Fannie Mae closes 2015 risk-sharing program with latest deal with insurers

"Nineteen insurers and reinsurers participated on these two front-end CIRT transactions, providing Fannie Mae the certainty of forward coverage on loans that we will acquire over a 12-month period.

As part of its effort to reduce the taxpayers’ burden, Fannie Mae announced Friday that it completed its fifth and sixth credit risk-sharing transactions as part of its Credit Insurance Risk Transfer program. Through these latest deals, Fannie Mae said that it has acquired more than $800 million of insurance coverage on over $32 billion [.]

The latest CIRT deal is Fannie Mae’s fourth such deal since the program launched in Dec. 2014, and its third CIRT deal in 2015. Also, the latest deal, CIRT-2015-3, attracted an international.

The initial deal, for$298.9 million in 2015, was used to reinsure a portfolio of debt word policies released from 2009 by a initial entertain of 2013. The second deal, for $298.6 million in 2016, was used to reinsure a portfolio of debt word policies released in 2008 and before years. Arch is.

The deals. date thereafter. Fannie Mae may cancel the coverage at any time on or after the 5-year anniversary of the effective date by paying a cancellation fee. Fannie Mae closed out its 2015.

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Fannie Mae produced an automated underwriting system (AUS) tool called Desktop Underwriter (DU) which lenders can use to automatically determine if a loan is conforming; Fannie Mae followed this program up in 2004 with Custom DU, which allows lenders to set custom underwriting rules to handle nonconforming loans as well.

Fannie Mae priced its third credit-risk sharing deal on Wednesday. Previous C-deal offerings included reference loans with up to 80% original ltv ratios. The offering is scheduled to close on May.

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established guidelines governing single -family credit risk sharing by Fannie Mae and Freddie Mac (the Enterprises) with the intent of reducing their overall risk and, therefore, the risk they pose to taxpayers while they are in conservatorship. Fannie Mae and Freddie Mac started to implement their credit risk transfer (CRT) programs in

15:15 ET Subscribe to our weekly e-newsletter, Top news. risk-sharing pilot expands role of private insurers. Freddie Mac rolled out a new risk-sharing pilot program this week to test the waters for eventually seeking deeper coverage of loan-default risk through private mortgage insurers.

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