In some parts of the country, the giant home builder shelled out incentives of as much as $81,700 per home delivered, most of that in the form of interest rate buydowns.
Locks declined in June but, when controlling for the difference in business days compared with May, the decline vanishes; Fitch downgraded its long-term issuer default rating on Finance of America Companies to C; talent management topped cost cutting in Fannie’s latest survey of mortgage execs’ priorities; MISMO forms group focused on AI.
One way lenders can make homes more affordable is to combine the GSEs’ low-downpayment programs with other tools that reduce downpayment and closing costs.
Defects related to liabilities on student loans, income/employment verification and the appraisal process topped the list of items Fannie warns lenders to keep alert for.
FHFA’s home price index cools off; MBA’s outlook for interest rates unchanged; Treasury looking into AI use in financial services; trade groups request delay on implementation of overtime rule.
The mortgage giant itemizes the sources of the increased cost of loan origination, then pitches the technological tools embedded in its underwriting system as a potential remedy.
New downpayment assistance programs and tracking of rental payment history for underwriting purposes are among the suggestions put forward by two Urban Institute researchers.
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