![freddie mac phone number for lenders freddie mac phone number for lenders](https://cdnph.upi.com/pv/upi/3c56193491a7d736f909c5673ee8bc38/SECURITIES-FRAUD.jpg)
Some will say they’re comfortable with six months of bank statements. “Investors in the non QM space have different appetites.
#Freddie mac phone number for lenders manual
“There will always be an aspect of manual underwriting for Fannie and Freddie, but there is much more manual activity in non QM,” said Knochel. To be sure, some overlap may occur given the regulatory framework no longer categorizes Fannie and Freddie loans automatically as QM, but generally the two remain separate markets.Īlthough consideration of some nontraditional forms of income may be more longstanding in non QM lending, the potential efficiency gains may be larger at the GSEs, because their underwriting is more standardized and less piecemeal. The same in recent years has been true to an extent for the GSEs, but their borrowers are more likely to be a lower income buyer with a thin-credit file than a wealthier self-employed business owner with irregular income. Nontraditional lenders making loans in the non-qualified mortgage market (which lies outside current regulatory indicators of an ability-to-repay) originally started to turn to things like digital bank data as an alternative or supplement to traditional credit qualifications. RELATED: The future of the data-driven workplace So we're going to have to find alternative ways to qualify people,” said Sara Knochel, CEO, data and analytics, Candor Technology.
![freddie mac phone number for lenders freddie mac phone number for lenders](https://img.chdrstatic.com/media/c688a77a-66c6-4356-89ba-3fe98daec17b.png)
“We're in this day and age where the way people work is changing, and they are using these electronic apps like Venmo and Zelle to send money. In other words, nontraditional underwriting has become less of a niche interest and more of a business and policy imperative. But efforts by the government-sponsored enterprises to expeditiously expand and preserve homeownership - and fintechs that more easily facilitate the data gathering - are driving its expansion.
![freddie mac phone number for lenders freddie mac phone number for lenders](https://www.manufacturedhomepronews.com/wp-content/uploads/2016/02/freddie_mac_loan_volume_scotsmanguide__freddie_mac-499x430.png)
The assessment of consumer financial data that doesn’t fit into traditional credit reporting and scoring boxes was originally relegated to the non-qualified mortgage market, for borrowers lacking traditional indicators of the ability to repay. Digitized consumer data used for alternative income analysis has been building momentum for years, and with key government-related secondary mortgage-market investors like Freddie Mac now using it for new purposes, its applications have become even more mainstream.