FHFA’s Sandra Thompson’s vision for the GSEs

From the auditorium of the Ritz Carlton in Washington, D.C. on Wednesday, FHFA Acting Director Sandra Thompson shared her plans for Fannie Mae and Freddie Mac with Hispanic real estate professionals.

Good afternoon! Was this newsletter forwarded to you? Sign up here. Hello, LOs!   From the auditorium of the Ritz Carlton in Washington, D.C. on Wednesday, FHFA Acting Director Sandra Thompson shared her plans for Fannie Mae and Freddie Mac with Hispanic real estate professionals.   Thompson said she is committed to making sure the government-sponsored enterprises serve everyone, including the Latino community.   "It's easy to make a loan that has a 780 credit score, and 70% LTV and somebody has 30% down," Thompson said. "Who does that? You can do that all day long.   "But we've directed the enterprises to take a hard look at underserved populations and underserved areas. And we're going to hold them accountable to that through these equitable housing finance plans, the duty to serve plans and the affordable housing goals."   Thompson laid out some other ideas for how the government-sponsored enterprises could widen the credit window without lowering its standards. One way, she said, would be to take into consideration not just rental payments, but cell phone and other recurring bills.   Including those payments could easily be done, she said, since younger people tend to pay their bills online, rather than mailing a paper check. By way of example, she offered her two sons.   "They pay their cell phone bills, but I don't even know if they've ever been to the mailbox," Thompson said, drawing chuckles from the crowd.   She said relying on credit scoring models that are 20 years old is an "outdated way to assess someone's willingness and ability to pay."   "I think we need to take another look at that," Thompson said. The agency is currently reviewing whether to allow Fannie Mae and Freddie Mac to use alternative credit scoring models.   Thompson's authority at the FHFA may soon be strengthened. Hours after her address, the Senate Banking Committee advanced her nomination. It now awaits consideration by the full Senate.   LOs, do Thompson's remarks ring true for you? What do you think of her priorities for the GSEs? Send me a note, at gkromrei@housingwire.com.   Georgia Kromrei Senior Mortgage Reporter, HousingWire The LO edge in 2022? Realtors, Realtors, Realtors Mortgage, HW+ Exclusive Content The key to winning purchase business in 2022 remains the same as ever – establishing and maintaining relationships with real estate agents. But in the most competitive purchase market in years, LOs will have to scrap, leverage social media, get real good at a few things, and add a personal touch. Get Live Access to Underwriting Managers with Pennymac TPO We believe the road to greatness is paved with dedicated support. As a Pennymac TPO Partner, our Credit Solutions Team is standing by to help you quickly solve any underwriting issues throughout the loan process. Click here to learn more or sign up today! Sponsored by Pennymac 3 questions lenders should ask before implementing non-QM Presented by Acra Lending With refinance volumes decreasing and originators experiencing layoffs, lenders are looking for a way to diversify their offerings and gain new. Mortgage rates rise 31 bps to 4.16% Mortgage The Federal Reserve raising short-term rates and signaling nine further increases over the next two years means mortgage rates should continue to rise for the foreseeable future. Shareholder sues loanDepot's top executives Mortgage, HW+ Exclusive Content A shareholder lawsuit accuses top loanDepot executives and board members of misleading statements and more in connection with its IPO. HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039 Manage preferences

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