FHFA GSEs Overhaul Mortgage Insurance Master Policy

first_img Agents & Brokers Attorneys & Title Companies Fannie Mae FHFA Freddie Mac Investors Lenders & Servicers Mortgage Insurance Service Providers 2013-12-02 Tory Barringer December 2, 2013 449 Views Share in Secondary Marketcenter_img FHFA, GSEs Overhaul Mortgage Insurance Master Policy Moving forward on another of its performance goals for 2013, the “”Federal Housing Finance Agency””:http://www.fhfa.gov/ (FHFA) announced Monday that “”Fannie Mae””:http://www.fanniemae.com/portal/index.html and “”Freddie Mac””:http://www.freddiemac.com/ have completed a major overhaul of mortgage insurance master policy requirements.[IMAGE]Earlier in the year, FHFA laid out its “”2013 Conservatorship Scorecard””:http://www.fhfa.gov/webfiles/25023/2013EnterpriseScorecard3413.pdf, which–among other things–calls for the GSEs to develop aligned requirements for master policies. Through an ongoing effort, FHFA says both enterprises have worked with the mortgage insurance industry “”to address and update gaps in the existing master policy framework.””””Updating the mortgage insurance master policy requirements is a significant accomplishment for Fannie Mae and Freddie Mac,”” said FHFA acting director Ed DeMarco. “”The new standards update and clarify the responsibilities of insurers, originators and servicers and they enhance the insurance protection provided to Fannie Mae and Freddie Mac, which ultimately benefits taxpayers.””The “”new requirements””:http://www.fhfa.gov/webfiles/25856/MIpolicy120213F.pdf include a number of provisions intended to facilitate faster and more consistent claims processing, establishing specific timeframes and creating standards for the circumstances under which coverage must be maintained and when it may be revoked.Also included are requirements for master policies to support recently developed loss mitigation strategies and guidelines to promote information sharing among mortgage insurers, servicers, and the GSEs.FHFA anticipates the master policies will go into effect in 2014 pending review and approval by state insurance regulators. Both enterprises will provide guidance to lenders and servicers in the coming weeks regarding specific effective dates.For their parts, Fannie Mae and Freddie Mac both put their support behind the new master policies.””The updated master policy for mortgage insurance announced today builds on the market reforms of the past five years, and we were happy to work with FHFA to bring about this latest step toward greater operational efficiency and transparency in the mortgage market,”” said Paige Wisdom, EVP and chief enterprise risk officer at Freddie Mac. “”We look forward to working with our servicers and the nation’s mortgage insurers as they adopt the new master policy.””””Mortgage insurers are an important part of the mortgage finance system and these changes help lay the foundation for a stronger system going forward,”” added Andrew Bon Salle, EVP of single-family underwriting, pricing, and capital markets at Fannie Mae. “”These updates will help us better manage our credit risk, which we believe will ultimately benefit Fannie Mae, mortgage insurers, homeowners and taxpayers.””last_img read more

London UK – Reported by Elite Traveler the Pri

first_imgLondon, U.K. – Reported by Elite Traveler, the Private Jet Lifestyle MagazineIf there was anyone, watchmaker or watch enthusiast who wanted to attend a dinner, it was the one organised to honour George Daniels on Thursday, June 24, 2010 at the Lanesborough Hotel in London. The dinner was hosted to celebrate the extensive achievements, innovation and expertise George Daniels brought to the watch world.This exclusive and memorable dinner was organised by F.P.Journe’s long time London partners John and William Asprey, (William & Son, our UK agent) during which François-Paul Journe was honouring his long time friend and mentor George Daniels, one of the foremost watchmakers of the 20th century, who gave him the creative inspiration that has significantly stirred his horological career.F.P.Journe declared: “Without George Daniels, I would most certainly never have stared to make my first watch: George is definitely the foremost watchmakers of this 20th Century. It was in 1969, when the mechanical watch industry was dethroned by the arrival of quartz, that you started making your first watch. You were the pioneer; the first watchmaker who showed us the path to horology of Art, a non-utilitarian horology. The rest proved you were right, Swiss horology was back from the ashes in constructing watches of Art and ceremonial timepieces; the landscape repopulated in two decades.You have opened the main door of contemporary horology and showed us the path back to authentic watchmaking with innovation sense, in the respect of the grand horological tradition of our great watch masters. He opened the main door; I could only follow in opening others. But the most difficult to open was definitely the first one. George I am proud to be your friend and I wish to thank you immensely for all the incentive and inspiration you brought me, and I could only hope there would be more watchmakers like us making real horology.”François-Paul Journe then presented a thoughtful homage timekeeper to George Daniels, a Chronomètre Souverain of his collection, especially made for him and dedicated on the bridge of the movement: FP to George Daniels my Mentor 2010.The evening gathered some of the most prominent faces of the horological scene, who had a serious implication in bringing back the long gone memories of the great watch masters: independent master watchmakers and some of George Daniels’ intimate friends.Dr George Daniels, Master Watchmaker – Roger Smith, Master Watchmaker, former pupil of George Daniels – Jonathan Betts, Senior Watch specialist at the Royal Observatory of Greenwich – Tina Millar, Former Head of the Watch Division at Sotheby’s – John and William Asprey, William & Son – Sebastian Whitestone and Andrew Crisford, Bobinet – a few privileged watch collectors such as Stephen Luk, Anthony Kingsley, David Sitwell or David Newman, the editor of QP Magazine James Gurney and of course, François-Paul Journe.www.fpjourne.comlast_img read more