Fannie Mae’s most recognizable headquarters in Washington, DC, along with two others, recently hit the market as the GSE plans to sell the properties in preparation for its move downtown in 2017. Commercial real estate firm Cushman & Wakefield began marketing the GSE’s three properties in late October. They include the storied main building at 3900 Wisconsin Ave., which replicates Williamsburg, VA, architecture, a smaller building at 3939 Wisconsin Ave. and Fannie’s 1990’s-era building at 4240 Connecticut Ave. The primary building and land are currently valued at approximately $92.1 million, according to 2015 records from the DC Office of Tax and Revenue. The Connecticut Avenue building is valued at $84 million and the 3939 Wisconsin Ave. building is...
Most publicly-traded companies reported declining net earnings from their mortgage banking operations during the third quarter of 2015, according to a new Inside Mortgage Trends analysis. A diverse group of 34 major mortgage lenders that includes most of the top lenders and servicers posted a combined $3.56 billion in income from their mortgage banking activity during the third quarter. That was down 25.8 percent from the second quarter of 2015. The declining profitability was...[Includes one data table]
Vendors that have been supplying the mortgage lending community with the technology necessary to implement the Consumer Financial Protection Bureau’s integrated disclosure rule are suddenly under regulatory scrutiny over the struggles some lenders have had in being fully compliant with the new regulation. The so-called TRID rule took effect Oct. 3, 2015. A dark cloud began...
Mortgage lenders made it tougher for borrowers to obtain mortgage credit in the second quarter of 2015 compared to the first three months of the year. The mortgage credit availability index overall fell slightly in the second quarter to 5.3, down from 5.5 in the prior quarter, although that level still remains above the low of 4.6 in the third quarter of 2013, according to the Urban Institute’s Housing Finance Policy Center (HFPC). The HFPC uses...
FCI Lender Services, the nation’s largest private-money servicer, is sticking its toe in the lending market by teaming up with Blackrock Mortgage Investment to extend credit to investors in single-family rental properties. This month, the Anaheim, CA-based FCI rolled out two SFR products and one tied to investors looking to buy nonperforming mortgages. According to a rate sheet provided to Inside Mortgage Trends, one of the SFR products requires...
Nobody likes getting a mortgage, but interactive technology – if implemented correctly – can make the process significantly more transparent and less stressful, industry experts say. There is an opportunity in technology to make the system more transparent and help educate the next generation of homeowners, as well as minority groups, said Robert Greenbaum, director of communications and marketing at Fannie Mae, during a panel session at the annual convention of the Mortgage Bankers Association. “They aspire...
The top five servicers still accounted for over half (53.3 percent) of the total for the top 50 servicers, but that was down from 57.0 percent a year ago.
The company, whose share price was hammered this past summer after disappointing 2Q results, promised investors that it will be break even in 2016 or “modestly profitable.”