A new rule means FICO will face competition as a credit scoring model for homebuyers, potentially expanding the number of mortgage applicants dramatically.
Despite the president’s quick reversal of course on his proposal to cut payroll taxes, the housing industry remains worried g-fee may be tapped somehow.
“Patch” loans, cash-out refinances, investment loans and second family homes constitute more than 50% of the dollar volume of Fannie and Freddie MBS issuance.
Fannie continued to wind down its portfolio of nonperforming and reperforming loans, in compliance with FHFA directives; Freddie released two structured pass-through certificates with yields ranging from 2.47% to 5.22%.
The bureau’s proposed rulemaking could apply to nearly a third of the mortgage loans purchased by the GSEs. Industry observers wait to see if it impacts access to credit for low- and mid-income borrowers.
The GSE is trying to gather all the stakeholders of the affordable housing “ecosystem,” including lenders, counselors, local housing agencies, and real estate professionals, under a single umbrella.