Real Estate & Home

Expect a major shift in credit allocation as a result of lender choice

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The "lender choice" policy allowing lenders to select the highest credit score for GSE submission will trigger higher loan-level price adjustments from Fannie Mae and Freddie Mac to offset adverse selection risk. This reshapes mortgage credit allocation, redirecting mid-range credit loans to FHA and prime loans to private securitizations—a shift that matters for developers and tech professionals because it changes loan availability and pricing. The concentration could increase FHA loss rates by 14%, straining servicers and the Mutual Mortgage Insurance Fund.

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