According to experts, there are still many impediments to implementing the new VantageScore 4.0 credit score. And some claim the new score is no better than the existing Classic FICO.
Borrowers have a right to request a reconsideration of value if they feel an error has been made by the appraiser. But it’s not an open-ended process; they can only initiate one ROV for each appraisal report.
An Ohio court found that Freddie’s rosy statements in 2007 about its exposure to subprime and Alt A loans weren’t misleading, in part, because there was no universal definition of those terms at the time.
Experts say financial incentives and public indifference contribute to the prevalence of occupancy fraud, but that the difficulty of proving intent limits prosecutions.
FHFA established a new policy — that no GSE servicer should have a market share exceeding 20% — when it authorized Fannie and Freddie to continue doing business with the combined entity that will be formed following Rocket Companies’ planned acquisition of Mr. Cooper Group.
The Federal Housing Finance Agency, under the leadership of Bill Pulte, has made at least three criminal referrals to the DOJ about mortgage fraud, involving two Democrats.