The new plea from the CHLA comes at a time when depositories are losing origination market share to fast growing nonbanks like Freedom Mortgage, United Wholesale Mortgage and others.
One source told IMF that in some instances, certain nonbanks have been asked by the agencies to hold “more capital” in reserve accounts than other seller/servicers.
Freddie’s program, which is called “Home Possible Advantage,” requires a minimum credit score of 660 for purchase loans, and 680 for "no cash-out" refis. This is only for manually underwritten loans.