TheMReport — News and strategies for the evolving mortgage marketplace.
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62 | Th e M Rep o RT O r i g i nat i O n s e r v i c i n g a na ly t i c s s e c O n da r y m a r k e t SECONDARY MARKET LocaL edition gses directed to delay g-Fee changes Planned alterations will undergo thorough evaluation by new FhFa head. WASHINGTON, D.C. // The Federal Housing Finance Agency (FHFA) announced that it has directed Fannie Mae and Freddie Mac to delay implementa- tion of planned changes to the companies' guarantee fee (g-fee) structure. In early December, FHFA— through acting director Edward DeMarco—announced plans to increase the base g-fee for all mortgages by 10 basis points, up- date the upfront g-fee grid, and eliminate the upfront 25-basis- point adverse market fee that has been assessed on all mortgages purchased by the GSEs since 2008. The changes were expect- ed to take effect in March and April of this year. However, FHFA director Melvin L. Watt said he first wants to conduct a thorough evaluation of the proposed changes and their likely impact. In a statement to the press, FHFA said Watt's assessment of the fee adjustments would be completed "as expeditiously as possible." The agency says lenders will have at least 120 days from the completion of that evaluation before any changes must be implemented. "The implications for mort- gage credit availability and how these changes might interact with the new qualified mortgage (QM) standards could be signifi- cant. I want to fully understand these implications before decid- ing whether to move forward with any adjustments to g-fee pricing," Watt said in announc- ing the delay. Watt had previously alerted the market and industry partners that the g-fee hike would be post- poned in late December, prior to officially taking up his new post. southeast sales manager rejoins 360 mortgage group industry veteran brings his exPertise to the austin. TexAS // Austin, Texas' 360 Mortgage Group announced the return of Gino Berchock to his old role as Southeast Regional Sales Manager. Berchock rejoins 360 Mortgage from Pacific Union Financial, where he was also Southeast Regional Sales Manager. Throughout his more than 20- year career, he has held similar positions at Clearpoint Funding, Countrywide, SunTrust Bank, Sovereign Bank, and Cedent Mortgage. He has also served as VP and branch manager at Sovereign Bank/Philadelphia Mortgage Corp. "We are thrilled to have Gino rejoin our sales leadership team to help support and expand 360 Mortgage Group's mortgage broker network in the Southeast market," said Mark Greco, 360 Mortgage's president and founder. "Gino has a proven track record of building and leading highly effective sales teams and his proven extensive background and knowledge will drive expansion across this important region by providing mortgage brokers with superior technology, service, prod- ucts and pricing." Now that he's back in the saddle at 360 Mortgage, Berchock will resume his focus on bringing in high quality sales executives and expanding the company's footprint in the region, spe- cifically in Louisiana, Alabama, Georgia, Tennessee, Florida, South Carolina, and North Carolina. "Investing in highly-qualified sales leaders like Gino, who can recruit, coach, and motivate a team of sales professionals, will help our customers engage more borrowers enabling them to increase their production volume and market share," said Al Crisanty, VP and National Wholesale Director. FHFA announced plans to increase the base g-fee for all mortgages by 10 basis points, update the upfront g-fee grid, and eliminate the upfront 25-basis-point adverse market fee that has been assessed on all mortgages purchased by the GSEs since 2008.