Automated validation of income
Assess how to provide income, employment, and asset validation through an asset report. The objective is to simplify the provision of the verification services on Single-Family loans and reduce costs.
The Work Number an ADP product
Argyle,
Plaid,
Finicity,
Credit Plus and Credit Aggregators,
Xactus
Appraisal modernization
Processes to improve Single-Family valuation models, time efficiency, and reliability of real estate appraisals. This valuation process provides alternative options to conduct a property inspection that is leveraged by an appraiser who analyzes the inspection data and determines value.
Equitable Housing Finance
Waivers are the digital data compiled by: Fannie Freddie FHA USDA and Corelogic, FATCO etc
AMC process digitized assignment
Data
Shared equity program certification system
Give lenders with safe harbor for certain community land trust Selling Guide requirements will increase lender participation in the shared equity market and grow the volume of shared equity loans delivered to Fannie Mae.
Hometap
Point
Unlock
Unison
Nonprofit acquisitions of REO in disaster areas
Permit a nonprofit entity to be qualified as a Single-Family borrower with the objective of supporting FEMA-declared disaster areas to rebuild and preserve the availability of affordable rental housing.
Missing Middle Grants -
Rebuild Paradise
https://www.rebuildparadise.org › grants
https://www.regeneratingparadise.org/projects/
Paradise Cares
https://www.paradisecadillac.com › paradise-cares
Magalia, CA and Paradise, CA
Resident-owned communities
Serve Underserved Markets Plan for the Manufactured Housing Market, specifically Manufactured housing communities owned by a governmental entity, non-profit organization, or residents.
Manufactured home community owners can increase space rents on a whim
and it is costly and difficult to move the manufactured home.
Some communities restrict owners from moving the manufactured home.
This program allows the unit owners to buy the land of a community,
govern the HOA as they see responsible, and allows more
stable homeownership.
Expanded Housing Choice
This pilot aims to remove barriers to housing by
incentivizing borrowers to accept housing choice vouchers.
The pilot will initially focus on two states that
do not have source of income protections –
Texas and North Carolina.
Housing Choice Voucher Program -
DHA - Housing Solutions ...
the BVCOG Housing Choice Voucher Program! - Brazos ...
Accessory Dwelling Units (ADUs)
Assessing whether the expansion of financing options for
Single-Family homes with ADUs increases affordable
supply of housing options.
Fannie Mae’s new product is allowing the valuation of
ADU’s to be included in appraisal value as permanent.
In the past if the ADU was not permitted or
allowed as a granny-flats by the county the
value of the square footage and the rents were
not part of the loan approval.
This opens the way for more ADU’s along
with Nationwide trends to ignore setbacks and some permit hurdles.
Will the GSE’s regulate Title costs by excluding the
need for title insurance on certain low loan to value loans
and no cash out refinances?
Who will bear the cost of fraud, cloud, and liens?
Probably the servicers, our government, and future borrowers.
What are the reasons behind these new products?
1. Level the playing field for Black and Hispanic borrowers
who were not treated evenly in appraisal, income verification,
etc. Digitizing tools remove human bias.
2. Climate Extremes- flood, fire, storms causing more
FEMA disasters and the need to rebuild.
3. Covid changed where people work. Remote work is here to stay.
4. Covid stresses on homeowners who go forbearance
and now are in trouble repaying.
5. Need for more affordable housing
6. Methods to reduce costs in homeownership
7. The GSE’s are not for profit and duty to help Americans
© Caroline Gerardo NMLS 324982