Urge Congress to Require the GSEs to Purchase the Loans in Deferral Authorized in the Cares Act


Mortgage brokers and loan originators – Do you know why you are having trouble pricing loans and making a profit?Well, it is complex but the simple answer is the Congress passed the Cares Act that lets consumers defer mortgage payments.The only thing Congress forgot was that nothing is free. The problem now is loans that go in deferment are being priced with overlays of 500 to 700 basis points by Freddie Mac and Fannie Mae.Yes, you read that right.Basically…the GSEs don’t want these Cares Act loans in theirportfolio.This is placing many non-bank lenders in a financial squeeze and we need to help them change this government policy. Please act now and contact your Congressman to require the two government owned entities – Freddie Mac and Fannie Mae – to purchase these loans without this ridiculous overlays.Please forward this Call to Action to any loan originator or mortgage broker you have in your contacts.We need all the help we can get! Please help protect your profession and business by helping out our non-bank lender partners.Remember, NAMB for All means we help ALL sectors of our business, even the retail side!

Source: Urge Congress to Require the GSEs to Purchase the Loans in Deferral Authorized in the Cares Act