Families split the mortgage bill

The holiday sharing spirit doesn't typically extend to family members getting a mortgage loan together — but there are signs that is changing.

Good afternoon! Was this newsletter forwarded to you? Sign up here. Happy almost holidays, LOs!   The holiday sharing spirit doesn't typically extend to family members getting a mortgage loan together — but there are signs that is changing.   According to a recent article, lenders are seeing more families share mortgages. That could include siblings jointly buying a home, or adult children and their parents going in together on an investment property, the article said.   The trend isn't just driven by affordability concerns. As the article notes, "Some baby boomers are electing to co-buy a home so they can age in place with the help of family members."   "All the traditional verifications, such as income, assets, and credit scores, apply to each borrower. And the assets of all the parties on the application are combined into one total figure. In this way, co-borrowers strengthen the income or asset portion of the application," the article said.   I wonder how this trend is impacted by Fannie Mae's recent change to how it considers multiple borrowers. Historically, the government-sponsored enterprise has focused on the score of the borrower with the middle credit score, but in November, said it would move to an average-score approach.   LOs, how are you navigating Fannie Mae's multiple-borrowers change? Are shared-mortgage loans more complicated to put together? Does having more than one borrower lengthen the approval process? What, if any, downsides do you see? Send a note to mvolkova@housingwire.com   Maria Volkova Mortgage Reporter, HousingWire Report urges rent payment history in underwriting Politics & Money, Fintech, Mortgage, HW+ Exclusive Content Momentum is building to include utilities, telecommunications and rent payment data in mortgage underwriting. Calculate borrower income one time (1x)! Are multiple departments calculating the same borrower income, using the same financials, and arriving at different results? Leverage multiple source-verified data with customizable rule sets and standardize income analysis from a national verification leader. Rushed for time? Watch a quick video. Sponsored by Service 1st How local lenders can remain competitive in 2022's changing market Presented by Maxwell What can local lenders do to maintain longevity in their loan fulfillment operations in 2022 and beyond? Mortgage apps fall as higher-end market takes off Mortgage Mortgage applications fell 0.6% for the week ending Dec. 17, when fewer borrowers were looking for purchases, mainly in the low-end market. Private-label RMBS market has cause to celebrate Mortgage, HW+ Exclusive Content As 2021 draws to a close, it's clear that the private-label RMBS market has notched a year for the record books. HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039 Manage preferences

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