermine the integrity of the UK’s economy and institutions.“We will use all the powers available to us to target those we suspect are trying to launder money and will explore every opportunity to deny assets linked to illicit finance.”As The Negotiator has reported before, the latest UWO is part of an ongoing attempt to force suspected criminals to explain where their property wealth has come from.Unexplained Wealth Order National Crime Agency August 7, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » Crime » Crime agency freezes £3.2 million property assets of woman linked to organised crime previous nextRegulation & LawCrime agency freezes £3.2 million property assets of woman linked to organised crimeUnnamed individual is said to have links to organised crime including the smuggling of cigarettes and must now explain how she paid for six properties in London and Northern Ireland.Sheila Manchester7th August 201901,068 Viewslast_img read more

Rivers Hoopers coach confident of advancing to knock out phase

first_imgRivers Hoopers’ head coach Ogoh Odaudu has expressed confidence in his team’s chances of making it to the single-elimination playoffs of the Basketball Africa League (BAL) in Kigali, Rwanda. Loading… “I feel very confident we can pick one or two games also coupled with the fact that we are going to be playing two of our home games in front of our fans so it gives us an added advantage. Hopefully, we can sneak our way into the knock out stages.” Rivers Hoopers have been training in Port Harcourt since February 1, 2020 which Odaudu believes will put his team in good stead. “So far we have been doing a lot of work practicing morning and evening getting fit, doing a lot of ball work and working on our plays. I think we are going to do well we are just going to fine-tune a lot of other stuff and we will be ready for the championship.” FacebookTwitterWhatsAppEmail分享 Promoted Content5 Of The World’s Most Unique Theme Parks7 Worst Things To Do To Your PhoneWho Is The Most Powerful Woman On Earth?12 Marvel Superheroes When They Were Kids9 Facts You Should Know Before Getting A TattooIt Looks Like An Ordinary Doughnut, But It Glows In The Dark!2020 Tattoo Trends: Here’s What You’ll See This Year8 Things To Expect If An Asteroid Hits Our PlanetWhich Country Is The Most Romantic In The World?You’ve Only Seen Such Colorful Hairdos In A Handful Of AnimeBest & Worst Celebrity Endorsed Games Ever Made10 Phones That Can Work For Weeks Without Recharging Hoopers were drawn alongside Patriots, Ferroviario de Maputo, US Monastir, Forces Armees et Police Basketball (FAP) and Zamalek in the Nile Conference of the BAL. Reacting to the draw, Odaudu said: “It is a very difficult Conference, as a matter of fact, there is no Conference that is easy. Every game is going to be competitive. Everybody has to do their work extra there is no team you would say is a write-off.”Advertisementlast_img read more