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mortgage-backed securities (CMBS), life insurance companies, Fannie Mae, and Freddie Mac. Together these groups hold more than 80 percent of commercial/multifamily mortgage debt outstanding. Construction and development loans are not included in the numbers presented here, but are included in many regulatory definitions of ‘commercial real estate’ despite the fact they are often backed by single-family residential development projects rather than by office buildings, apartment buildings, shopping centers, or other income-producing properties. The FDIC delinquency rates for bank and thrift held mortgages reported here do include loans backed by owner-occupied commercial properties.

Fannie and Freddie Renew Yuletide Eviction Suspension

Pacific Investment Management Co. (PIMCO) has filed a lawsuit against Citigroup Inc.,

NMP News Flash column Phone #: (516) 409-5555 E-mail: newsroom@nmpmediacorp.com Note: Submissions sent via e-mail are preferred. The deadline for submissions is the 1st of the month prior to the target issue.

I love working for Assurance and I have thrived here. With the support from management, experienced employees, marketing support and continuing education, I quickly became a top producer. The camaraderie is by far the best I have ever experienced. Courtney Arceneaux Loan Officer Houma, LA | NMLS# 829307

Damian Cook Branch Manager Atlanta, GA | NMLS# 203938

CLOSE MORE LOANS

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ON TIME. EVERY TIME.

Our compensation plans are what set us apart from other companies. There is flexibility and manager input on the structuring of the branch compensation plan and a great balance between pay and the rates we offer to our borrowers. Willie Tucker Branch Manager Madison, AL | NMLS# 174340

I’ve been here 7 months after 20 years in the business. I’m thrilled to be here. We have a very good product line. Our pricing is exceptional. I like the fact we have our own marketing department so we can spend more time getting loans. The support has been outstanding. Brent Edwards Branch Manager Metairie, LA | NMLS# 131432

Ready to dramatically increase your income? We’re hiring branch managers and loan originators throughout the South. Join our team and we’ll equip you to succeed. Best-in-class processing, underwriting and closing support—with a commitment to always close loans on time* Excellent compensation, great rates and competitive closing costs

Ready-to-use marketing materials and customized webpages for originators and branch managers Centralized compliance team

Company-paid licensing, training and education Direct Ginnie Mae issuer and Fannie Mae and Freddie Mac seller and servicer approved, with minimum credit overlays

RESIDENTIAL MORTGAGE LENDER WITH OFFICES THROUGHOUT THE SOUTHERN UNITED STATES * Based on reasonable and customarily expected timelines of 25-30 days. Results are subject to situations directly under lender control and not to include third-party instances that may delay the closing as they pertain to title and abstract, appraisal completion/conditions and buyer/seller clearing of lender conditions necessary to close.

Ready to start closing more loans?

Contact Paul Peters, CMB at (225) 239-7948 or email PPeters@LendTheWay.com today. www.LendTheWay.com

EQUAL HOUSING LENDER NMLS# 70876

n National Mortgage Professional Magazine n DECEMBER 2015

PIMCO Sues Citigroup Over Failed Mortgages

One of the things that is great about Assurance is that they are more responsive to the needs of the loan officer, like getting exceptions made and getting loans closed quickly. A lot of underwriters at other lenders are always looking for ways to say no. Our underwriters look for ways to get the loan closed, and our processors make sure we close on time.

Your turn National Mortgage Professional Magazine invites you to submit any information on regulatory changes, legislative updates, human interest stories or any other newsworthy items pertaining to the mortgage industry to the attention of:

NationalMortgageProfessional.com

Fannie Mae and Freddie Mac are continuing their annual Christmas-season tradition by announcing a nationwide suspension of eviction lock-outs between Dec. 18 and Jan. 3. Fannie Mae’s suspension of evictions will apply to single-family and two-to-four unit properties. Although legal and administrative proceedings for evictions may continue, Fannie Mae will allow residents to remain in the distressed property. Freddie Mac’s holiday policy impacts Freddie Mac-owned REO homes, but will not affect other pre- or post-foreclosure activities. Companies managing local evictions for Freddie Mac may continue to file documentation during the suspension period. “Today's announcement is intended to provide a greater measure of certainty to families during the upcoming holiday season,” said Chris Bowden, senior vice president of REO at Freddie Mac. “We also strongly urge homeowners who are facing financial challenges and possible foreclosures to explore Freddie Mac's workout options with their mortgage servicers. They do help and have prevented more than 1.1 million foreclosures since 2009." “As we have done in past years, we are suspending evictions during the holidays,” said Joy Cianci, senior vice president of credit portfolio management for Fannie Mae. “We also continue to remind homeowners who may be struggling with their mortgages to reach out for help. Options are available to avoid foreclosure, and we want to help pursue those options whenever possible.”

for its role in the failure of $13.8 billion in mortgage-backed securities during the years leading up to the 2008 recession. According to a Bloomberg report, more than two dozen PIMCO trusts plus Prudential Retirement Insurance & Annuity Co. and Aegon NV, the Dutch parent company of Transamerica Corp., filed a lawsuit yesterday in New York state court that charged Citigroup’s subsidiary Citibank NA was aware that the pools of loans backing the trusts

between 2004 and 2007 were polluted with toxic mortgages. "Citibank knew that the pools of loans backing the trusts were filled with defective mortgage loans that materially breached seller representations and warranties," the trusts said in their complaint, accusing Citigroup of putting together a trust collateral that included "spiraling defaults, delinquencies and foreclosures." While the plaintiffs did not offer specifics on the financial damages they were seeking, the bank’s monthly reports noted that the trusts lost more than $183.4 million by January 2009. Citigroup did not publicly comment on the lawsuit.

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National Mortgage Professional Magazine December 2015  

National Mortgage Professional Magazine December 2015  

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