If the government-insured mortgage programs don't follow FHFA in shifting to a bi-merge process, then it's not worth making the switch for GSE loans, according to CHLA.
"What Fannie and Freddie and the FHFA should be doing is trying to convince Congress it’s time to get them out of conservatorship," said James Lockhart, the former director of the Federal Housing Finance Agency.
Lenders must maintain policies and procedures that detail the underwriting factors they used and retain documentation showing how they took those factors into account in the ability-to-repay determination.