True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

Top CFPB official “hates” QM rules, jeopardizing safe harbor

A top CFPB official in charge of the rule-making process has heavily criticized the agency's own qualifying mortgage rule, jeopardizing safe harbor.

Fraud risk factors at closing increased almost 90% last quarter

A variety of risk factors could be contributing to the drastic increase in wire and title fraud risk factors in mortgage and real estate closings – for example, compliance issues and an increase in transaction data errors.

Mortgage

Freddie Mac, Quicken Loans partner to offer low-down payment mortgages

Innovative new programs tailored to first-time and Millennial buyers

Freddie Mac and Quicken Loans are partnering to pilot a series of initiatives aimed at helping provide more Americans the opportunity to achieve homeownership.

The new partnership was announced at the Mortgage Bankers Association’s 102nd Annual Convention and Expo in San Diego, California.

Nearly 4,500 real estate finance professionals are in San Diego this week for the Mortgage Bankers Association's 102nd Annual Convention & Expo. HousingWire is covering the conference.

This is the latest in a series of initiatives by Freddie to juice the mortgage-lending market.

“We are proud to join Quicken Loans in a new partnership dedicated to increasing homeownership opportunities and simplifying the process of originating and delivering high quality mortgages,” said Dave Lowman, executive vice president of Freddie Mac's single family division. “The partnership has a simple goal. We are leveraging our unique strengths to explore simple straightforward approaches to mortgage products, technology and borrower outreach strategies.”

Lowman said that Freddie hopes to use the results from these efforts to make it easier for all of their customers, and the industry, to make successful homeownership possible for a wider range of qualified borrowers.

“Today’s announcement marks one more way Freddie Mac is engaging with its customers to help them innovatively build stronger businesses and a stronger housing finance industry that expands affordable housing opportunities for America’s families,” Lowman said.

The program will feature unique, co-developed products to meet the needs of emerging markets, including Millennials, first-time homebuyers and middle-class borrowers.

It will explore numerous modifications and expansions to Freddie Mac’s current Home Possible mortgage products, and will also include continued homebuyer education. Home Possible enables eligible borrowers to finance a house with a down payment of as little as 3%.

“Quicken Loans is committed to helping qualified clients achieve their dreams of owning a home. Homebuyer demographics will continue to significantly shift in upcoming years, and mortgage programs must evolve to serve the needs of groups like first-time buyers and minority groups,” Bill Emerson, Quicken Loans CEO, said. “This partnership will create programs that will open the door of homeownership to many of America’s families.”

Most Popular Articles

Volume-hungry mortgage lenders loosen credit standards

Mortgage credit availability loosened up in April by 2.2%, per the MBA. The drivers were in conventional mortgages and GSE programs for ARMs and high-balance loans.

May 11, 2021 By

Latest Articles

Compass loses money, explores mortgage

Compass is exploring either building a mortgage arm, buying a mortgage company or following the lead of other resi brokerages and entering into a JV.

May 12, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please