In the mortgage industry, the FCA has been used by the Department of Justice and Department of Housing and Urban Development to punish FHA lenders for sloppy underwriting practices that led to defaults.
JMP said it sounds like “these actions” by the GSEs “primarily targeted nonbank wholesale channel lenders, of which UWM [United Wholesale Mortgage] and HMPT are among the largest.”
Fannie CEO Hugh Frater described the change to DU as “one important step in correcting the housing inequities of the past,” adding that it will create a more inclusive mortgage credit evaluation process.
CHOICEReno eXPress, on the other hand, is targeted toward borrowers who need to finance relatively minor renovations. In designated Duty to Serve high-needs areas, the total cost of the rehab can’t exceed 15% of the appraised home value. Otherwise, the limit is 10% of the home price.
Annaly packaged newer non-QMs, MFA's deal is stocked with loans that have seasoned for about a year and Velocity focused on investment properties/small balance commercial.
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