{"id":57499,"date":"2024-06-22T03:03:56","date_gmt":"2024-06-22T01:03:56","guid":{"rendered":"https:\/\/housesmarketplace.com\/fhfa-grants-conditional-approval-for-freddie-mac-second-mortgage-pilot\/"},"modified":"2024-06-22T03:03:56","modified_gmt":"2024-06-22T01:03:56","slug":"fhfa-grants-conditional-approval-for-freddie-mac-second-mortgage-pilot","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/fhfa-grants-conditional-approval-for-freddie-mac-second-mortgage-pilot\/","title":{"rendered":"FHFA \u043f\u0440\u0435\u0434\u043e\u0441\u0442\u0430\u0432\u0438\u043b\u043e \u0443\u0441\u043b\u043e\u0432\u043d\u043e\u0435 \u043e\u0434\u043e\u0431\u0440\u0435\u043d\u0438\u0435 \u0432\u0442\u043e\u0440\u043e\u0433\u043e \u043f\u0438\u043b\u043e\u0442\u043d\u043e\u0433\u043e \u043f\u0440\u043e\u0435\u043a\u0442\u0430 \u043f\u043e \u0438\u043f\u043e\u0442\u0435\u043a\u0435 Freddie Mac"},"content":{"rendered":"
\n

The Federal Housing Finance Agency<\/a><\/strong> (FHFA) on Friday announced<\/a> that it has given conditional approval for Freddie Mac<\/a><\/strong> to begin purchasing closed-end second mortgages through a pilot program.<\/p>\n

The pilot program includes several limitations to the types of loans the government-sponsored enterprise will be allowed to purchase. <\/p>\n

The program is only for primary residences and the first mortgage must have a minimum seasoning period of 24 months. The maximum loan amount is $78,277. Freddie Mac will be allowed to purchase up to $2.5 billion in second mortgages over a period of 18 months.<\/p>\n

\u201cThe thoughtful engagement from public stakeholders confirmed the value of a transparent process for evaluating potential new Enterprise products and informed the parameters of the conditional approval,\u201d FHFA Director Sandra L. Thompson<\/a> said in a statement<\/a>. \u201cThe limited pilot will allow FHFA to explore whether this closed-end second mortgage product effectively advances Freddie Mac\u2019s statutory purposes and benefits borrowers, particularly in rural and underserved communities.\u201d<\/p>\n

Scott Olson, executive director of the Community Home Lenders of America<\/strong> (CHLA), released a statement in support of the decision. <\/p>\n

\u201cThis in an important product given that skyrocketing interest rates have made getting a refinance unaffordable,\u201d Olson said.<\/p>\n

Bob Broeksmit, president and CEO of the Mortgage Bankers Association<\/strong> (MBA), indicated the trade group\u2019s receptiveness based on a \u201crollout that is limited in size and duration.\u201d<\/p>\n

\u201c[The program] mitigates the impact on the private-label securitization market for second liens, focuses on borrowers with lower loan balances, and will encourage participation by smaller lenders that do not have easy access to liquidity for closed-end seconds,\u201d Broeksmit said in prepared remarks. <\/p>\n

\u201cMBA and its members will remain engaged with FHFA and Freddie Mac to monitor the results of the pilot and ensure that it remains available to lenders of all sizes and business models and avoids disrupting the developing private-label securitization market for second liens.\u201d\u00a0<\/p>\n

In its announcement, the FHFA said it will \u201canalyze the data on Freddie Mac\u2019s purchases of second mortgages to determine whether the objectives of the pilot were met.\u201c It noted that any increase in the volume of loans being purchased, or the duration of the pilot program, will be treated as a new product. This would subject it to a separate public comment period and further FHFA approval.<\/p>\n

In an interview<\/a> with HousingWire<\/strong> last month, Freddie Mac\u2019s head of single-family acquisitions,\u00a0Sonu Mittal<\/a>, defended the agency\u2019s proposal to acquire closed-end second mortgages. The product is designed as an alternative to a cash-out refinance for homeowners who don\u2019t wish to trade in a lower mortgage rate for one in the 7% range, he said.<\/p>\n

\u201cSix out of 10 borrowers are below a 4% mortgage rate. But they have also accumulated a good amount of equity over the last few years. How do we allow them to extract equity out of their house in a responsible way?\u201c Mittal said.\u00a0<\/p>\n

Some trade groups opposed the plan that was initially announced in April<\/a>. <\/p>\n

Seth Appleton, president of the\u00a0U.S. Mortgage Insurers (USMI)<\/strong>,\u00a0<\/strong>said at the time that the program \u201cdoes not align with Freddie Mac\u2019s statutory mission, creates additional risk, is duplicative of an already active private market, and raises important, unanswered questions.\u201c And the\u00a0Housing Policy Council<\/strong><\/a> previously said that Freddie\u2019s entry into this market could \u201cadd liquidity but at the expense of private capital and private market.\u201c<\/p>\n

Bank of America<\/strong> analysts previously estimated that the product could open up to $850 billion in new originations<\/a>, a hefty volume at a time when mortgage companies have been struggling for business in the wake of higher interest rates and lower levels of for-sale inventory.<\/p>\n

Thompson noted that the $2.5 billion volume cap is \u201cresponsive to concerns from several commenters regarding the potential macroeconomic and mortgage market impacts of a broader offering.\u201c The cap of the approved pilot program represents less than 0.5% of many market estimates. <\/p>\n

\u201cThis is intended to mitigate any concerns about potential inflationary impacts, extending the mortgage \u2018lock-in\u2019 effect, or the \u2018crowding out\u2019 of private capital,\u201c Thompson said.<\/p>\n<\/p>\n

Editor\u2019s note: This story has been updated with comments from the Community Home Lenders of America and the Mortgage Bankers Association.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Federal Housing Finance Agency (FHFA) on Friday announced that it has given conditional approval for Freddie Mac to begin purchasing closed-end second mortgages through a pilot program. The pilot program includes several limitations to the types of loans the government-sponsored enterprise will be allowed to purchase. The program is only for primary residences and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-57499","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nFHFA grants conditional approval for Freddie Mac second mortgage pilot - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.trio-tv.com\/ru\/fhfa-grants-conditional-approval-for-freddie-mac-second-mortgage-pilot\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FHFA grants conditional approval for Freddie Mac second mortgage pilot - Houses Marketplace\" \/>\n<meta property=\"og:description\" content=\"The Federal Housing Finance Agency (FHFA) on Friday announced that it has given conditional approval for Freddie Mac to begin purchasing closed-end second mortgages through a pilot program. 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