Consumer Financial Protection Bureau’s Post

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Good morning wonderful professionals, I hope everyone is well. The Freddie Mac's proposal to purchase second mortgages was conditionally approved. I reviewed it and learned it’s limited to $2.5B in volume during the 18-month pilot period. There is also a max loan amount of $78,277, which would result in less than 32,000 second mortgages being purchased by Freddie Mac. For perspective, the top HELOC lender in 2022 was PNC Bank with over 78,000 loans originated. So total loan count, even if loan amounts are smaller, would likely be lower than that of the nation's top second-lien lender. In other words, it's probably not going to move impact the 2nd loan market much. FYI, once the pilot period ends, any increase in volume/duration would be treated as a new product and subject to public notice, comment, and FHFA approval. https://lnkd.in/dZZF6Ud8

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As their names suggest, traditional 'forward' mortgages and reverse mortgages have their fair share of differences. But just how different are they? Learn the similarities and differences between regular and reverse mortgages in the article below.

Last week the Federal Housing Finance Agency approved Freddie Mac’s pilot program to purchase $2.5 billion in second-lien mortgages. It’s a divisive move, with equally outspoken supporters and detractors. Read more here: https://lnkd.in/gZPreNcA Amid the controversy, one thing’s indisputable: LoanPASS makes it easy to expand into #homeequity #lending, whether you want to sell to private investors or agencies. Learn more about the industry’s most powerful decisioning and pricing engine: https://lnkd.in/g9Wtrifi #mortgage #housingfinance

Here is a quick review of qualification guidelines for government-assisted mortgages.

Here is a quick review of qualification guidelines for government-assisted mortgages.