The new approach is expected to be a more cost-effective route than going through the repeated repurchase requests that have plagued lenders over the years.
In the past, the duty to serve rule has received a great deal of attention from manufactured housing executives who argue the GSEs are not purchasing enough of their loans.
Edward Pinto, former chief credit officer of Fannie Mae who now studies housing trends for AEI, disputes NAR’s data and describes the first-time buyer market as “booming.”