"The platform will cut months off the current QC process for most lenders, Sonu Mittal, executive vice president and head of single-family acquisitions at Freddie Mac, said in a statement. This new platform doubles down on our transparent and proactive approach to modernizing our QC processes, Mittal said. It provides considerable efficiencies for lenders so they can quickly identify and remediate issues as early as possible to minimize reoccurring defects and improve loan quality."
"The rollout includes 500 lenders participating in a pilot program that offers loan repurchase alternatives. In October 2024, Freddie Mac's regulator, the Federal Housing Finance Agency (FHFA), announced that all approved lenders would gain access to a fee-based alternative for repurchasing performing loans with defects, expanding on a pilot launched earlier that year. According to Freddie Mac, lenders in the pilot program saw a 26% lower nonacceptable quality rate than those outside the program, saving millions of dollars in performing loan repurchases."
Freddie Mac launched a new quality-control platform designed to cut months off current QC processes for most lenders. The platform offers real-time alerts for missing documents, feedback on loan quality closer to origination, multiple reports, review-status tracking, and bulk uploads of up to 250 loan files. Freddie Mac is onboarding lenders in phases with full availability expected by year-end and a 500-lender pilot offering repurchase alternatives. Pilot participants saw a 26% lower nonacceptable quality rate and saved millions on repurchases. An income calculator has processed over 15,000 submissions, and repurchase requests are down 56% from the 2023 peak.
Read at www.housingwire.com
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