Mortgage Banking Survey: Agency Caps on 2nd Home and Investment Property Loans

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* 1. Please Provide your contact information. This will NOT be disclosed in survey results.

First and Last Name *

Company *

Title/Job Role

Email Address *

Phone Number *

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* 2. How much of a concern to your business are these new caps in the SHORT TERM? 1 Being the greatest concern, 5 being the least concern.

1. Greatest concern

2. Some concern

3. Neutral

4. Little concern

5. No concern

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* 3. How much of a concern to your business are these new caps in the LONGER TERM? 1 Being the greatest concern, 5 being the least concern.

1. Greatest concern

2. Some concern

3. Neutral

4. Little concern

5. No concern

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* 4. What is your understanding of the lookback period used to determine the 7% cap? (If you have heard multiple responses from the same GSE, please select all which apply).

	Fannie Mae	Freddie Mac
52 Week Lookback	52 Week Lookback Fannie Mae	52 Week Lookback Freddie Mac
YTD Lookback	YTD Lookback Fannie Mae	YTD Lookback Freddie Mac
No lookback period used	No lookback period used Fannie Mae	No lookback period used Freddie Mac
Not a Seller to this agency	Not a Seller to this agency Fannie Mae	Not a Seller to this agency Freddie Mac
Unsure/Not Clear	Unsure/Not Clear Fannie Mae	Unsure/Not Clear Freddie Mac

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* 5. What guidance has been provided by the GSEs in regards to 2nd/Inv Prop loan sales going forward? (check all that apply)

	Fannie Mae	Freddie Mac
YTD sales MUST be below 7% cap by specified date	YTD sales MUST be below 7% cap by specified date Fannie Mae	YTD sales MUST be below 7% cap by specified date Freddie Mac
Past 52 week sales MUST be below 7% cap by specified date	Past 52 week sales MUST be below 7% cap by specified date Fannie Mae	Past 52 week sales MUST be below 7% cap by specified date Freddie Mac
Lookback period does not apply, only keep future sales at <7% cap	Lookback period does not apply, only keep future sales at <7% cap Fannie Mae	Lookback period does not apply, only keep future sales at <7% cap Freddie Mac
Try to get within 7%, though will be flexible if making progress	Try to get within 7%, though will be flexible if making progress Fannie Mae	Try to get within 7%, though will be flexible if making progress Freddie Mac
Unsure or not clear	Unsure or not clear Fannie Mae	Unsure or not clear Freddie Mac
N/A	N/A Fannie Mae	N/A Freddie Mac

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* 6. What is your understanding of when these caps begin? (multiple responses allowed)

	Fannie Mae	Freddie Mac
May Delivery	May Delivery Fannie Mae	May Delivery Freddie Mac
June Delivery	June Delivery Fannie Mae	June Delivery Freddie Mac
When YTD or 52 week avg is below 7%	When YTD or 52 week avg is below 7% Fannie Mae	When YTD or 52 week avg is below 7% Freddie Mac
Is flexible	Is flexible Fannie Mae	Is flexible Freddie Mac
Unsure	Unsure Fannie Mae	Unsure Freddie Mac
Not a seller to this Agency	Not a seller to this Agency Fannie Mae	Not a seller to this Agency Freddie Mac

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* 7. Have you added LLPAs to 2nd Home/Investment Property Loans?

	Yes	No	We do not originate via channel
Retail	Retail Yes	Retail No	Retail We do not originate via channel
Correspondent	Correspondent Yes	Correspondent No	Correspondent We do not originate via channel
Wholesale	Wholesale Yes	Wholesale No	Wholesale We do not originate via channel

Comments on LLPAs here:

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* 8. Have you implemented Underwriting Overlays to 2nd Home/Investment Property Loans?

	Yes	No	We do not originate via channel
Retail	Retail Yes	Retail No	Retail We do not originate via channel
Correspondent	Correspondent Yes	Correspondent No	Correspondent We do not originate via channel
Wholesale	Wholesale Yes	Wholesale No	Wholesale We do not originate via channel

Comments on which overlays you have added:

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* 9. Have the agencies clearly communicated the repercussions of delivering in excess of the 7% cap?

	Yes, from the start	No	Not initially, has improved	N/A
Fannie Mae	Fannie Mae Yes, from the start	Fannie Mae No	Fannie Mae Not initially, has improved	Fannie Mae N/A
Freddie Mac	Freddie Mac Yes, from the start	Freddie Mac No	Freddie Mac Not initially, has improved	Freddie Mac N/A

If yes, provide explanation. Include which GSE.

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* 10. What other investor 'take-outs' are you exploring for delivery of 2nd/Inv Property loans?

Other Conventional Correspondent Buyers

Lakeview/Bayview

Verus Mortgage

Pennymac Loan Services

Angel Oak

Bank Portfolio Buyers

Looking to become a FNMA/Freddie seller

None at this time

Other Private Label/Portfolio Buyer: List Here (or other comments)

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* 11. What is your average monthly lock volume for all production?

>$1B/Month

$50-$150 Million/Mo

$150-$300 Million/Mo

$20-50 Million/Mo

<$20 Million/Mo

$300-$500 Million/Mo

$500M-$1 Billion/Mo

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* 12. Please add any comments here. How will this impact your business? Biggest concerns? Suggestions for how the GSEs could have handled this differently?