A nonprofit has called on the Federal Home Loan Banks to launch a program for mortgages with terms of 40 years, arguing the products will help to address affordability issues.
Freddie issuance totaled $35.67 billion in August versus $34.36 billion at Fannie — a rare instance in which Freddie was the larger issuer. Year to date, though, Fannie is still the leader. (Includes two data tables.)
Experts recommend industry stakeholders start working with the new credit scores if they want to be prepared when the transition from FICO Classic to FICO 10 T and VantageScore 4.0 goes into effect.
The FHLBanks last year agreed to voluntarily raise their contributions to affordable housing programs from 10% of net income to 15%, but they balked at Treasury’s suggestion to increase that to 20%.
The mortgage giant has implemented a requirement that seller/servicers maintain and share records of the types of fraud they see as well as any specific fraud cases they’re aware of.
Landlords who repeatedly fail to provide tenants the new enterprise protections could be subject to a 0.20% penalty on their original loan amount or even a default.
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