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Firms Boast Agency Approvals

Fannie, Freddie and Ginnie approve issuers, sellers and servicers

June 20, 2013

By Mortgage Daily staff

Several firms recently touted their approvals as issuers, sellers or servicers for Fannie Mae, Freddie Mac and Ginnie Mae. Approvals were granted to residential lenders and commercial real estate lenders.

Atlanta-based Equity Loans LLC recently announced that it was approved by the Federal National Mortgage Association -- or Fannie Mae -- as a residential seller-servicer. The approval is for whole-loan execution.

Equity Loans says that its financial condition, organization, staffing, experience and written processes and procedures were carefully vetted and tested by Fannie in order to secure approval.

Other recent seller-servicer approvals by Fannie include Residential Finance Corp., which announced late last year its approval, and Residential Home Funding Corp., which disclosed its Fannie Mae approval last year.

The Federal Home Loan Mortgage Corp. approved LenderLive Network Inc. as a seller, according to an April announcement. Freddie had already approved the company as a servicer last year.

LenderLive says it helps community banks and credit unions that want to originate loans without significantly increasing fixed costs. Freddie's approval will help the Denver-based firm with this mission.

Commercial mortgage lender Greystone reported in May that it was approved as a national senior housing seller-servicer by Freddie. Greystone said it has been working with the government sponsored enterprises for more than two decades.

As a seniors housing seller/servicer, Greystone is one of a select number of firms approved to sell and service Freddie Mac loans for independent living, assisted living, memory care and rental continuing care properties located throughout the United States," the New York-based company said. "The designation will allow Greystone to better meet the financing needs of the rapidly growing senior sector."

Greystone said that lenders are evaluated by Freddie based on a number of qualifications in order to be considered for approval. Factors considered include GSE loan origination and underwriting experience for seniors housing properties, staff experience in the seniors housing market and track record of seniors housing loan performance.

Total Mortgage Services LLC announced on May 29 that it was approved by the Government National Mortgage Association as an issuer for the GNMA I and II single-family mortgage-backed securities program.

Milford, Conn.-based Total said that it had to undergo a rigorous screening process and be approved as an FHA mortgagee in good standing. It also needed a quality control plan in place for underwriting, originating and servicing loans. Regular financial reports need to be submitted each quarter to Ginnie Mae in order to maintain issuer approval.

A week earlier, Bay Equity Home Loans announced its Ginnie Mae approval. The San Francisco-based firm said it was already approved with Fannie and Freddie.

"Full agency approval means increased liquidity, freedom from investor overlays and purchase turn times, and the ability to issue mortgage-backed security pools direct to Wall Street," Bay Equity said.

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