Building Your Purchase Market: Resources for Responsible Lending Practices
July 17, 2014
After a winter-induced lull, the housing market is beginning to revive. During the month of May, purchases of new homes showed the highest increase in 22 years* and existing home sales rose 12.9 percent compared with last year**. Even better news – the quality of the loans you delivered to us is the highest it's been in more than a decade.
As you grow your purchase money business, we want you to remain confident that the loans you deliver to us meet our requirements. It's not as challenging as you might think. Our tools, technology, and resources are available to make it easier for you to do business with Freddie Mac.
For example, with our new and enhanced technology, including Loan Prospector® and Loan Quality AdvisorSM, you are able to understand how we view credit risk so you can better identify eligibility issues before you sell a loan to us. In addition, you can use the feedback you receive from these tools to modify your loan origination and underwriting processes for greater certainty that the loans you deliver to us are eligible for sale.
Make sure you have the right information to succeed in today's purchase market. Our Purchase Market Resource Center connects you to the resources you need to get more customers in the door and grow your purchase money business responsibly.
For More Information
- Visit our Resources for Responsible Lending Web page for access to tools to help you strengthen your loan manufacturing process.
- Sign up for our purchase market-related webinars and tutorials in our Learning Center.
- Contact your Freddie Mac representative.
*Source: U.S. Census Bureau
**Source: National Association of Realtors