New downpayment assistance programs and tracking of rental payment history for underwriting purposes are among the suggestions put forward by two Urban Institute researchers.
Fitch Ratings expects CDFIs to sell more of their production in the secondary market due to rising interest rates and a shift by banks to tighten underwriting standards.
The program provides borrowers a 3% downpayment assistance second lien with up to $15,000 in financing. The loan does not accrue interest and does not require a monthly payment.
Originations of jumbo mortgages declined in the first three months of the year driven by a retreat among banks. Nonbank lenders picked up some of the slack. (Includes data table.)
Freddie Mac’s proposal to acquire closed-end second liens is unnecessary because there are adequate options available in the non-agency market, according to a number of trade groups.