Trade groups are resigned to whatever model FHFA chooses, but they need data on how it performs compared to FICO to set up their own systems and procedures.
Donna Corley, Freddie’s head of single-family, said borrowers will soon be able to use the Choice Renovation product to finance the construction of accessory dwelling units and count the rent toward income.
The Mortgage Bankers Association has asked the SEC to review the margin requirements in Rule 4210, arguing that lenders use to-be-announced securities to hedge their interest rate exposure rather than for speculation purposes.
While some of the White House’s latest measures are funded through previous legislation and codified into law, several actions rely on as-yet-unfunded proposals.
CRA proposal would expand assessment areas for large banks; ICE to acquire Black Knight; Ishbia vows no layoffs at United Wholesale Mortgage; UWM competing on price; MBA concerned about kleptocrat legislation; Fairway unit offering NFTs of individual homes.
While the Federal Reserve intervened in the mortgage market to lower rates, lenders did not pass along all the savings to homebuyers, the former Freddie chief said.
Trade groups representing smaller nonbank seller/servicers say it’s the larger nondepositories, with nearly 70% of the market, that pose the biggest risk to Fannie and Freddie.