FHFA Proposes New Rule on Oversight Processes, Ginnie Mae Announces Record-High Mortgage-Backed Securities Volume and FHA Unveils New Technology
On October 19, FHFA released a proposed rule designed to clarify certain oversight processes for Fannie Mae and Freddie Mac if they consider new business lines or products in the future. The new rule builds on existing protocols established in a 2009 rule from FHFA, with additional clarity on certain definitions and timelines flagged in the previous comment period by stakeholders.
The stated purpose of the proposed rule is to ensure stakeholders have an opportunity to weigh in on future expansion of the Enterprises into new activities, and is seen as an important transparency and accountability measure for the GSEs as they prepare to exit conservatorship. Interested stakeholders are encouraged to submit comments in the next 60 days.
We continue to anxiously await FHFA’s announcement on the multifamily lending caps for Fannie Mae and Freddie Mac.
In addition, there were several other notable announcements on the capital markets front. Last week, Ginnie Mae announced a $748 billion record-high mortgage-backed securities volume which included $30.7 billion of multifamily loans. And in an effort to build out their FHA Catalyst platform – a $40 million multi-year effort to modernize their technology – FHA unveiled a new lender interface portal, FHA Multifamily Application Module for improved data submission and loan tracking for multifamily lenders.
For more information on the latest capital markets actions, please visit the NMHC advocacy webpage.