Underwriting

Approximately two years after Fannie Mae and Freddie Mac stopped accepting the troubled index, the government agency is looking to approve the Structured Overnight Financing Rate for adjustable rate mortgages.

The development, touted as an industry-first, is the latest move by the government-sponsored enterprises to expand housing opportunities for first-time and underserved homebuyers.

The Detroit-based lender said the program will "accelerate loan purchases" and "eliminate significant costs" for its partners

The introduction of utility, cable and telco payment information follows noticeable growth in the past year toward the inclusion of rental history in underwriting.

Loan officers say that the platform discourages them from originating loans.

The letter, sent under the banner of the Black Homeownership Coalition, is the second in two months sent by the trade group in its ongoing campaign.

And rising rates caused the government-sponsored enterprise to cut its forecast for this year.

Moon Mortgage plans to start originating owner-occupied mortgages that are partially collateralized by cryptocurrency in three states in December.

The Federal Housing Administration also announced it would incorporate similar borrower history into its underwriting beginning at the end of October.

Both companies have rolled out tools that allow for communications to take place entirely in Spanish if the customer desires.