Freddie Mac Expands Offerings with a Focus on First-Time Homebuyers
Freddie Mac (FMCC) announced new initiatives to enhance housing affordability, particularly for first-time homebuyers. The company introduced LPA Choice, an enhancement to its automated underwriting system, offering tailored information about purchase requirements and actionable feedback. Freddie Mac is expanding its appraisal alternative offerings by increasing automated collateral evaluation (ACE) eligibility from 80% to 90% LTV/TLTV, and ACE+ PDR eligibility up to 97% for Home Possible loans. The company also highlighted the success of DPA One, its down payment assistance platform, which has expanded to nearly 40 states with over 6,000 loan officers using the service.
Freddie Mac (FMCC) ha annunciato nuove iniziative per migliorare l'accessibilità alla casa, in particolare per i primi acquirenti. L'azienda ha introdotto LPA Choice, un miglioramento del suo sistema di sottoscrizione automatizzata, che offre informazioni personalizzate sui requisiti di acquisto e feedback attuabili. Freddie Mac sta ampliando le sue offerte di alternative di valutazione aumentando l'idoneità all'automated collateral evaluation (ACE) dal 80% al 90% LTV/TLTV, e l'idoneità ACE+ PDR fino al 97% per i prestiti Home Possible. L'azienda ha anche sottolineato il successo di DPA One, la sua piattaforma di assistenza per il pagamento iniziale, che si è espansa in quasi 40 stati con oltre 6.000 agenti di prestito che utilizzano il servizio.
Freddie Mac (FMCC) anunció nuevas iniciativas para mejorar la asequibilidad de la vivienda, especialmente para los compradores de vivienda por primera vez. La compañía introdujo LPA Choice, una mejora a su sistema de suscripción automatizada, que ofrece información personalizada sobre los requisitos de compra y comentarios aplicables. Freddie Mac está ampliando sus ofertas de alternativas de tasación aumentando la elegibilidad de la evaluación colateral automatizada (ACE) del 80% al 90% LTV/TLTV, y la elegibilidad ACE+ PDR hasta el 97% para préstamos Home Possible. La compañía también destacó el éxito de DPA One, su plataforma de asistencia para el pago inicial, que se ha expandido a casi 40 estados con más de 6,000 oficiales de préstamos utilizando el servicio.
Freddie Mac (FMCC)는 주택 affordability를 향상시키기 위한 새로운 이니셔티브를 발표했습니다. 특히 첫 주택 구매자를 위해서입니다. 이 회사는 LPA Choice를 도입하여 자동화된 언더라이팅 시스템을 개선하고, 구매 요건에 대한 맞춤형 정보와 실행 가능한 피드백을 제공합니다. Freddie Mac는 자동 담보 평가(ACE)의 적격성을 80%에서 90% LTV/TLTV로 증가시키고, Home Possible 대출의 경우 ACE+ PDR 적격성을 97%까지 확대함으로써 평가 대체 제공을 늘리고 있습니다. 이 회사는 또한 DPA One의 성공을 강조했으며, 이는 거의 40개 주로 확대되어 6,000명 이상의 대출 담당자가 이 서비스를 이용하고 있습니다.
Freddie Mac (FMCC) a annoncé de nouvelles initiatives pour améliorer l'accessibilité au logement, en particulier pour les primo-accédants. L'entreprise a introduit LPA Choice, une amélioration de son système de souscription automatisé, offrant des informations sur mesure concernant les exigences d'achat et des retours d'information exploitables. Freddie Mac élargit ses offres d'alternatives d'évaluation en augmentant l'éligibilité à l'évaluation de garantie automatisée (ACE) de 80 % à 90 % LTV/TLTV, et l'éligibilité ACE+ PDR jusqu'à 97 % pour les prêts Home Possible. L'entreprise a également souligné le succès de DPA One, sa plateforme d'assistance au paiement initial, qui s'est étendue à près de 40 États avec plus de 6 000 conseillers en prêts utilisant ce service.
Freddie Mac (FMCC) hat neue Initiativen zur Verbesserung der Wohnraumerschwinglichkeit angekündigt, insbesondere für Erstkäufer. Das Unternehmen hat LPA Choice eingeführt, eine Verbesserung seines automatisierten Underwriting-Systems, das maßgeschneiderte Informationen zu Kaufanforderungen und umsetzbares Feedback bietet. Freddie Mac erweitert seine Angebote für Bewertungsalternativen, indem es die Automatisierte Besicherungsevaluation (ACE) von 80% auf 90% LTV/TLTV erhöht und die ACE+ PDR-Eignung für Home Possible-Darlehen auf bis zu 97% erhöht. Das Unternehmen hob auch den Erfolg von DPA One hervor, seiner Plattform zur Unterstützung von Anzahlungen, die auf fast 40 Bundesstaaten ausgeweitet wurde und über 6.000 Darlehensvermittler den Service nutzen.
- ACE waivers have saved borrowers over $1.63 billion in appraisal fees
- Expansion of ACE eligibility from 80% to 90% LTV/TLTV will reduce costs for lower-income borrowers
- DPA One platform has successfully expanded to 40 states with 6,000+ loan officers using the service
- First-time homebuyers represented over 50% of loans purchased for six consecutive quarters
- Company acknowledges 'very challenging housing environment'
Company leverages technology to boost housing affordability
MCLEAN, Va., Oct. 28, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) announced today several measures that will boost housing affordability for borrowers and first-time homebuyers in particular. With advancements to its automated underwriting system, appraisal waiver expansions and progress in the down payment assistance space, the company continues its collaboration with the industry to increase efficiency, lower costs and provide additional opportunities to get qualified borrowers into homes they can afford.
The announcements were made at the Mortgage Bankers Association’s Annual Convention, taking place in Denver from October 27-30.
“We have been working to create new technology features that simplify the mortgage process and reduce costs for both borrowers and lenders,” said Sonu Mittal, SVP and head of Single-Family Acquisitions at Freddie Mac. “Despite the very challenging housing environment, for the past six consecutive quarters more than half of the loans Freddie Mac purchased have been to first-time homebuyers. The innovations we are announcing today are vital to building on this record and helping remove obstacles facing prospective homebuyers.”
Freddie Mac introduced LPA ChoiceSM, the latest enhancement to its Loan Product Advisor® (LPASM) automated underwriting system. LPA Choice offers tailored information about purchase requirements, as well as actionable feedback that can help lenders of all sizes make faster, informed decisions to help qualify more borrowers. This innovation will allow for fewer resubmissions to LPA, more acceptances of qualified borrowers and time savings for lenders, delivering a better borrower experience. Feedback messages will relate to loan characteristics including debt-to-income (DTI) ratio, loan-to-value (LTV) ratios and reserves.
Freddie Mac is also making two of its appraisal alternative offerings available to more borrowers for purchase transactions. Specifically, Freddie Mac’s automated collateral evaluation (ACE) eligibility will increase from
The new ACE and ACE+ PDR appraisal waiver expansions will be available to Freddie Mac-approved Sellers using Loan Product Advisor. Additional requirements and the effective date will be announced in an upcoming Single-Family Seller/Servicer Guide Bulletin. These efforts build on Freddie Mac’s longstanding commitments to make homeownership more accessible for low-income families.
This month, the company is also celebrating one-year since the launch of DPA One®, a free, innovative tool that aggregates and showcases down payment assistance programs on a single, insights-rich platform. Starting with local level data in just three states in October 2023, the platform has now expanded to include such data in nearly 40 states, with plans to reach all 50 by the end of 2024. Currently more than 6,000 loan officers are using the platform to find and match borrowers to many of the down payment assistance programs nationwide.
Mittal concluded, “Each of these advancements is part of Freddie Mac’s efforts to serve our mission by making it easier and less expensive for lenders to help borrowers achieve their goals. We will continue to hone these efforts as we look for new ways to improve housing affordability for all.”
Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | Twitter | LinkedIn | Facebook | Instagram | YouTube
MEDIA CONTACT: Chad Wandler
703-903-2446
Chad_Wandler@FreddieMac.com
FAQ
What new features did Freddie Mac (FMCC) announce for first-time homebuyers in October 2024?
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