Freddie Mac has announced changes to its Loan Prospector automated underwriting service and its Home Possible affordable mortgage products that it says are designed to help more low- and moderate-income borrowers qualify for mortgages eligible for purchase by Freddie Mac.The government-sponsored enterprise said it expects more mortgages submitted to LP to get an "accept" response as a result of the revisions. Moreover, the GSE is waiving the LP assessment fee when a "caution" is returned on the first submission of a conforming, conventional mortgage. (Freddie said such responses are triggered by higher-risk mortgages that the GSE purchases as well as by loans that don't meet its loan purchase guidelines.) Paul Mullings, senior vice president of single-family sourcing at Freddie Mac, said the announcements "are the latest installment on the pledge we made to our lender customers to buy more of the loans they originate and give them new ways to build their market share with Loan Prospector." Freddie Mac can be found online at http://www.freddiemac.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18