SecureView lands giant Fannie Mae field-services deal

SecureView landed a giant deal with Fannie Mae, which is officially requiring vendors to install the distinctive, clear boarding on its vacancies.

It’s a massive contract, certainly, but it should come as no surprise.

SecureView was listed as a top HousingWire field service company earlier this year, landing on the 2014 Field Services Guide.  

“We have a discreet approach,” said James O’Brien, CEO of SecureView. “Rather than call attention to vacancy by boarding with plywood, SecureView is undetectable, making the property look occupied. It’s far more secure and much easier to show to a prospective buyer.”

The company was started in 2010 by two industry veterans: Howard Wedren, founder of Dayton Street Partners, and Robert Klein, founder and Chairman of Safeguard Properties. Both had a desire to change the way vacant, boarded-up properties affected whole neighborhoods, and thought a polycarbonate product might be the solution.

The result is a patented window covering that’s virtually unbreakable and transparent. Even if squatters occupy the property, they are not awarded the same level of privacy plywood brings to a vacant house.

The rule is effective immediately for the following states: Arizona, Illinois, Indiana, Louisiana, Minnesota, Ohio, Tennessee, Washington, Massachusetts, Maryland, New Hampshire, New York, New Jersey and Pennsylvania.  

Future launch dates:

Oct. 1: Colorado, Connecticut, Mississippi, North Carolina and South Carolina

Dec. 1: Arkansas, District of Columbia, Delaware, Hawaii, Idaho, Maine, Montana, North Dakota, Puerto Rico, Rhode Island, South Dakota, Vermont, West Virginia and Wyoming.  

Under the terms, vendors must remove all plywood coverings on windows from the dwelling, garage or outbuildings.

The only exception is if the property is to be demolished or damaged severely due to a fire, and in those rare cases where plywood is needed, such as exterior doors or overhead garage doors.

If so, the boards must be painted to match the trim color. 

Fannie Mae, Freddie Mac regulator aims to boost low-income lending

Hunt Mortgage Group Refinances a Multifamily Property in Monroeville, Pennsylvania

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We believe the preservation market will continue to grow over the next five years and this is exactly the type of transaction we want to be pursuing.

New Yorl, NY (PRWEB) September 02, 2014

Hunt Mortgage Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today that it has provided $2.7 million Fannie Mae adjustable rate loan facility to refinance East Boros Apartments, an affordable multifamily community located in Monroeville, Pennsylvania.

East Boros Apartments is an affordable Section 8 subsidized mid-rise apartment building containing 101 apartment units housed in one eight-story building. The property was developed in 1978 and is operated under a project-based Housing Assistance Payments Contract (“HAP”). The borrower purchased the property in October 2012.

Hunt Mortgage Group recommended that the borrower select Fannie Mae’s 7/6 ARM program to refinance the property. The non-recourse adjustable-rate loan has a seven-year term, one-year lockout followed by one percent prepayment penalty thereafter, and a 30-year amortizing schedule. The variable rate financing with an embedded cap allows the borrower to take advantage of the current low interest rate environment with an option to convert to a fixed rate with no prepayment premium. In addition, the borrower may request supplemental financing at any time.

“The borrower has been acquiring, rehabilitating and managing multifamily real estate since 2000, and the majority of those acquisitions have involved properties with project-based Section 8 housing properties,” explained Jim Gillespie, Managing Director at Hunt Mortgage Group. “A core focus of our affordable housing platform is on the financing and preservation of existing affordable housing. We believe the preservation market will continue to grow over the next five years and this is exactly the type of transaction we want to be pursuing.”

All of the apartments at East Boros are one-bedroom units restricted to tenants who are age 62 or older. The property is located next to the University of Pittsburgh Medical Center and within a mile of shopping and entertainment. Property amenities include a central laundry center, community room, computer room, fitness room, outdoor patio with picnic and shuffleboard areas, on-site maintenance and on-site management. The local rental market is stable with no new supply of multifamily housing in the pipeline.

Hunt Mortgage Group provides financing for conventional multifamily properties throughout the United States. Hunt Mortgage Group is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider, bridge and CMBS lender, and source for other forms of alternative capital.

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About Hunt Mortgage Group

Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a real estate finance company providing financing and investing for conventional and affordable multifamily housing throughout the United States. Hunt Mortgage Group is organized around two business units: Mortgage Banking and Affordable Housing Debt. Under the Mortgage Banking and Affordable Housing Debt businesses, Hunt Mortgage Group partners with developers, owners, and investors to provide them with capital to develop, acquire or redevelop their real estate assets. Hunt Mortgage Groupʼs core debt products consist of Fannie Mae, Freddie Mac, or HUD/FHA financing. In addition, through several strategic alliances, Hunt Mortgage Group offers various CMBS executions for multifamily and other commercial properties, proprietary bridge loans and select joint venture equity products. Today the firmʼs lending platform manages and services more than $10.4 billion in loans, of which affordable housing makes up $916 million. Headquartered in New York City, Hunt Mortgage Group has 145 employees in 14 locations throughout the United States. To learn more about Hunt Mortgage Group, visit http://www.huntmortgagegroup.com.

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Freddie Mac: Average 30-year mortgage rate levels off at 4.1 percent

Posted: Monday, September 1, 2014 6:00 am

Freddie Mac: Average 30-year mortgage rate levels off at 4.1 percent

By E. Scott Reckard
Los Angeles Times

DailyItem.com

The average rate for a 30-year fixed mortgage leveled off last week at a record low for the year — 4.1 percent, the same as the previous week, a Freddie Mac survey showed.

The 15-year fixed mortgage averaged 3.25 percent, up from 3.23 percent the previous week, said Freddie Mac, which asks lenders about the terms they are offering to solid borrowers who pay less than 1 percent in upfront fees and discount points.

The latest survey, released Aug. 27, showed the average start rates on variable mortgages had edged slightly higher as well, although all the rates were near their low points for the year.

Like mortgage rates, home prices appear to be leveling off, recent surveys have shown, with other news on housing mixed.

Sales of previously owned homes have risen for four months straight, noted Freddie Mac chief economist Frank Nothaft, while new home sales have fallen for three months. But construction of new homes has been on the rise.


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Monday, September 1, 2014 6:00 am.

Fannie Mae Chalk – Champaign/Urbana News

URBANA – Fannie Mae Johnson Chalk, 74, formerly of Urbana, passed away at 9:55 p.m. Saturday, Aug. 23, 2014, at home.

Funeral services will be at 11 a.m. Tuesday, Sept. 2, 2014, at Mount Zion A.O.H. Church of God, 12 College St., Huber Heights, Ohio. Visitation will be at 10 a.m. Bishop John H. Matthews Jr. will officiate. Interment will be in Dayton National Cemetery.

She was a member of the sanctuary choir and usher board, and vice president of the mothers board.

She is survived by two sons, Lemont (Anita) and Tony (Shawn); one sister, Elder Ann Marie Johnson of Urbana; two brothers, Larry of Urbana and William of Dayton, Ohio; two grandchildren; and other relatives.

She was preceded in death by her husband, Harvey Chalk; her parents; five brothers; and four sisters.

H.H. Roberts Funeral Home of Dayton, Ohio, and Melker Bluitt Parker Mortuary, 704 N. Fourth St., Champaign, are in charge of arrangements.

Fannie Mae to sell its iconic D.C. headquarters



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Fannie Mae will sell its headquarters at 3900 Wisconsin Ave. NW, in addition to two other buildings.





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Michael Neibauer
Staff Reporter- Washington Business Journal

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Fannie Mae is leaving upper Northwest.

As the Wall Street Journal first reported Wednesday, Fannie Mae has informed its D.C. employees that it plans to sell its iconic, estate-like headquarters at 3900 Wisconsin Ave. NW across from the Sidwell Friends School, and relocate closer to downtown. Its buildings at 3939 Wisconsin Ave. NW and 4250 Connecticut Ave. NW, in Van Ness, also will go on the market.

The three buildings, with a combined assessed value of upward of $170 million, generate roughly $3 million in real estate taxes for the District government annually.

“In the next two to three years, we plan to consolidate Fannie Mae staff from five Washington, DC area offices into a single, leased office building preferably located in downtown D.C.,” the public-private backer of mortgages said in a statement. “This move comes ahead of the expiration of two leases on buildings that house many of our employees in the District.

“While an exact location has not been determined,” the statement continues, “we are focused on making responsible real estate decisions to ensure the wise use of resources, the safety and soundness of operations, and flexibility to adapt to changes in our future workplace needs.”

There are numerous available office buildings in Washington, from NoMa to downtown to Capitol Riverfront to Southwest Waterfront. Many are new and awaiting their anchor tenant. The competition will be fierce. But at least, said Mayor Vincent Gray, Fannie Mae will be remaining in D.C.

“I thank the leadership of Fannie Mae for its commitment to stay in the District of Columbia as they consolidate their office space into one building,” the mayor said in a statement.

Michael Neibauer covers economic development, chambers of commerce, transportation and politics.



Freddie Mac Reports Little Movement in Mortgage Rates

money-stepping-stonesHaving hit their lowest level of 2014 last week, mortgage rates barely budged in the latest market report from Freddie Mac.

The company reported Thursday the average interest rate for a 30-year fixed-rate mortgage (FRM) was 4.10 percent (0.5 point) for the week ending August 28, unchanged heading into the Labor Day holiday.

A year ago, the average 30-year FRM was close to half a percentage point higher at 4.51 percent.

The 15-year FRM was up just slightly, climbing to 3.25 percent (0.6 point) from the last survey’s average of 3.23 percent.

Adjustable rates also moved little, Freddie Mac reported. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent (0.5 point) for the week, up from 2.95 percent in the previous survey. The 1-year ARM averaged 2.39 percent (0.5 point), up barely from 2.38 percent before.

Frank Nothaft, VP and chief economist at Freddie Mac, explained the week’s movements—or lack of them—were in response to mixed news in the housing market.

Existing home sales rose for the fourth consecutive month to an annualized pace of 5.15 million, the highest of the year. On the other hand, new home sales fell for the third consecutive month to an annualized rate of 412,000 units,” Nothaft said.

He continued: “Also, the SP/Case-Shiller national home price index confirmed the slowing in national house-price appreciation that has occurred in other metrics, with the seasonally-adjusted national index down 0.1 percent in June but on a year-over-year basis up a solid 6.2 percent.”

Bankrate.com’s weekly national survey was more mixed, though changes were still minor.

According to a release from the site, the 30-year fixed average this week came down 1 basis point to 4.23 percent, while the 15-year fixed moved up a point to 3.38 percent.

The 5/1 ARM average was a little more active, coming up to 3.32 percent from 3.28 percent last week.

Contrary to Nothaft’s analysis, analysts at Bankrate say the big catalyst for rate changes this week was Janet Yellen’s speech at Jackson Hole last Friday, in which the Federal Reserve chair continued to hit on unemployment as a major cause of concern, leading commentators to believe she’s not yet ready to raise interest rates.

“With Yellen not making any unexpected pronouncements, financial markets carried on as usual with the stock market going on to set new record highs and the bond market motoring along,” Bankrate said. “No obvious catalyst for big rate movements exists between now and the release of the August employment report on [September] 5.”

Mortgage Rates Hit New Low After Freddie Mac Survey Shows 4.10%

Freddie Mac: 30-year mortgage rates at 4.10% for the second straight week

Current Mortgage Rates Hold New Record

Mortgage rates have made a new record.

For the second consecutive week time, average 30-year mortgage rates have held at 4.10 percent, giving a boost home affordability and buyer purchasing power. Furthermore, millions of U.S. households are now eligible to refinance to today’s low rates.

See for what rate you’ll qualify. Many lenders now quote rates in the 3s with equally low APR. Even zero-closing cost mortgages are dirt cheap to get.

Click to get a rate quote.

Today’s Mortgage Rates Average 4.10% 

According to Freddie Mac, the average 30-year fixed-rate mortgage interest rate was unchanged this week, holding at 4.10% nationwide. The rate is available to prime mortgage borrowers willing to pay an accompanying 0.5 discount points due at closing.

The cost of 0.5 discount points is 0.5% of your loan size. 

This 4.10% mortgage rate is the cheapest that mortgage rates have been since June 20, 2013 — a span of more than 14 months. Furthermore, rates continue to drop. Since the close of Freddie Mac’s survey, pricing on 30-year loans has improved to a new annual low.

It’s an excellent time to consider a refinance.

As compared to the start of the year, rates are down close to one-half percent and, according to Freddie Mac research, the typical refinancing household saved more than 30% per month on its refinance last quarter.

You don’t have to have a rate in the 5s or 6s to save money at today’s mortgage rates, either. Homeowners with less than one year in their home are able to refinance and make big savings; as are homeowners refinancing FHA loans to get rid of MIP.

Furthermore, as mortgage rates drop, it’s getting easier for homeowners to do zero-closing cost mortgages.

A zero-closing cost mortgage is a mortgage transaction for which the lender pays all closing costs normally paid by the borrower. In exchange for paying all closing costs, the lender raises the borrower’s mortgage interest rate by a small amount — typically 0.125% for a loan of $250,000 or more. 

In states in which closing costs are high, zero-closing cost mortgages can be a terrific way to lower your monthly payment without the risk of “recouping” your costs over time.

It should also be noted that the 4.10% rate from Freddie Mac is an average rate for borrowers nationwide. Many buyers and refinancing households are already receiving rate quotes in the high-3s; and borrowers using FHA loans and VA loans report getting quotes and APRs even lower that than. 

Click to get a live rate quote now.

HARP, FHA Streamline Refinance  VA Streamline Refinance Options

Mortgage rates are their lowest of the year and best since June 2013. However, the drop in rates has been so gradual that many U.S. homeowners are unaware that refinance opportunities exist.

The government has been trying to be pro-active.

In a series a town hall-style meetings, FHFA Director Mel Watt has been meeting with homeowners and imploring them to explore their eligibility for the Home Affordable Refinance Program (HARP).

On average, HARP homeowners save several thousand dollars per year and new HARP loan rules have made it easier for homeowners to qualify. Even if you’ve been turned down for HARP in the past, it may be smart to re-apply with today’s low rates and today’s new rules.

Another group of homeowners now eligible for refinance include those with existing FHA loans and VA loans. This is because the FHA and VA loan programs offer a special, simplified refinance program to homeowners who can demonstrate that the refinance is “worthwhile”.

The most common way to demonstrate that a refinance is worthwhile is by showing that it lowers your monthly payment.

Falling rates have opened FHA Streamline Refinance opportunities for today’s FHA-backed homeowners; and VA Streamline Refinance opportunities for today’s VA-backed homeowners.

However, because home values are rising as current mortgage interest rates drop, many FHA homeowners are finding it better to refinance away from the FHA and into a conventional home loan.

Mortgage rates for a conventional loan are slightly higher than for a comparable FHA loan, but the accompanying mortgage insurance premiums are much less expensive.

Refinancing from FHA into a conventional loan can be an excellent way to save money.

Click to get an instant mortgage rate quote.

Buyers: Loans Requiring Little Or No Money Down

With mortgage rates at their lowest levels of the year, today’s active home buyers are able to buy homes more affordably.

Falling rates have boosted purchasing power close to eight percent from the start of the year. This means that a homeowner can purchase $8,000 “more home” as compared to this past January for every $100,000 approved.

An extra eight percent may afford you an extra bedroom; an extra bathroom; or a home in a different school district, if that’s what’s important to you. Mortgage rates are improving your purchasing power faster than rising home prices can erase it.

Additionally, low- and no-downpayment mortgage programs remain readily available nationwide. Among the most popular programs of such programs is the FHA 3.5% downpayment mortgage.

Available to buyers in all 50 states and the District of Columbia, the FHA 3.5% downpayment mortgage is the Federal Housing Administration’s flagship mortgage program. Loan sizes of up to $625,500 are permitted, and the FHA gift funds for downpayment from parents, family, and others.

Furthermore, because the FHA loan is insured by the government, FHA loans are often aggressively priced and not subject to adjustments for less-than-perfect credit scores; or, for 2-unit, 3-unit, or 4-unit homes.

The VA loan program is also popular among buyers wanting to minimize their downpayment.

Available to military borrowers, the VA loan requires no downpayment whatsoever and annual mortgage insurance premiums are not required. Similar to FHA loans, VA loans offer flexible underwriting standards and, among all mortgage rates, VA mortgage rates are currently lowest.

Lastly, there is the USDA loan, which is guaranteed by the U.S. Department of Agriculture. 

Also known as a Rural Housing Loan, USDA loans aren’t just limited to properties in farming communities and rural towns. Homes in suburban neighborhoods are often eligible as well.

USDA loans allow for 100% financing and mortgage insurance requirements are inexpensive as compared to FHA and conventional mortgages.

USDA loans are available from most major lenders. 

Get Today’s Mortgage Rates Now

Mortgage rates are at their lowest levels in close to 15 months. Pricing continues to improve. It’s an excellent time to consider a refinance or buy a home affordably.

Compare today’s mortgage rates now. Rates are available for free online, with no obligation to proceed, and with no social security number required to get started.

Click to get today’s live rates.

Try the Mortgage Payment Calculator

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.

Fannie Mae: Serious Delinquency Rate At Lowest Level Since ’08

delinquent-noticeIn Fannie Mae‘s July 2014 Monthly Summary released on August 29, the GSE reported that July’s serious delinquency rate of 2.0 percent for single-family properties is at its lowest level since October 2008.

The percentage of single-family properties that were in serious delinquency, which is defined as having a mortgage loan where the payment is more than three months overdue or the property is in foreclosure, experienced a month-over-month decline from 2.05 percent from June and a drop from 2.7 percent from July 2013. July’s percentage of 2.0 is way down from Fannie Mae’s serious delinquency rate peak of 5.59 percent, reached in February 2010.

Earlier in the week, GSE Freddie Mac reported a similar decline in serious delinquency for July. Freddie Mac’s serious delinquency rate of 2.02 percent for July 2014 was down from its rate of 2.07 percent in June and from 2.7 percent from a year ago. Freddie Mac’s highest serious delinquency rate of 4.2 percent was also reached in February 2010.

Analysts expect the serious delinquency rate for both GSEs will fall below 2 percent in August. With Fannie Mae’s serious delinquency rate having declined by 0.7 percentage points since July 2013, analysts expect that at its current pace of decline, it will drop to below what is referred to as the “normal” rate of 1 percent by 2016.

Also in the latest report, Fannie Mae reported that it completed 10,812 loan modifications in July 2014 and has completed 78,866 loan modifications year-to-date as of July 31, 2014.

Both Fannie Mae and Freddie Mac have been under conservatorship of the Federal Housing Finance Agency since September 2008.

 

Fannie Mae Changes Waiting Periods for Buyers With Prior Short Sale – U

Fannie Mae made 2 changes that will affect home buyers in San Diego, one positive and the other negative.

  1. Before August 16th, buyers who had a 20% down payment could repurchase again after only 2 years. Buyers now have to wait 4 years instead of 2 years to purchase a home, regardless of the size of their down payment.
  2. Until August 16th, buyers with a prior short sale and a 5% down payment had to wait 7 years to qualify to repurchase a home. Now buyers only have to wait 4 years.

When can I buy again after having a short sale?

Here are the current waiting periods for a buyer who had a prior short sale and wants to use either conventional, FHA or VA financing.

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Conventional. As of August 16th, it is 4 years before a buyer can repurchase again using Conventional financing. So no matter what size the down payment is, either 40%, 20% or 5% down, a buyer with a prior short sale has to wait 4 years now across the board before they can get conventional financing again.

FHA. It is 3 years before a buyer can repurchase again using FHA financing.

*FHA TIP: The FHA has a loophole that not many people know about. If a FHA buyer did not have any late payments before their short sale, they are allowed to qualify again with no waiting period for FHA financing.

New FHA Short Sale Rule for 2014. The FHA introduced a new rule in 2013 that reduces the waiting period that buyers must wait after a bankruptcy, foreclosure or short sale before qualifying for an FHA-backed mortgage. The buyer must have experienced an “economic event” whereby their household income fell by 20% or more for a period of at least six months.

The period had previously been two years following a bankruptcy, and three years following a foreclosure or short sale. The agency has now reduced the waiting period to only ONE YEAR.

For additional information on how to qualify under this new FHA rule, check out this article HERE in the San Diego Union Tribune newspaper.

VA. It is only 2 years before a buyer can repurchase again using VA financing.

When can I buy again after having a foreclosure?

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Here are the current waiting periods for a buyer who had a prior foreclosure and wants to use either conventional, FHA or VA financing.

Conventional. It is 7 years before a buyer can repurchase again using FHA financing.

FHA. It is 3 years before a buyer can repurchase again using FHA financing. Or, see below for how a FHA buyer can qualify again after just 1 year if they experienced an economic event.

VA. It is only 2 years before a buyer can repurchase again using VA financing.

When can I buy again after having a Bankruptcy?

Here are the current waiting periods for a buyer who had a prior bankruptcy and wants to use either conventional, FHA or VA financing.