Fannie hopes Spanish-language credit education and targeted downpayment assistance will help it put the still-growing cohort of Latino consumers into their first home.
It was a busy week for the capital markets teams at Fannie Mae and Freddie Mac. Between them, they cranked out a standard pool offering, a community impact pool offering and a CIRT transaction.
FHFA joins HUD, OCC and CFPB in an effort to promote the use of special purpose credit programs as a way to boost lending in disadvantaged communities.
A new capability in Loan Product Advisor’s asset and income modeler allows lenders to directly access a borrower’s Schedule C income via IRS tax transcripts.
Most of the drop-off in production hasn’t been because borrowers didn’t want to pay high interest rates, an analysis from FHFA showed. It’s because high interest rates have spiked DTI ratios, disqualifying borrowers for a mortgage.
Some 62% of mortgage fraud incidents involve the misrepresentation of income and employment, while 33% involve the understating of borrower liabilities, a Fannie survey showed.
Most GSE sellers increased production in the second quarter, though first-half deliveries were still off 60.9% from a year ago. (Includes two data charts.)
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