The GSEs aren’t completely committed to adopting new credit scoring models just yet, but it is on their radar. When asked about the possibility of alternative credit scoring, spokesmen for both Fannie Mae and Freddie Mac pointed to the 2015 Conservatorship Scorecard which stated that they will be assessing the feasibility of alternate credit score models and credit history in loan-decision models. Housing and Urban Development Secretary Julian Castro, who spoke at a credit access symposium in Washington last week, said that the FHA is exploring new ways to determine the creditworthiness of consumers to increase access to mortgage lending. Housing industry leaders in attendance said Fannie Mae, Freddie Mac and other mortgage lenders could increase access....
Fannie Mae and Freddie Mac issued a robust $189.92 billion of single-family mortgage-backed securities during the first three months of 2015, according to a new Inside The GSEs analysis.
CAPITAL HILL REPORT: Shortly before the U.S. Congress vacated the nation’s capital for its spring recess, Sen. Mike Crapo, R-ID, introduced legislation that would require all rules from the Consumer Financial Protection Bureau be evaluated in the 10-year regulatory review process under the Economic Growth and Regulatory Paperwork Reduction Act, which seeks to identify rules that are unnecessary, outdated and overly burdensome. The Dodd-Frank Act already requires the CFPB to similarly review every major rulemaking…
Ginnie Mae mortgage-backed securities issuance fell in the first quarter of 2015 with FHA volume slipping during the period, according to an Inside FHA/VA Lending’s analysis of agency data.
Despite the drought, a Fannie spokesman issued a statement saying, “Bank of America continues to be an important seller-servicer for Fannie Mae, including servicing a sizable book of loans that we own.”
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