Fannie Mae names Peter Akwaboah as acting CEO

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1. Fannie Mae names Peter Akwaboah as acting CEO

Fannie Mae has appointed Chief Operating Officer Peter Akwaboah as acting CEO, replacing outgoing President and CEO Priscilla Almodovar while the board searches for a permanent successor.

Akwaboah, a former Morgan Stanley technology executive, will retain oversight of operations and technology while assuming top leadership duties. The board also named John Roscoe and Brandon Hamara as co-presidents.

2. FHFA chief says govt could release GSE’s soon

The Federal Housing Finance Agency (FHFA), under Director Bill Pulte, is reviewing loan-level price adjustments (LLPAs)—the risk-based fees applied to conventional mortgage loans. Barry Habib, MBS Highway’s founder and Fannie Mae board member, is leading the review.

Pulte stated that the goal is to fix the LLPA pricing system to bring relief to homeowners and buyers. The Community Home Lenders of America (CHLA) and the Mortgage Bankers Association (MBA) both expressed support, emphasizing the need to reduce borrowing costs for middle-income and first-time buyers.

LLPAs are fees based on credit score, down payment, and property type, either paid upfront or included in interest rates. The Biden administration’s 2023 attempt to restructure LLPAs—lowering costs for low-income buyers but raising them for some high-credit borrowers—was rolled back after industry and political backlash.

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3. More Nuggets

🏦 Evolve Bank & Trust CEO arrested. (BankingDive)

🏘️ Most potential homebuyers expect mortgage rates to drop. That's why they're waiting. (CNBC)

🤖 That’s interesting: How Wikipedia detects AI writing. (Wikipedia)

🤝 CoStar reaches agreement with CRMLS, keeping access to data. (RealEstateNews)

📉 Home equity rates decline in third quarter. (ATTOM)

🏡 Existing home sales rise in September as mortgage rates decline. (KETK)

🚨 Coach’s Corner

Don’t Put your Head down and Grind! Do this instead. (Video)

— Dave Krichmar CEO

4. Home prices rose 0.2% in September

According to a new report from Redfin, home prices rose 0.2% month over month in September on a seasonally adjusted basis. Matching August’s 0.2% gain, it marked the second straight month of price growth after values were flat in July.

On a year-over-year basis, prices were up 3%, the slowest annual increase in Redfin’s Home Price Index (RHPI) data since 2012. That’s down from 3.3% in August and well below the 5%–6% growth rates seen earlier in the year.

Home prices fell in 18 of the 50 largest U.S. metros on a seasonally adjusted basis in September. The biggest monthly decline came in San Antonio (-0.6%), while on a year-over-year basis, prices dropped the most in Austin (-4.2%).

5. MBA scales back 2026 mortgage projections

The Mortgage Bankers Association (MBA) has lowered its loan volume forecast for next year, citing increasing economic challenges.

MBA had previously projected nearly a 10% rise in mortgage originations for 2026, but that estimate has been reduced to 8%, according to Deputy Chief Economist Joel Kan. He attributed the downgrade to factors such as higher unemployment and persistent inflation.

Kan added that expanding housing inventory is putting downward pressure on home prices, likely reducing average loan sizes. He also noted that mortgage application activity has been weaker than anticipated.

☀️ You’re all caught up. See you on Monday!

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