Fannie Decides Not to Use New Computerized Mortgage System That Customizes Loan Options for Borrowers
August 17, 2006
Fannie Mae apparently will not deploy a new invention designed by company staff that would develop customized loan recommendations for individual borrowers. The system, for which the government-sponsored enterprise recently received a patent, would design loan products from the ground up that can be adapted to borrowers’ changing needs and goals. Its goals were to replace the standard practice of refinancing, help borrowers avoid the subprime market, and enable lenders to...