A new capability in Loan Product Advisor’s asset and income modeler allows lenders to directly access a borrower’s Schedule C income via IRS tax transcripts.
Errors in the model Fannie uses to calculate income during a stress test led the enterprise to underestimate profits in both its 2021 and 2022 stress tests.
The conservator of Fannie and Freddie argued that the testimonies of two former FHFA directors were irrelevant because they were not at the agency when the Treasury Department agreed to the net worth sweep.
Most of the drop-off in production hasn’t been because borrowers didn’t want to pay high interest rates, an analysis from FHFA showed. It’s because high interest rates have spiked DTI ratios, disqualifying borrowers for a mortgage.
Some 62% of mortgage fraud incidents involve the misrepresentation of income and employment, while 33% involve the understating of borrower liabilities, a Fannie survey showed.
The big winner was the Finovation team, which floated the idea of creating an industry cooperative similar to the Mortgage Electronic Registration System.
Consolidating FHFA’s authority to support fair housing and fair lending laws under the umbrella of the GSEs’ equitable housing finance plans will improve access to mortgage credit for underserved communities, supporters say. The GSEs, however, see key problems.
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