Freddie filed repurchase requests on some $361.6 million of 2012 originations during the first quarter of this year, according to figures compiled by Inside Mortgage Trends.
It appears that looser underwriting has been driven by an increase in the number of lenders participating in the HARP program and copy-cat efforts that allow for LTVs of greater than 95 percent.
A mortgage employee who who merely states general information such as “we offer rates as low as 3% to qualified consumers” would not be considered a loan originator.
There is a whole other level of supervisory and enforcement authority available to the bureau under a director approved with the consent of the Senate, mostly having to do with non-bank lending.
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