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Volume 2014 - Number 45

November 26, 2014

Lenders Satisfied So Far With Fannie, Freddie Reps- And-Warrant Relief But More Clarifications Expected

Industry groups say they are generally pleased with last week’s more detailed update to Fannie Mae’s and Freddie Mac’s representation-and-warranty framework, but lenders remain expectant of additional details from the Federal Housing Finance Agency going forward. The new rules, retroactive to January 2013, provide that lenders might not be required to repurchase loans that contain data inaccuracies or misrepresentations of buyers’ qualifications, unless those inaccuracies and misrepresentations are “significant” or appear in multiple loans. The clarifications of life-of-loan exclusions announced by the government-sponsored enterprises are designed...

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.

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Maybe. It’s under consideration.

33%

Not now. But things could change as 2018 progresses.

13%