In defending the bright-line test, the Mortgage Bankers Association has issued a written rebuttal to recent claims by opponents, including Freddie Mac, that the test would force Fannie Mae and Freddie to shut down their automated underwriting systems."In a recent paper distributed on Capitol Hill without attribution, Freddie Mac asserts that the bright line would 'preclude' the use of GSE AU systems. It would not," the MBA paper says. "It would merely introduce competition and transparency into the loan underwriting technology market." The MBA's goal is to promote competition by getting the two government-sponsored enterprises to license and accept loans from AU systems that are owned and operated by lenders and vendors, according to the MBA's top lobbyist, Kurt Pfotenhauer. The MBA points out in the paper that Fannie will accept loans underwritten by Freddie's Loan Prospector and Freddie will buy loans underwritten by Fannie's Desktop Underwriter. However, the two GSEs do not accept loans from other AU systems on the same terms.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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