The Federal Home Loan Bank of San Francisco becomes the first FHLBank to allow members to use mortgage loans based on VantageScore 4.0 as collateral for advances.
The MBA is taking its concerns about rising costs associated with obtaining credit scores to the FHFA, CFPB and FTC. A CFPB official said the regulator is willing to consider looking into the issue.
Freddie Mac’s pilot program could dramatically reduce the frustrations lenders face due to repurchase requests for performing loans. For now, the initiative covers 15 lenders.
Counterintuitively, the bi-merge will increase the number of credit pulls necessary to complete the average mortgage loan application. Consumers will ultimately pay for those extra pulls.
The mortgage industry this week lamented the passing of Dave Stevens, who held several key jobs in residential finance, including both regulator and trade group CEO.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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