U.S. mortgage applications hit two-and-a-half year high

The Washington-based group’s seasonally adjusted index on requests for loans to buy a home or refinance a mortgage increased 18.6% to 503.6 in the week ended March 29. This was the strongest reading since 512.9 in the week of Oct. 14, 2016.

Interest rates on 30-year “conforming” mortgages, or home loans with balances of $484,350 or less, averaged 4.36 percent, the lowest since the week of Jan. 19, 2018. They were 4.45% a week earlier.

Average rates on other fixed-rate mortgages MBA tracks fell by 0.07 percentage point to 0.14 percentage point.

“There was a tremendous surge in overall application activity, as mortgage rates fell for the fourth week in a row,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement.

Much of the week’s increase stemmed from a 39% surge in refinancing activity, which propelled MBA’s refinancing gauge to 1,786.0, its strongest level since November 2016.

Refinancings grew to 47.4% of total mortgage applications last week from 40.4% a week earlier, MBA data showed.

Existing homeowners with more expensive homes filed more refinancing applications with lenders last week. The average size of conforming loans for refinancing hit an all-time high at $438,900 in the latest week. Loan applications to buy a home climbed by 3%, with the average loan size shrinking slightly.

Smaller purchase loan sizes were “a positive sign that first-time buyers were increasingly active in the market,” Kan said.

MBA’s seasonally adjusted barometer on purchase mortgages, seen as a proxy on future housing activity, has advanced since early March to 276.6, which was its highest level since the week of Jan. 11.

Source: Richard Leong, Reuters

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Zillow is now a mortgage lender, launches Zillow Home Loans

Zillow has owned a mortgage company for approximately six months, having purchased Mortgage Lenders of America in November 2018, but now, the online real estate giant has truly become a mortgage lender as well.

Zillow announced Tuesday that it is launching its own mortgage lending operation, which it is calling Zillow Home Loans.

For years, prospective homebuyers could search for a mortgage through Zillow’s site, as lenders paid to have their interest rates and terms listed on Zillow’s mortgage marketplace. Now, they’ll have a new competitor: Zillow itself.

The company is rebranding Mortgage Lenders of America to carry the Zillow name, and will use the lender to finance home buying and selling through its Zillow Offers platform.

It’s a truly massive move for Zillow, which describes the change rather simply: “Home shoppers who visit Zillow to shop for a mortgage can now get financing directly from Zillow Home Loans.”

The move is the latest in a nearly two-year effort to reshape how Zillow conducts its business.

Back in 2015, former Zillow CEO Spencer Rascoff said that the company views itself as a media company, not a real estate company.

“We sell ads, not houses,” Rascoff said at the time. “We’re all about providing consumers with access to information and then connecting them with local professionals. And we do a great job of giving those local professional high-quality lead, they’ll covert those leads to at a high rate and then want more media impressions from us. So we’re not actually in the transaction, we’re in the media business.”

But in the last few years, things changed dramatically at Zillow.

In 2017, Zillow shook up the real estate industry when it announced that it was getting into the home selling business by launching “Zillow Instant Offers.”

In the program, homeowners looking to sell their home in certain markets were able to get cash offers for their home from selected investors interested in buying it, all within Zillow’s platform.

But that was just the beginning. Later, Zillow began buying and selling homes directly to and from homeowners, becoming an iBuyer. Through its “Offers” program, Zillow buys a home directly from a seller, makes the “necessary repairs and updates” and lists the home “as quickly as possible.”

Zillow expanded the “Offers” program to new markets, but it didn’t stop there.

Last year, the online real estate landscape shifted dramatically when Zillow announced that it was getting into the mortgage business by buying Mortgage Lenders of America.

According to Zillow, the acquisition of Mortgage Lenders of America would allow the company to “streamline and shorten the home-buying process for consumers who purchase homes through Zillow Offers.”

The company paid $65 million to acquire Mortgage Lenders of America, and closed on the deal late last year. At the time, Zillow said that it planned to rebrand MLOA, and that’s just what it has now done, rebranding its mortgage business to carry the Zillow name.

“Getting a mortgage is often the hardest, most complicated part of buying a home. Since our inception, Zillow has been empowering people with information and resources to make smarter real estate decisions, including helping borrowers shop for the best lender and loan for their new home,” said Erin Lantz, vice president and general manager of mortgages at Zillow.

“With Zillow Home Loans we are taking an incredible step forward to deliver an integrated payments platform to complete the financing for Zillow Offers that delivers a more seamless, on-demand real estate experience today’s consumers expect,” Lantz added. “We continue to offer consumers the power of choice to shop for loans directly through Zillow Home Loans or through our popular mortgage marketplace.”

According to the company, homeowners using Zillow Offers to sell their home can “easily secure their financing through Zillow Home Loans, giving them the certainty to be able to sell their existing home and shop for a new home simultaneously.”

Additionally, homebuyers who want to purchase a home that Zillow owns may use Zillow Home Loans to “seamlessly finance their home purchase, giving them a convenient way to get into their new home on their timetable, with less hassle and stress,” the company said.

But the company added that the use of Zillow Home Loans is “not restricted” to Zillow Offers home sales. According to Zillow, borrowers may still use Zillow’s mortgage marketplace to shop for a lender and loan for any home purchase or refinanced loan.

Zillow Offers is now available in nine markets, according to Zillow. Zillow Home Loans is headquartered in Overland Park, Kansas, and has more than 300 employees.

Source: By Ben Lane, Housingwire

‘Now Is The Time to Refinance’ — Low Mortgage Rates Cause Surge In Refinancing

Last week’s massive dip in mortgage rates apparently pushed homeowners into action. According to new data from the Mortgage Bankers Association, refinancing was up 39% last week—hitting its highest point since January 2016.

Overall refinances accounted for nearly half of all mortgage applications—47.4%, specifically. For mortgage lender Better.com, the refi surge was even bigger. The company saw refinance loans make up 56% of its total loan activity in March. In total, Better.com had 893 refinance applications for the month.

Last week’s dip into low-4% mortgage rates is the big driver of this uptick in activity. According to Freddie Mac, the average rate on a 30-year fixed-rate loan as of March 28 was 4.06%. On 15-year fixed loans, it was 3.57%.

As Sathi Roy, Better.com’s head of refinance explains, “In the mortgage landscape, rates are king, and what we’re now seeing is that anyone who has thought about refinancing in the past year is now taking action on it.”

But rates are only the starting point. According to Roy, “learning from the mistakes of 10 years ago” is also what’s at work. With many experts saying a recession is looming. “People are trying to get ahead of what we experienced in 2008,” Roy said. “People are now starting to understand the importance of home equity and that a mortgage isn’t just a mortgage.”

Other major drivers of refinancing including divorce, the desire to tap into home equity for renovations or just the hot spring homebuying market.

“We see a spike in refinancing in the springtime, which is the busiest homebuying season,” Roy said. “Some people tap into equity of their house to buy a second house. Why save $100,000 when you’re already living in it?”

All About the Urgency

But refinancing wasn’t the only area to see a jump last week. According to the MBA, purchase loans were also up for the week. Total purchase activity was up 3% over the previous week and 10% over the year.

According to Joel Kan, associate vice president of economic and industry forecasting at MBA, “There was a tremendous surge in overall applications activity, as mortgage rates fell for the fourth week in a row—with rates for some loan types reaching their lowest levels since January 2018.”

Another notable stat? Average loan size on those purchase applications was down. And according to Kan, that’s a sign.

“The average loan size for purchase loans declined slightly, as applications for smaller purchase loan sizes exceeded that of higher loan sizes—a positive sign that first-time buyers were increasingly active in the market,” Kan said.

Still, despite this slight uptick in buying activity, Roy says the real urgency is for refinancers.

“The rate environment is tied to many different things, including the global economy, so although I cannot say with 100% certainty that rates will continue on this trend,” Roy said. “What I can say is that the cost of waiting is higher than the cost to put yourself in a better position. Now is the time to refinance.”

Source: Aly J. Yale

U.S. Mortgage Applications Spike 18 Percent in Late March

According to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 29, 2019, mortgage applications increased 18.6 percent from one week earlier.

The Market Composite Index, a measure of mortgage loan application volume, increased 18.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 18 percent compared with the previous week.

The Refinance Index increased 39 percent from the previous week, and was at its highest level since January 2016. The seasonally adjusted Purchase Index increased 3 percent from one week earlier. The unadjusted Purchase Index increased 4 percent compared with the previous week and was 10 percent higher than the same week one year ago.

“There was a tremendous surge in overall applications activity, as mortgage rates fell for the fourth week in a row – with rates for some loan types reaching their lowest levels since January 2018. Refinance borrowers with larger loan balances continue to benefit, as we saw another sizeable increase in the average refinance loan size to $438,900 – a new survey record,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “We had expected factors such as the ongoing strong job market and favorable demographics to help lift purchase activity this year, and the further decline in rates is providing another tailwind. Purchase applications were almost 10 percent higher than a year ago.”

Added Kan, “The average loan size for purchase loans declined slightly, as applications for smaller purchase loan sizes exceeded that of higher loan sizes – a positive sign that first-time buyers were increasingly active in the market.”

The refinance share of mortgage activity increased to 47.4 percent of total applications from 40.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 9.5 percent of total applications.

The FHA share of total applications decreased to 8.8 percent from 9.3 percent the week prior. The VA share of total applications remained unchanged from 10.4 percent the week prior. The USDA share of total applications remained unchanged from 0.6 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased to 4.36 percent from 4.45 percent, with points increasing to 0.44 from 0.39 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $484,350) decreased to 4.21 percent from 4.35 percent, with points decreasing to 0.25 from 0.27 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.41 percent from 4.48 percent, with points remaining unchanged at 0.48 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.78 percent from 3.87 percent, with points decreasing to 0.40 from 0.47 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs remained unchanged at 3.77 percent, with points increasing to 0.38 from 0.30 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

Source: Worldpropertyjournal

40th Kaduna fair: Mortgage bank has invested N5.03bn in 1,225 houses in Kaduna – MD

The Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Architect Ahmed Dangiwa, says the bank has invested N5.03 billion in 1,225 housing units in Kaduna.

Speaking during the banks’ day at the ongoing 40th Kaduna International Trade Fair, the MD said the houses were developed in six housing estates project sited in Kaduna city,  Kafanchan and Zaria.

He added that the bank has equally disbursed over N578 million as home renovation loans to 652 beneficiaries in the state and earmarked N572 million for disbursement to NHF contributors in the state in the current year.

He noted that 10,133 retirees have been refunded the cumulative sum of N965 million saying, “Aside from direct fund investment, the bank is a significant contributor to socio-economic development of the Kaduna state.

“Not only have we contributed to the housing stock, home ownership rate and improving living conditions through our home improvement micro housing loans,  we can boast of having generated over 200,00 direct jobs at an average of 17 jobs per housing unit delivered in the state.

“Towards improving the national housing scheme service delivery, the bank recently launched its ICT platforms for contributions to access records of NHF contributors and ensure they receive SMS alerts of monthly deductions,” he said.

He advised contributors to use any of the ICT channels to access the bank’s NHF services and assured of the bank’s commitment to sustaining its partnership with Kaduna state with regards to housing delivery.

He urged that such economic events must be fully supported by business entities and corporate bodies to enhance and strengthen economic recovery being witnessed currently.

He observed that trade fair create wonderful opportunities for innovative sharing of business ideas, products,  good and services and also create a conducive atmosphere for positive and profitable business-to-business interactions and partnerships.

Source: By Maryam Ahmadu-Suka,

Here are the 5 key themes dictating the direction of digital mortgages

The mortgage industry aims at technology to streamline processes and tackle workflow inefficiencies, financial burdens and better borrower experiences.

Housing activity is down, costs to close are up, and lenders being forced to get creative hope digital advancements help combat these tough conditions, while also simplifying the process for consumers.

But going digital is no easy feat. Technology investments push up closing costs, at least in the short term, and lenders targeting quicker closing times can only shave off so many days in such a fragmented industry. Evolving cyber security risks also need to be addressed.

Nonetheless, lenders are certainly making progress with tech and embracing things like artificial intelligence, with 2019 set to be an important year for innovation in the mortgage world, according to FormFree CEO and Founder Brent Chandler.

From rising closing costs to implementation strategies, here’s a look at five themes shaping the direction of digital mortgages in 2019, according to topics discussed at the Mortgage Bankers Association Technology Conference on March 24-27 in Dallas.


Money well spent?

Mortgage lenders utilize technology to make the process better for borrowers, but they’re also trying to drill down costs in a climate where housing activity lags on higher home prices and previous growth in rates.

But digital advancements are doing the opposite for closing costs. While this could be a result of upfront tech investments and implementation, it’s taking a toll on an already financially constrained industry.

The average total expenses to close a mortgage spiked, going to $8,405 in 2018 from $5,958 in 2013. Digitizing the process may not be the sole reason, but it’s a contributor, and is certainly putting the pressure on lenders to get creative to keep costs low.


Ingredients for success

Lenders are moving past optical character recognition and embracing artificial intelligence to streamline processes, but they’re not getting the whole picture.

At a time when institutions are extracting rich, comprehensive data, they’re then just converting that data to a PDF and shipping it off; efforts are being made to digitize the process, but the initiatives are not carried across the lifecycle of the loan.

Part of the problem is companies aren’t tackling issues piece-by-piece, and instead rely on one model to solve multiple issues. While one tool may be responsible for extracting data, another is likely required to facilitate it through an additional piece of the mortgage value chain.

The following formula can help institutions reach a successful technology implementation: identify a problem, determine whether they have the necessary data to settle the issue and then decide which machine learning model to use, according to David Frost, director of commercial mortgage servicing technology at Wells Fargo.


Holding back progress

In its pursuit of a better customer experience, the mortgage industry targets a quicker process, but its fragmented nature limits its efforts.

The average loan closing time fluctuated between 2012 to 2018, reaching a low within the range of 40.3 days in 2014 and a high of 48.2 days in 2012, according to Ellie Mae.

Though days to close did drop over the past couple of years, lenders are working to reduce it further, but they aren’t really addressing how compartmentalized the industry is.

“Everywhere you look its fragmentation upon fragmentation,” Aaron King, Snapdocs CEO, said in an interview. “Lenders have multiple technology components to stitch together, all these settlement agents, all these investors, all these underwriters. If you look at webcam notarization, if you look at e-notes, if you look at the adoption of all these really good technologies, none of them are getting traction because nobody is solving this network challenge.”

With technology quickened closing times are inevitable, though the amount of days that can be shaved off is up for debate.


The great debate

The conversation around mortgage technology is as much about the “what” as it is the “how.”

In taking tech steps forward, mortgage lenders evaluate whether building or buying a product is best for their business.

Purchasing a product is typically the quicker and most cost-effective option in the short run, as a tool is already in place for institutions to evaluate, and it’ll be more readily available for integration. But companies developing their own technology, though a hefty and potentially expensive task, have the advantage of customization, and may wind up spending less money down the line.

Companies tapping a vendor for tech should ensure a product will properly integrate, and those opting to develop their own must have adequate resources, manpower and a solid understanding of regulatory standards.

But whether built or bought, staying mindful of business objectives sits at the core of tech implementation, requiring heavy attention from business leaders and stakeholders over a tech department.


Privacy at a price

Mortgage lenders racing to adopt technology and streamline processes are also forced to battle increased data-privacy regulation and evolving cybersecurity risks extending beyond their own operations.

From securing their own data, to that of vendor partners, and even protecting borrowers from wire fraud, lenders are gearing up to battle a sea of potential risks, and all at a price.

If borrowers lose their down payment money to a scam artist who intercepts loan information and sends false wiring information for a down payment, they can no longer purchase that house and the lender loses a loan.

Wire fraud alone generated more than $1.4 billion in losses from over 300,000 cases in 2017, according to the FBI’s Internet Crime Complaint Center. The dollar volume and incidence of wire fraud has generally trended upward since 2013.

Source: By Elina Tarkazikis, National Mortgage News

Affordable Housing Requires a New Shape for Mortgage Industry

There are two essential parts to achieving affordable housing: building decent, low-cost homes, and developing a housing finance market that enables low-income earners to buy those homes. For, without finance, almost no home price is low enough to be affordable on an average salary.

For this reason, the mortgage market has been growing. Housing loans have risen more than ten-fold since 2006, from 1,278 loans valued at Sh19m 12 years ago to 24,458 loans valued at Sh203.3bn by 2015, according to the Central Bank of Kenya (CBK).

But the market still remains tiny when compared with other nations. In Tanzania and Uganda, the mortgage loan value is under 2.5 per cent GDP while in Kenya stands at 3.15 per cent of GDP by 2015. In South Africa, it contributed some 32 per cent of GDP.

Yet in countries where mortgages drive a large flow of home buying, home owners prime the pumps of the economy with additional spending power in an inflow that makes for faster economic growth.

However, our own mortgage market is held back by multiple constraints, including bureaucracy. Normally, the purchase of a property takes around three months to complete. For instance, mortgage finance in Kenya typically takes six months to arrange, mired in nine separate, manual, administrative processes.

These span land rent and rates clearance certificates, transfer filing and consent, the search, the valuation and its endorsement, and the stamp duty and lodging of documents. This process, which the government is now working to simplify, adds cumbersome work, as well as risk, thus increasing the cost of mortgages.

Most primary mortgage lenders in the region thus set higher mortgage rates and focus on high net worth individuals and high earners who can afford higher rates. They also run shorter repayment periods, ranging from as low as three years to an average of eight years.

But repaying at such high rates, so rapidly, puts borrowers under considerable pressure and leads to defaults, which today stand at some 12 per cent of Kenyan mortgages. It is additionally a model that offers very few opportunities for low and middle-income Kenyans to own homes.

We, thus, need a radical overhaul of mortgage financing if we are to achieve widespread home ownership, which is where mortgage refinancing comes in.

Providing a source of secure, long-term funding for mortgages has a direct impact on the affordability of home loans for home buyers and is a vital pillar to achieving a developed mortgage system. Such funding was critical, for instance, in Malaysia and Singapore, where about 80 per cent of houses are now mortgage-owned.

For this reason, the Kenyan National Treasury is contributing to the Affordable Housing Pillar of the BIG 4 Agenda by supporting the creation of a lending facility (the Kenya Mortgage Refinance Company) to provide longer-term funds for banks and SACCOs for residential mortgages in Kenya.

The Kenya Mortgage Refinance Company (KMRC) will provide secure funding to mortgage lenders so that they can offer more mortgages at lower prices. With such long-term funding, primary mortgage lenders will also be able to lengthen repayment periods to 15 to 25 years, and offer a fixed interest rate, making mortgages both safe and affordable for low income earners.

The new financing will mainly be available for lower cost housing, valued at less than Sh4m in Nairobi metropolitan area (Nairobi, Machakos, Kiambu and Kajiado) and Sh3m elsewhere. Likewise, to qualify for the housing loan, Kenyans must be earning less than Sh150,000 a month.

Refinancing the financial institutions will also enable them to expand their lending scope to finance developers as well, a strategy that can also be borrowed by other East African countries in meeting their affordable housing agendas.

The Government Affordable Housing project seeks to develop 500,000 houses in five years, which presents the largest real estate opportunity for a long time. But with the country having only managed to produce about 50,000 units over the last two to three years, achieving the targeted 100,000 houses a year will require considerable investment in construction.

The financing structures necessary to achieve this will be outlined in forums at the April 10th -11th East African Property Investment Summit, which aims to support the Government Affordable Housing Project. But as government and industry leaders convene to discuss the delivery of the targeted affordable housing, mortgage refinancing will be taking center stage as a crucial enabler.

Source: Johnstone Oltetia is the Interim CEO of Kenya Mortgage Refinance Company (KMRC)

FHA says as many as 50,000 mortgages will be affected by new lending rules

Two weeks ago, the Federal Housing Administration took steps to mitigate risks to its single-family portfolio, announcing updates to its TOTAL Mortgage Scorecard that will flag some loans for manual underwriting.

The move upset a number of lenders who feared that some of their borrowers would be shut out of FHA financing and that borrowers who began the process but no longer qualified under new guidelines would be angry.

Turns out, their fears have some merit.

An FHA official told The Wall Street Journal that approximately 40,000 to 50,000 loans a year will likely be affected, which amounts to about 4-5% to all the mortgages the FHA insures on an annual basis.

“We have continued to endorse loans with more and more credit risk,” said FHA’s Chief Risk Officer Keith Becker. “We felt that it was appropriate to take some steps to mitigate the risks we’re seeing.”

The WSJ points out that the move is a complete reversal of the agency’s 2016 decision to loosen underwriting standards, nixing an old rule that required manual underwriting for loans with credit scores below 620 and a debt-to-income ratio above 43%.

But the agency’s annual report to Congress released in November revealed risk trends that threatened to drain the program, among them a significant increase in cash-out refinances, a drop in average borrower credit score, and a jump in borrowers with high DTIs.

Requiring manual underwriting for riskier loans is intended to curb these risks, and there’s a good chance a number of borrowers will no longer qualify.

According to Becker, it’s likely that many of the loans flagged for manual underwriting won’t end up passing muster.

Source: Housingwire

Tokunbo lists benefits of New Mortgage Registry System

 

The Director, Other Financial Institutions Supervision Department, Central Bank of Nigeria, Mrs Tokunbo Martins has said the mortgage registry system would boost the level of internally generated revenues of states across Nigeria and make Asset Mortgage more transparent.

Mrs Tokunbo stated this in an interview with Abuja Housing show newsmen at the FSS2020 Mortgage Sector Forum 2019 held in Abuja on Wednesday.

Discussions at the forum centered on “using electronic mortgage asset registry system to develop the mortgage sector in Nigeria.”

While stating the challenges militating against the Mortgage sector in Nigeria, the Director explained that the proposed mortgage asset registry system would deepen the level of transparency in the management of mortgage assets across the country.

She identified low access to long term financing as one of the major challenges facing the sector, noting that the forum critically deliberated on the challenge and devised several measures for tackling it.

One of such measures, she said, was the development of a new Application and a USSD code that would make the National Housing Fund (NHF) more accessible and Transparent.

Mrs Tokunbo added that a Mortgage Interest draw back fund would be available to borrowers and developers who meet the prescribed conditions.

She expressed optimism towards the outcome of the forum and enjoined all sectors to boost their work load so that more progress could be attain.

Also present, the Director, Financial System Strategy (FSS2020), M.D Suleyman said more collaborations with stakeholders would ensure the actualization of the sector’s set objectives.

He added that mortgage cost was a challenge that has to be addressed.

Source: HousingNews­

Fannie Mae makes it official: Frater is CEO

Fannie Mae (FNMA/OTCQB), the largest provider of liquidity to the U.S. housing market, today announced that it has appointed Hugh R. Frater as Chief Executive Officer effective March 26. As CEO, Frater will set the overall enterprise vision and strategic direction of the company. In addition to his role as CEO, Frater remains on the Board of Directors. Frater previously served as Interim CEO.

“Following a six month nationwide search of qualified candidates, I am pleased to announce Hugh R. Frater as Fannie Mae CEO. Hugh’s deep understanding of the housing and the financial services industries, broad experience, and strong leadership skills make him an ideal choice to lead Fannie Mae,” said Jonathan Plutzik, Chair of Fannie Mae’s Board of Directors.

“Hugh’s contributions as Interim CEO over the last several months demonstrate his commitment to strengthening the company and delivering value to our customers and partners.

This appointment also provides continuity in Fannie Mae’s leadership team as we fulfill our mission to provide liquidity and support to the mortgage market.”

“I am honored with this opportunity to lead Fannie Mae and to play a part in the company’s important contributions to the housing finance system,” said Frater. “The Fannie Mae of today is customer focused, innovative, and committed to leading a housing finance system that is safe, sound, and sustainable for taxpayers and creditworthy borrowers of all income levels.

I look forward to continuing to work with this outstanding leadership team to deliver on Fannie Mae’s strategic priorities and transform the mortgage experience for our customers and partners.”

Frater served as Fannie Mae’s Interim CEO since October 16, 2018 and on Fannie Mae’s Board since 2016. He has held a number of executive and management roles throughout his career. Frater currently serves as Non-Executive Chairman of the Board of VEREIT, Inc.

He previously led Berkadia Commercial Mortgage LLC, a national commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties.

He served as Chairman of Berkadia from April 2014 to December 2015 and he served as Chief Executive Officer of Berkadia from 2010 to April 2014. Earlier in his career, Frater was an Executive Vice President at PNC Financial Services, where he led the real estate division, and was a Founding Partner and Managing Director of BlackRock, Inc.

Source: National Mortgage News

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