Residential lenders have reported that they have been approved to sell and service government-sponsored enterprise loans and government-insured mortgages. Two big names in the business disclosed agency approval on commercial mortgages that are secured by apartment buildings.
The Federal Home Loan Mortgage Corp. approved NewFed Mortgage Corp. as a direct mortgage seller and servicer, a Feb. 2 statement said. The approval is expected to enable the Danvers, Massachusetts-based firm to increase the scope of its mortgage options and sharpen its pricing.
“The designation as a seller/servicer also allows NewFED access to Freddie Mac tools, such as the Workout Prospector, which allows lenders to analyze and structure foreclosure alternatives for borrowers, helping them to avoid the foreclosure process,” the news release stated.
NewFED noted that its portfolio managers can also use Freddie’s Loan Coverage Advisor, a platform that compiles and distributes loan representation and warranty relief dates as well as other loan-level data.
In Chicago, Neighborhood Loans was approved by the Federal Housing Administration as a Full Eagle FHA Direct Endorsed Lender, according to a news release last month. The approval gives the lender the ability to underwrite FHA loans in house.
PSL Insurance Company LLC was approved to become a member of the Federal Home Loan Bank of Cincinnati, as of Oct. 5, 2015, a press statement from parent Parkside Lending said.
“Through its FHLB membership, Parkside Lending will provide leverage to its affiliate, Parkside Mortgage Trust, a Real Estate Investment Trust,”
the San Francisco-based company said.
In commercial real estate lending,
PennyMac Mortgage Investment Trust disclosed on Jan. 20 that it was approved to originate and service multifamily loans under Freddie Mac’s Small Balance Loan program. Loans covered in the program range from $1 million to $5 million.
PennyMac Chairman and Chief Executive Officer Stanford L. Kurland called the approval “a major milestone in the development of” the Moorpark, California-based firm’s
commercial mortgage business.
Also achieving approved for
Freddie’s Small Balance Loan offering was Capital One Multifamily Finance, a recent statement said.
“Capital One was selected for its expertise in commercial real estate, especially in the smaller loan market,” Freddie Mac Multifamily Executive Vice President David Brickman was quoted as saying in the announcement.
Bellwether Enterprise Real Estate Capital LLC said Friday that its Irvine, California, office was approved under the Freddie Mac Multifamily Program Plus network for California loans.
“The network is a highly selective group of experienced multifamily lenders with branches across the country for specific geographic regions,” the statement said.
The Government National Mortgage Association approved
Churchill Mortgage Investment LLC as an issuer of multifamily mortgage-backed securities, a recent announcement indicated.
With the approval in hand, Churchill can pool and securitize its own FHA and USDA-RD 538 loans.
