Former PNC exec Diana Reid has been selected by Freddie Mac’s Board of Directors to serve as the company’s new CEO. “It is an honor to join Freddie Mac and lead the company as it carries out its vital role in the housing finance market,” Reid said. “I look forward to working with the Board,…
Multifamily properties financed by Fannie Mae and Freddie Mac must adhere to new tenant protections announced by the Federal Housing Finance Agency. Housing providers must now provide tenants with 30-day written notices of rent increases and lease expiration, plus a 5-day grace period for rent payments. This is the first time tenant protections will be…
Fannie Mae’s Q1 earnings fell short of expectations, but the GSE turned a profit last quarter. The mortgage giant reported $4.3 billion in net income for Q1 2024, up from $3.9 billion in Q4 2023 but lower than analysts expected. Its overall revenue was $7.1 billion, a sturdy sum but lower than expectations of $7.68…
Fannie Mae announced enhancements to its Desktop Underwriter that will streamline originations for lenders and buyers. The new capability automates the validation of borrowers’ assets, income, and employment and produces a 12-month report. Bank statements, information about assets, and other data from third-party vendors become available in just one step. The report can then also…
Mortgage rates increased slightly last week but remain in the mid-6s, encouraging some potential buyers to come off the sidelines. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.66%, up from the week prior’s 6.62%. A year ago at this time, the 30-year FRM averaged 6.33%. This is the second consecutive…
Two high-level execs at Fannie Mae will retire in the next twelve months, leading to leadership changes, officials at the GSE announced. Fannie Mae President David C. Benson is retiring in 2024, while Chief Administrative Officer Jeffery Hayward will step down at the end of this year. “We’re deeply grateful to both Dave and Jeff for their…
As inflation slowly cools, consumers are feeling a lot more secure in their personal finances. But when it comes to homebuying, they’re still in the dumps. Leaders at Fannie Mae said the Home Purchase Sentiment Index increased by 4 points YOY in July as consumers responded positively to the job security and mortgage rate components….
Mortgage rates declined last week, breaking a three-week streak of increases. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.71%, down from 6.79% the week prior. A year ago at this time, the 30-year FRM averaged 5.23%. The 15-year fixed-rate mortgage also fell from 6.18% to 6.07%. A year ago, it…
Ravi Shankar has joined Freddie Mac as senior VP and head of Single-Family Portfolio and Servicing, the GSE announced in a press release. Shankar is returning to Freddie Mac, having served as an executive for the GSE from 2013 to 2019. In that period, he served as SVP for Single-Family Portfolio Management and deputy head…
Loosening lending standards are making it easier than ever for gig workers to finance homes. These workers often make enough money to qualify for a loan, but often have a difficult time proving that to lenders. “It is a phenomenon with this gig economy where people can drop in and have an Amazon play, and…
End of content
End of content
Before You Go, Get the Latest News and UPDATES!
Stay Tuned!