Postponement allows for the identification of a variety of issues, opportunities, and challenges related to the successful implementation of the new requirements
WASHINGTON, Sept. 14, 2023 /PRNewswire-PRWeb/ — The National Association of Mortgage Brokers (NAMB) applauds the Federal Housing Finance Agency’s (FHFA) recent decision to postpone the implementation of the planned transition to a bi-merge model. The FHFA will allow time for additional public engagement to facilitate the transition to the proposed credit score models and credit report requirements for loans acquired by Fannie Mae and Freddie Mac.
This engagement, which will include stakeholder forums and listening sessions, will allow for identification of a wide variety of issues, opportunities, and challenges related to the successful implementation of the new requirements, including potential refinements to the timeline for adoption.
“We appreciate the FHFA’s decision to allow for more engagement on the bi-merge transition. This change in credit modeling is too significant to be rushed,” said NAMB President Ernest Jones.
“Since the bi-merge proposal was announced in October 2022, NAMB has engaged extensively with FHFA leadership and we are gratified that the decision was made to grant more time for contemplation. Accordingly, we will take the opportunity to continue to engage and encourage our members across the country to do the same,” Jones further noted.
The National Association of Mortgage Brokers has been the voice of the mortgage industry representing the interests of mortgage professionals and homebuyers since 1973. NAMB provides mortgage professionals with advocacy, education, and rigorous certification programs to recognize members with the highest levels of professional knowledge and education. NAMB’s active lobbying and advocacy efforts focus on national and state issues, protecting the interests of its members and borrowers. As the leading national trade association for the mortgage industry, NAMB is affiliated with state associations throughout the country and represents the interests of more than 993,000 licensed and registered Mortgage Loan Originators and 68,000 licensed Mortgage Broker and Mortgage Lender businesses throughout the US. The Association hosts several meetings throughout the year. Engage the organization via social media: https://www.facebook.com/NAMBPros #Nambnational2023
Joshua Steinfeld, Steinfeld Consulting, 1 339-225-1581, [email protected]
SOURCE National Association of Mortgage Brokers