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You are here: Home / Archives for fannie mae

CFPB Urges Industry to Quickly Adopt Electronic Closings

August 7, 2015 By Jeff Heib

By Rachel Witkowski / National Mortgage News

WASHINGTON — The Consumer Financial Protection Bureau has ramped up its push for the mortgage industry to switch to an electronic closing process after results from a pilot program showed consumers favored it over in-person mortgage closing.

During a CFPB forum Wednesday about the results of a four-month pilot program, Director Richard Cordray repeatedly said that the eClosing process is a “win-win” for consumers and the industry. The agency found that consumers who tried it were more likely to give higher positive feedback scores on their understanding of the closing process, the efficiency of it and a sense of personal empowerment than the borrowers surveyed who used the traditional paper process.

“This is something that we think is the direction industry is intending and wanting to go. It is the future. But the future can be here much sooner than maybe it otherwise would be” and “we are on board with that,” Cordray said. “We think the advantages for industry, the efficiencies and accuracy that this kind of process will create can also incorporate some really consumer-friendly aspects, consumer education and the like. And on the whole, [it] can be a win-win on both sides of the closing table.” [Read more…]

Filed Under: Real Estate Professionals Tagged With: eClosing, fannie mae, Federal Housing Finance Agency, freddie mac, National Mortgage News

Is Congress a little greedy?

February 16, 2012 By Jeff Heib

Here’s some food for thought. Read this &let me know what you think….. Thanks to Fred Kreger with CAMP for sharing this

Subject: G-fee Hike Not Part of Payroll Tax Package?

 ByBrian Collins

FEB 16, 2012 1:14pm ET

A proposal to hike guarantee fees on Fannie Mae and Freddie Mac for the second time in two months was floated Wednesday night during negotiations over a $150 billion bill that would extend the payroll tax deduction and unemployment benefits.

However, a g-fee hike does not seem to be part of the package that congressional leaders are expected to unveil later today, according to industry sources tracking the issue.

In December, Congress passed a two-month extension bill, funded by a 10 basis point hike in Fannie/Freddie g-fees.

During Wednesday’s talks, it appears an additional g-fee hike was floated to help pay for the 10-month extension bill, which also ensures reimbursement rates for Medicare doctors.

It appears that Republicans were reluctant to accept another g-fee hike, because it would make the federal government even more dependent on the GSEs as a source of revenues. The 10bp g-fee hike that goes into effect in April is expected to raise $35 billion over 10 years to pay for the cost of the two-month extension.

Many Republican lawmakers want to wind down Fannie and Freddie and privatize them. Nevertheless, the g-fee option remains enticing for some in Congress as it gets harder to find sources of revenue to pay for government programs.

Housing and other industry groups have made clear to Congress that they oppose the use of g-fees as a source to fund other government programs.

“We are united in opposition to increasing g-fees and FHA premiums for reasons other than minimizing the GSEs’ or FHA’s risk exposure, shoring up capital reserves and ensuring the liquidity of the secondary mortgage market,” according to a joint letter signed by 19 trade groups.

As part of the two-month extension, Congress also increased the annual premiums on Federal Housing Administration loans by 10 bps.  But the premium revenues will remain with FHA to shore up its reserves.

 Fred Kreger, CMC

President Elect & Vice President, Government Affairs

California Association of Mortgage Professionals (CAMP)

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Filed Under: Real Estate Professionals Tagged With: CAMP, congress, consumer loans, doctors, fannie mae, freddie mac, medicare, real estate loans

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