Fannie Mae, Freddie Mac Finalize Rep and Warrants Policies
HousingWire, Feb. 2, 2016–Swanson, Brena; Lane, Ben
The Federal Housing Finance Administration announced Tuesday morning that Fannie Mae and Freddie Mac are changing their loan purchasing rules to establish an independent third-party review process for loans that trigger a repurchase request due to perceived violations of the government-sponsored enterprises’ representation and warranty framework. David Stevens, president and CEO of the Mortgage Bankers Association, said that these new rules will help “broaden access to credit for borrowers” by providing lenders with more clarity about how Fannie and Freddie will handle repurchase requests.
