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Fannie Mae releases updates on leasehold estates, manufactured homes, fraud prevention
The newly-updated Fannie Mae Selling Guide for November has aimed to modernize special property eligibility and underwriting considerations for leasehold estates, and it has revised the government-sponsored enterprise (GSE)’s project review requirements for properties secured by manufactured homes.The Selling Guide has also updated requirements “related to the market area analysis of the appraisal report and add[ed] standardized definitions relevant to appraisal market areas to the glossary.” It also clarifies that sellers and servicers are “responsible for preventing, detecting, and reporting mortgage fraud.”Regarding the leasehold provisions, the GSE revised its eligibility requirements “to provide clarifications and update lease requirements, address scenarios related to leasehold estates in projects, and to include co-ops as eligible property types,” according to the update.This has included the addition of a “definitive list of eligible property types, definitions, and exceptions to the leasehold topic,” as well as clarification of leasehold provisions related to first-lien enforceability, appraisal and title insurance.The guide has also clarified that for manufactured homes located within a larger project, the homeowners association “must be the lessee.” And it updates certain lease requirements such as those for default notifications and options for the cure and merger of title. These provisions go into effect in March 2025.The guide has also added a project review for manufactured homes, including those on leasehold estates.“To facilitate lending for manufactured homes in projects, we clarified policy to resolve inconsistencies related to when a manufactured home requires submission to Project Eligibility Review Service (PERS),” the update reads. It emphasized that manufactured homes in co-op projects “remain ineligible project types and cannot be delivered to Fannie Mae.” This policy is effective immediately.There is also a section on appraisals. Fannie Mae is collaborating with fellow GSE Freddie Mac to update requirements related to ”the Market Area analysis of the appraisal report and implementing standardized definitions for the terms ‘Neighborhood’ and ‘Market Area.’” Fannie urges sellers to implement these changes immediately, but they must be in place starting in February 2025.Finally, the update aims to clarify responsibilities when cases of mortgage fraud are detected.“Sellers and servicers are responsible for preventing, detecting, and reporting mortgage fraud,” the update said. “Sellers and servicers are reminded to have policies and procedures in place to ensure the integrity of information and processes at every stage in the life of a mortgage, from application through servicing.”For any sellers or servicers not already complying with this requirement, compliance is encouraged immediately but must be completed by March 2025.
Longbridge parent posts softer Q3 earnings while touting proprietary reverse performance
Ellington Financial, the parent company of top-five reverse mortgage lender and servicer Longbridge Financial, saw its net income attributable to common stockholders fall in the third quarter of 2024 to $16.2 million — down from $52.3 million in Q2 — but company leaders said that the proprietary reverse mortgage product line offered by Longbridge continues to show strength.Ellington presented its third-quarter earnings results in a conference call on Thursday following the close of the market. The company noted an increase in its adjusted distributable earnings (ADE), which it credited to Longbridge’s proprietary programs.Longbridge has offered its “Platinum” line of proprietary reverse mortgages with lending limits in excess of the Federal Housing Administration (FHA)’s Home Equity Conversion Mortgage (HECM) program for years. Ellington CEO Laurence Penn noted that the lender’s ADE contribution has steadily increased each quarter in 2024.Longbridge performanceLongbridge had a net loss attributable to common stockholders of $2.5 million in Q3 2024, largely reversing a gain of $4.5 million in Q2. This was “driven by net losses on interest rate hedges, partially offset by positive results in originations,” the company explained.“We had a mark-to-market gain on our HMBS MSR equivalent, but this gain was muted by wider HMBS yield spreads, which resulted in a net loss on this position after taking into account the net losses on the interest rate hedges that we hold against this position,” it explained in a statement.Wider HMBS yield spreads impact the value of its HMBS mortgage servicing rights, since they lower projected servicing income that “stems from the right to fund and securitize future borrower draws.” The segment also recorded declines in HECM origination margins that were also driven by wider HMBS yield spreads.But the lender’s proprietary reverse originations saw net gains related to a July securitization work alongside “improved origination margins and higher volumes, [leading] to strong profits in that product line,” the company explained.“Our Longbridge segment represents about 12% of our equity capital allocation, so it’s great to see ADE having steadily improved in that segment,” Penn said during the earnings call. “I’ve been consistently highlighting our Longbridge segment as holding significant untapped potential for Ellington Financial. Even if Longbridge’s ADE can stabilize around $0.09 per share per quarter, we should be in excellent shape from a dividend coverage standpoint.”Net loss, with a catchJR Herlihy, Ellington’s chief financial officer, went deeper into the quarterly earnings of Longbridge, saying that the company had “strong results and originations” despite recording a GAAP net loss of $0.03 per share in Q3. But that loss needs to be qualified, he added.“This net loss was driven by interest rate hedges as rates fell during the quarter,” Herlihy said. “We had a mark-to-market gain on our HMBS MSR equivalent, but this gain was muted by wider HMBS yield spreads, so the gain didn’t keep pace with the net losses on interest rate hedges that we hold against this position.”While there was a decline in HECM origination margins driven by the wider HMBS yield spreads, this was “partially offset” by higher volumes, he added. But he reiterated the strong profit contribution of the lender’s proprietary reverse mortgage products.“In total, origination volume at Longbridge increased 16.5% sequentially even as industrywide volumes were down overall for the quarter,” Herlihy said. “Notably, Longbridge contributed $0.12 per share of ADE in the third quarter, driven by the strong quarter from proprietary reverse.”
How will a GOP-controlled government impact retirement policy?
Following the resounding election victory of Donald Trump this week and the retaking of the U.S. Senate by the Republican Party, retirement and tax policy could be significantly impacted following the transfer of power, according to the National Association of Plan Advisors (NAPA).A political majority in the U.S. House of Representatives remains unclear, but should the GOP also capture control there, then the Republican Party will have control over the executive and legislative branches of government, as well as the judicial branch that is likely to persist for decades.In terms of impacts on retirement policy, NAPA said the most immediate changes stemmed from incoming leadership to powerful Senate committees. Chairs of these committees have latitude to choose the legislative agenda for Congress. Sen. Mike Crapo (R-Idaho) is poised to assume control of the Senate Finance Committee that oversees “the Internal Revenue Code, Social Security, tariff and trade issues, as well as healthcare related tax issues, among others,” NAPA wrote.The Senate’s Health, Education, Labor and Pensions (HELP) Committee, currently led by Sen. Bernie Sanders (I-Vt.), is likely to be helmed by Sen. Bill Cassidy (R-La.).“The HELP Committee has primary jurisdiction over private retirement plans and the Pension Benefit Guaranty Corporation through ERISA (the Employee Retirement Income Security Act),” NAPA explained. “But it does share jurisdiction with the Finance Committee, as it relates to tax policy and ERISA issues.”Crapo has a history of bipartisanship on retirement issues, including his role in passing the SECURE 2.0 legislation alongside Senate Democrats. He also helped pass the Senior Safe Act ”to increase protections for older investors from financial exploitation and abuse,” NAPA said.Cassidy is also a supporter of “collective investment trusts (CITs) in 403(b) plans, as well as legislation to establish an automatic re-enrollment safe harbor,” NAPA said. Cassidy has also sponsored legislation that would lower the minimum participation age “for ERISA-covered defined contribution (DC) plans from age 21 to age 18.” He opposes environmental, social and governance (ESG) investments.At the Mortgage Bankers Association (MBA)’s Annual Convention and Expo in Denver last month, MBA executive Bill Killmer described that there would be something of a “tax super bowl” debate in Congress regarding the imminently expiring Tax Cuts and Jobs Act. The TCJA is one of Trump’s signature legislative accomplishments during his first term in office.The debate on reauthorizing or expanding the law was thought to be particularly fraught if Democrats maintained congressional majorities and held onto the White House, but the likelihood that none of these will happen has risen significantly since Election Day. “The TCJA made some changes to the retirement tax system, but the roughly $1.5 trillion tax reform legislation delivered major tax relief to corporations, pass-through entities and individual filers, and simplified the system in numerous ways,” NAPA said.But the upcoming budget debate is still expected to be animated, considering that the majorities in the legislative branch will remain thin and the budget reconciliation process can only go so far.“During the campaign, President Trump discussed eliminating the taxation of Social Security benefits and the tax on tips, as well as implementing broad-based tariffs in exchange for additional tax cuts. That would presumably be part of this forthcoming budget debate,” NAPA said.
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