Last month involved several regulatory compliance updates and hot topics in the Mortgage industry. We’ve rounded up some key updates and how they will affect you and your financial institution going forward.
Fannie Mae Looks to Help Renters Gain Mortgage Eligibility
Fannie Mae recently announced it will launch a new feature in its automated underwriting system to incorporate consumers’ rent payments in the mortgage credit evaluation process, in hopes of helping renters qualify for home loans.
Beginning Sept. 18, 2021, Fannie Mae’s Desktop Underwriter (DU) will enable single-family lenders — with permission from mortgage applicants — to automatically identify recurring rent payments in the applicant’s bank statement data to deliver a more inclusive credit assessment. For qualified renters who may have limited credit history but a strong rent payment history, Fannie Mae’s DU enhancement creates new opportunities for homeownership while promoting safe and sound lending.
Why Is This Important to Me and My Financial Institution?
This change will create a more inclusive mortgage credit evaluation process going forward and develop new ways of safely assessing and determining mortgage eligibility.
Bank Detects Hints of Commercial Real Estate Recovery
Last month, the Mortgage Bankers Association said that it expects about $578 billion of commercial and multifamily real estate-backed loans to close in 2021, which would be a 31% increase from last year, and approaching the $601 billion originated in 2019.
Why Is This Important to Me and My Financial Institution?
The banking industry is noticing some positive recent signals and demand in commercial real estate lending. Commercial loan originators employed at a mortgage bank, or a mortgage brokerage can service any demand upticks forthcoming.
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