DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/687957
80 DELAWARE Stewart Valuation Services Receives Positive Ranking from Morningstar Stewart Valuation Services LLC an- nounced today that it has been assigned a 'MOR RV2' residential ranking with a positive forecast by Morningstar Credit Ratings, LLC. Stewart has received this recognition as a residential vendor in the asset valuation market. e assigned ranking reflects Stewart's dynamic workflow, imbedded quality control standards, regulatory compliance, and the or- ganizational expertise in the managing process. Stewart is a provider of appraisal management services and valuations for the real estate lending industry. Products and technology are used by mortgage originators, default servicing organiza- tions, home equity lenders, and capital markets. "Stewart is honored to receive this ranking from Morningstar," said Bill Sullivan, EVP, Valuation Services and National Sales, Stewart Lender Services. "Morningstar's thorough analysis is a direct reflection of the profession- alism of our Stewart associates, our dynamic workflow controls, and the expertise of our staff appraiser and panel partners. is rank- ing is an affirmation of Stewart's commitment to excellence, quality and service." DISTRICT OF COLUMBIA Mike Heid Elected to Fannie Mae Board of Directors Fannie Mae has announced in an 8K filing with the Securities and Exchange Commis- sion that Michael J. Heid has been elected to Fannie Mae's Board of Directors. Heid, 59, previously served as EVP (Home Lending) of Wells Fargo & Company from 1997 until January 2016 and was employed by Wells Fargo or its predecessors since 1988. His positions with Wells Fargo Home Mortgage, the bank's mortgage banking division, include serving as president from 2011 to September 2015; co-president from 2004 to 2011; and chief financial officer and head of loan servicing prior to 2004. "Fannie Mae will benefit from Mike's experience and knowledge as we continue our mission to provide responsible, affordable, long-term mortgage financing," a Fannie Mae spokesperson said. Over the years, Heid has been actively involved in legislative and regulatory policy matters that affect the mortgage industry. "Mike played an integral role in aligning the industry during a critical time, by display- ing unparalleled leadership in working with both the Bush and Obama Administrations and the U.S. Treasury Department during the height of the U.S. housing crisis," said Ed Delgado, president and CEO of e Five Star Institute. "e industry and the country should be thankful for his efforts." According to the 8K filing, Wells Fargo was Fannie Mae's largest single-family customer in 2015, accounting for approximately $63.7 billion in loan deliveries—which comprised about 13 percent of Fannie Mae's single-family volume. A Wells Fargo subsidiary was Fannie Mae's largest multifamily customer last year. VIRGINIA Freddie Mac: No Draw on Treasury for Now, But. . . First the good news from Freddie Mac's Q1 2016 Financial Results: Freddie Mac will not need a draw on Treasury for the time being. Now the bad news: Freddie Mac reported a net loss of $354 million for the first quarter following a net profit of nearly $2.2 billion in Q 4. Not only that, but Q1 marked the second time in the last three quarters that Freddie Mac suffered a net loss; for the third quarter of 2015, the net loss was $475 million. Taxpayers can breathe a sigh of relief after receiving the news that Freddie Mac will not need a draw on Treasury following widespread speculation in the previous week or so that Freddie Mac would need another draw due to the GSEs' dwindling capital buffer, which is currently $1.2 billion. However, while not needing a draw on Treasury, Freddie Mae will not be making any dividend payments to Treasury for Q2 2016 (the dividend payment for Q1 was $1.7 billion based on Q 4's net profit of $2.2 billion). Fred- die Mac's total cumulative dividend payment to Treasury since 2008 is $98.2 billion, or $26.9 billion more than the $71.2 billion bailout that Freddie Mac took in 2008. Freddie Mac has not taken a draw on Treasury since 2012; they did not need one after taking nearly a half bil- lion dollar net loss in Q 3 last year. e $354 million net loss for Freddie Mac in Q1—a decline of $2.5 billion from the previ- ous quarter—was primarily driven by two market-related items, according to Freddie Mac: Connecticut Planet Realty, LLC Sales@CTREOTEAM.com 203-982-4985 cell www.CTREOTEAM.com Security • Preservation • Disposition Steve Rivkin New Jersey Lisa G Lopez Broker of Record Home Alliance Realty 142 E. Bay Ave Manahawkin, NJ 08050 609-978-9009 (o) 609-384-5109 (c) lglopez@verizon.net www.HomeAllianceRealty.com www.LisaLopezProperties.com New York Todd Yovino Broker/Owner Island Advantage Realty, LLC Metropolitan New York and Long Island's Default Specialist for Over 27 Years Todd@iarny.com | 631-820-3400 www.islandadvantage.com Delaware ranked 40th among states in bankruptcy filings year- to-date in 2016 through the end of April with 1,084, according to AACER Bankruptcy Data reported by Epiq Systems. KNOW THIS