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The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is an American publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons, Virginia. [ 3 ] [ 4 ] The FHLMC was created in 1970 to expand the secondary market for mortgages in the US.
There are 2 AUS systems, and algorithms designed for this purpose, the first one Desktop Underwriting (DU) is designed by Fannie Mae and Loan Prospector (LP) by Freddie Mac. Some lenders still manually underwrite [1] the loan if the borrower doesn't pass the AUS but has additional compensating factors to be able to obtain the loan.
Freddie Mac's purpose was to expand the secondary mortgage market and particularly to provide competition to Fannie Mae, which had come to dominate the market and had become a private shareholder ...
Over the past several years, use of "automated underwriting" statistical models has reduced the amount of documentation required from many borrowers. Such automated underwriting engines include Freddie Mac's "Loan Product Advisor" (fka "Loan Prospector") and Fannie Mae's "Desktop Underwriter". For borrowers who have excellent credit and very ...
As of 2023, Fannie Mae and Freddie Mac support around 70 percent of the mortgage market, according to the National Association of Realtors. That means the majority of conventional loans, those ...
Fannie Mae and Freddie Mac are government-sponsored enterprises that make a market in mortgages: Between them, they buy or back about two-thirds of all U.S. home loans.. These systems don’t ...
The Federal Housing Finance Agency (FHFA) is an independent federal agency in the United States created as the successor regulatory agency of the Federal Housing Finance Board (FHFB), the Office of Federal Housing Enterprise Oversight (OFHEO), and the U.S. Department of Housing and Urban Development government-sponsored enterprise mission team, [3] absorbing the powers and regulatory authority ...
In 1970, Congress created Freddie Mac with similar goals to Fannie Mae: to be a market-maker — that is, a ready buyer and seller of mortgages — to encourage lenders to extend financing to ...