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MISMO standards are accepted and deployed by almost every entity involved in creating or regulating mortgages in the United States, including banks, credit unions, mortgage lenders, Fannie Mae, Freddie Mac, Ginnie Mae, the Federal Housing Administration and the Consumer Financial Protection Bureau, in addition to settlement services providers ...
Over the past several years, use of "automated underwriting" statistical models has reduced the amount of documentation required from many borrowers. Such automated underwriting engines include Freddie Mac's "Loan Product Advisor" (fka "Loan Prospector") and Fannie Mae's "Desktop Underwriter". For borrowers who have excellent credit and very ...
This is because both Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market, making the demand for a non-conforming loan much less. By virtue of the laws of supply and demand, then, it is harder for lenders to sell the loans, thus it would cost more to the consumers (typically 1/4 to 1/2 of a percent.)
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The need for a government backstop for the U.S. mortgage market will remain, Treasury Secretary Timothy Geithner told the audience at Tuesday's future of home financing conference in Washington, D.C.
Wikipedia:Citation templates for templates used to format article references and citations; Wikipedia:Requested templates, to request creation of a template. Category:Wikipedia templates; Special:ExpandTemplates, expands all templates recursively; Use this form to search in the Template: or Template_talk: namespaces. See Help:Searching for more ...
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