Multifamily

The Federal Housing Administration's risk-sharing program with the Federal Financing Bank began as a temporary fix, but the agency is exploring how to make it more permanent.

High property values and low mortgage rates pushed commercial and multifamily originations beyond their projected totals in 2017 to a new market peak, according to the Mortgage Bankers Association.

First Foundation sold loans to Freddie Mac to free up space for higher-yielding credits. It then bought the securities that were formed to replace other, lower-yielding assets through an often overlooked program.

The GSE recently transferred $166 million portion of risk on $11.1 billion of loans via contracts with seven reinsurers and insurers; it plans to come to market two or three time a year going forward.

Redwood Trust has priced a new stock offering that is aimed at increasing funding to new initiatives like investments in the single-family rental and multifamily sectors as well as routine business.

The security that was incorporated into the index is backed exclusively by loans on green building certified properties; the GSE is still working on acceptance of financing for green upgrades.

Fannie Mae's multifamily volume hit another record high of $67 billion in 2017 as former top producer Wells Fargo nearly halved its volume and nonbank competitors increased their market share.

The $280 million securitization is also expected to boost capital levels and lower Dime's loan-to-deposit ratio.

Freddie Mac is broadening its capital markets vehicles with its first offering of participation certificate securities backed by multifamily tax exempt loans.

The $1.5 billion FREMF 2017-K1 has a in-trust stressed loan-to-value ratio of 120%, as measured by Kroll; that's projected to fall to 108.7% when the deal matures.