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Posts Tagged ‘multifamily loans’

Wells Fargo was Freddie’s Top MHC Seller in 2015

February 6th, 2016 1 comment

freddie_mac_loan_volume_scotsmanguide__freddie_macFollowing a story MHProNews posted Jan. 14, 2016 regarding GSEs Fannie Mae and Freddie Mac’s multifamily loans for 2015, which totaled just under $90 billion, rebusinessonline reports CBRE was Freddie’s highest-producing multifamily mortgage seller with $6.96 billion in originations.

Making the announcement at the Mortgage Bankers Association (MBA) convention in Orlando, Freddie reported Wells Fargo Multifamily Capital was the top manufactured housing community seller and affordable housing seller with $3.53 billion in originations. Freddie ranked number five on the list of the top multifamily lenders.

The nation’s largest source of financing for multifamily housing, Freddie Mac’s loans range from $1 million to several billion dollars. Approximately 90 percent of the loans are for low-to-moderate income rental units. Additionally, Freddie securitizes about 90 percent of the multifamily loans it purchases, which transfers the credit risk from taxpayers to private investors. ##

(Image credit:scotsmanguide-Freddie Mac loan volume)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

FHFA Stretches Multifamily Affordable Housing Lending Categories

May 15th, 2015 Comments off

housing market  costar  credit    5 2015Both of the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, operate under a $30 billion cap for purchases of multifamily loans, according to costar. Since they each hit $10 billion in the first quarter, they would max out by the third quarter, leaving no available funds to finance deals in the latter half of the year.

Fortunately, the Federal Housing Finance Agency (FHFA), while not raising those caps, adjusted the affordable housing lending exclusions so that multifamily loan amounts purchased by the GSEs will cover the percentage of units in a property that are considered affordable to renters at 60 percent of the area median income.

In addition to continue excluding manufactured housing rental communities from the caps, as MHProNews reported April 21, 2015, the FHFA also excluded assisted living units for seniors providing they are affordable at 80 percent of the area’s median income. In very higher cost areas, the threshold will be raised to 80 percent of the area’s median income, and even to 100 percent in areas where renters spend a higher percentage of their income on rent.

FHFA Director Melvin L. Watt says, “By responding to continued strong growth in the overall multifamily finance market and making these adjustments, we have sought to achieve two objectives – facilitating ongoing liquidity in the multifamily market and further encouraging the enterprises’ involvement in affordable rental housing.

Additionally, exclusions from the previous caps only covered government subsidized rental units, but under the revisions, some conventional market-rate units may also be considered “affordable.” ##

(Image credit: costar)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

MH gets Small Bite of Fannie Mae Multifamily

February 4th, 2013 Comments off

Daily Markets informs MHProNews the $33.8 billion in multifamily loans that Fannie Mae and its lenders processed in 2012 builts nearly 560,000 units of housing. “In 2012 the multifamily market was strong, with solid fundamentals remaining in place,” said Jeffery Hayward, Senior Vice President, Head of the Multifamily Mortgage Business, Fannie Mae. “Private capital continued to return to the market, an important step to restoring a more normal lending environment.” In addition, 98 percent of the multifamily loans were through the Delegated Underwriting and Servicing (DUS) program, which requires lenders to have “skin in the game.” Manufactured housing communities received $912 million in 2012 from Fannie Mae, $377 million more than in 2011.

(Image credit: Forbes)