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Volume 2014 - Number 40

October 23, 2014

FHFA Agrees to Additional Buyback Relief, Pushes Fannie and Freddie Back Into 97s

Federal Housing Finance Agency Director Mel Watt this week unveiled two significant policy changes aimed at opening up the mortgage credit box: additional buyback relief for originators that sell loans to the government-sponsored enterprises and a return to Fannie Mae and Freddie Mac purchases of mortgages with loan-to-value ratios between 95 percent and 97 percent. Speaking at the annual convention of the Mortgage Bankers Association in Las Vegas, Watt gave some concrete details about the new “life of loan” representation and warranty relief and outlined a number of other changes in the works. Moreover, industry officials contend...

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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

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