Mortgage giants Fannie Mae and Freddie Mac provided backing for $164 billion in purchase mortgages in Q3, up 10 percent from Q2, while growing combined net worths to $147 billion. Continue reading
Appraisal waiver programs that rely on automated valuation models will be expanded next year to allow participation by homebuyers putting less than 20 percent down. Continue reading
With prices rising, it’s becoming standard operating procedure for big lenders like Rocket to help homebuyers avoid jumbo loan pricing by getting a jump on FHFA’s official announcement. Continue reading
With former JP Morgan Chase Director Priscilla Almodovar serving as Fannie Mae’s CEO since 2022, both mortgage giants are now led by women for the first time in history. Continue reading
Lender creates and funds an escrow account that’s used to cover the difference between the full monthly mortgage payment and the payment with the reduced rate until the buydown expires. Continue reading
Concerns about fraud mean lenders who want to sell multifamily loans to the mortgage giants may be required as soon as this summer to do more due diligence on borrowers and their properties. Continue reading
Release of historical credit scores on tens of millions of loans will help lenders prepare for transition to VantageScore 4.0 next year. Release of FICO Score 10 T data next on deck. Continue reading
Modest pilot program approved by federal regulators was opposed by banks who have traditionally provided most home equity loans. Nonbank lenders have already made inroads into the business. Continue reading
Repeat-sales models have been the gold standard in home-price tracking for decades. Intel examines what they miss, and what some data providers are doing to fill in the gaps. Continue reading
Lenders won’t be required to use the more inclusive FICO Score 10T and VantageScore 4.0 scoring models before next year, but several are already using them to expand the pool of borrowers. Continue reading