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NAMB—The Association of Mortgage Professionals has commended Fannie Mae and Freddie Mac through the Federal Housing Finance Agency (FHFA) to push toward easing the fear in originating loans.
Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs), published guidelines for a new independent dispute resolution process for alleged breaches of seller representations and warranties on mortgages sold to the GSEs.
“Consumers will be the biggest beneficiary,” said Rocke Andrews, CMC, CRMS, president of NAMB.
The FHFA, Fannie Mae and Freddie Mac announced that they are implementing an independent dispute resolution process for resolving repurchase disputes giving lenders a disinterested third-party to hear lenders.
“These changes should make lenders more confident in their lending practices and reduce the overlays of risk reduction from lenders that are making it harder for consumers to qualify for a mortgage,” said Andrews.