accessing credit: permanent mortgage financing · 2019-03-15 · conventional loans – if interest...

US Department of Housing and Urban Development

HUD NSP WebinarHUD NSP Webinar

Accessing Credit Permanent Mortgage FinancingFinancing

Thursday February 24 2011

Community Planning and Development

PresentersPresenters bull Host Kent Buhl bull Moderator Robert Grossinger Enterprise

Community Partners bull PPanelilists Tom OrsquoNeill Bank of America LaDonna Reed Chase Bank Mike Dawson Freddie Mac

US Department of Housing and Urban Development bull Community Planning and Development 22

Format amp Objectives

bull Examine trends and changes in the mortgageoriggination syystem

bull Identify Myths and Realities of the currentmortgage market

bull Panel discussion with question and answer


What to Expect in the Current Market

CURRENT TRENDSCURRENT TRENDS


Mortgage Rates Are At 59-Year LowsMortgage Rates Are At 59 Year Lows

16

18

16

18

12

14

12

14 30-Year SF Fixed

Conforming Mortgage Rate Record Low November 11 2010

417 0 8 points

8

10

8

10

10 Y T

April 1951 419

08 points

2

4

6

2

4

610-Year Treasury

December 2008April 1954

0

2

0

2December 2008 224

April 1954 229

20099 2007720055200332001199 991997719955199331991198 991987719855198 331981197991977719755197 331971196991967719655196 331961195991957719555195331951194 99


Large Inventory Surplus Remains in Market

1000 Annual Data Quarterly Data

700 800 900

Annual Data Quarterly Data

500 600 700

200 300 400

100 0

100

Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1-100 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1

g y p Excess Unsold Homes for Sale (Numbers in Thousands)

1996 2000 2004 2005 2006 2007 2008 2009 2010


7

House Price Declines In the US Cumulative Change - 2006Q2 to 2010Q2

-24

-40

-50

-40

gt 2 -2 to 2

-40 -20 to -10 -10 to -2

lt -20

US Department of Housing and Urban Development bull Community Planning and DevelopmentSource FHFA Purchase-Only House Price Index by State 2006Q2 and 2010Q2

77

8

Increased Homebuyer Affordability L I R amp L H I d Aff d biliLow Interest Rates amp Lower Home = Increased Affordability Index Percent

19

17

190

170

15150

1313 130

11 110

99

90 7

Forecast 70 5

350

1971

1

1973

1

1975

1

1977

1

1979

1

1981

1

1983

1

1985

1

1987

1

1989

1

1991

1

1993

1

1995

1

1997

1

1999

1

2001

1

2003

1

2005

1

2007

1

2009

1

2011

1

NAR Affordability Index

(left scale) 30-Year Fixed Mortgage Rate

(right scale)

Index = 100 means median income buys median income buys median priced home

Source Freddie Mac ndash Office of the Chief Economist National Association of Realtors Composite Housing Affordability Index ndash ( of median priced home affordable on median income with conventional mortgage and 20 down) seasonally adjusted Freddie

Mac Primary Mortgage Market Survey reg and October 2010 Outlook


Mortgage Securitization in Todayrsquos Market bull Dramatic shift in mortgage securitization since 2008

bull Market share is now dominated by Fannie Freddie and Ginnie Mae

Fannie amp

Freddie Gi i

2010 Freddie 70

Ginnie 28

Private Label 2


MORTGAGE MARKET MYTHSMORTGAGE MARKET MYTHS AND LENDING REALITIES


MORTGAGE MARKET MYTHS

The Myths

1 ndash Nobody will lend in Declining Markets

2 ndash FHA is the only option available for permanent fixed-rate mortgg gages

3 ndash The PMI companies are not active in the first-time homebuyer market

4 ndash Lenders will not originate mortgages with public soft seconds (such as NSP) or other federally subsidized support

5 ndash Mortgage financing options with Federal money are too complicated


Panel Perspectives

Tom OrsquoNeill Senior VP Affordable Housing Programs


Neighborhood Stabilization Programs ndash Secondary Financing Overview

bull If an NSP program is structured for lenders to originate a first mortgage with a concurrentt cllose off th the agencyrsquorsquos second morttgage the llender hhas specificd th d ifi responsibilities to the investor of the first mortgage

bull The lender of the first mortgage is responsible for ensuring the second meets the eligibility criteria of the secondary market investor primarilymeets the eligibility criteria of the secondary market investor primarily Fannie Mae Freddie Mac and FHA

bull For consistency in terminology the secondary financing provided by an agency under NSP will be referred to as Community Seconds Programsagency under NSP will be referred to as Community Seconds Programs (CSPrsquos)

bull Nationwide Bank of America has currently approved over 1800 CSPrsquos for use in conjunction with one of our first mortgage products Of these 170 programs were developed in conjunction with NSP funds

bull However many CSPrsquos including some using NSP funding were not approved because they did not meet secondary marketing guidelines

13 US Department of Housing and Urban Development bull Community Planning and Development 13

Community Seconds Program (CSPs) ndash Basics

bull The combined loan-to-value (CLTV) can be up to 105 for conventional loans and to a level that105 for conventional loans and to a level that covers all eligible costs on an FHA loan

bull The subsidy provider generally places their own restrictions on borrower eligibility The mostrestrictions on borrower eligibility The most common restrictions are

ndash Income limits ndash Purchase price limits ndash First-time buyer

bullbull There may also be resale restrictions There may also be resale restrictions


Community Seconds Program (CSPs) ndash Structuresy g ( )

bull Repayment can be ldquostructuredrdquo in many different ways

bull Common structures include

ndash Zero interest or a very low interest rate

ndash I li f i t t th b id id t ldquo hIn lieu of interest the subsidy provider may want a ldquoshare iin the appreciationrdquo of the property

ndash Payment deferral for the first several years

ndash No payment at all for the entire term of the loan sale of theproperty or change in occupancy whichever occurs first

ndash Forgiveness of the debt either partially or fully over a period of tif time

Note Loans with deferred payments of at least 5 years (conventional) or at least 3 years (FHA) do not have to be included as a debt by the lender in qualifying the loan


Community Seconds Program (CSPs) ndash Agency Guidelines

bull Prior to originating a first mortgage that involves a subordinate community second Bank of America must review the terms and conditions of the second mortgage against the guidelines of Fannie Mae Freddie Mac HUD andor VA

bull Conventional Loans ndash If interest is charged on the subordinate mortgage the interest rate cannot

be higher than 2 points above the interest rate of the first mortgage (verybe higher than 2 points above the interest rate of the first mortgage (veryrare)

ndash The subordinate mortgage may not provide for negative amortization (accrual of interest during a period when payments on the loan are deferred)deferred)

ndash The subordinate mortgage may not require a balloon payment that is earlier than 15 years after the note date of the first mortgage or the maturity date of the first mortgage

ndash The subordinate mortgage may not require both interest and shared appreciation

ndash There are limits on the amount of shared appreciation the subsidy provider can receive


-


bull FHA Loans ndash The subordinate lien must be in the name of the eligible subsidy provider

It may not be made in the name of the lender or any other ldquoagentrdquo ndash If the second mortgage is offered through a government agency or a nonshy

profit ldquoinstrumentalityrdquo of government the community second may be used to cover the down payment and closing costs including the borrowerrsquos minimum investment If it is through any other non-profit or a private entity the borrower must still make their minimum investment per private entity the borrower must still make their minimum investment perstandard FHA requirements

ndash If with the subordinate lien there are resale restrictions imposed on the borrower those restrictions must terminate in the event of a foreclosure or deed-in-lieu of foreclosure deed in lieu of foreclosure

bull VA Loans ndash Generally the VA requires the lender to simply confirm that the veteran

benefits from the community second

ndash VA does not require their approval of a community seconds program offered through a government entity however programs offered through non-profits or private entities must be directly approved by the VA non profits or private entities must be directly approved by the VA


Community Seconds Program (CSPs) ndash Program Review

bull Before Bank of America can fund any first mortgage that also involves a Community Second subordinate loan the Community Second program must be reviewed and approved by our Affordable Housing Programs team

bull The documents that must be submitted for a program review consist of

ndash The program description guidelines - This will outline how the program works including eligibility requirements income and purchase price limits maximum assistance amounts financial terms of the subsidy etc subsidy etc

ndash Agency contact information

ndash Sample copy of the Community Seconds Promissory Note

ndash Sample copy of the Community Seconds Deed of Trust Mortgage

ndash Copy of a Lender Participation Agreement (if applicable)


t t t t

Neighborhood Stabilization Program shyg g FAQrsquos

bull What are some of the more common causes for a CSP (includingthose submitted using NSP) to be declined for use by the first mortgage lender

ndash Some component of the basic structure terms of the secondmortgage do not meet guidelines (eg excessive shared appreciation)

ndash The agency may require a Lender Participation Agreement where one or more of the provisions are not acceptable to the first mortgage lender

ndash S f h i d f di fSome aspect of the processing andor funding of thhe concurrent loans is incompatible with the first mortgage lenderrsquos systems

ndash Rehab processes and administration of funds


Neighborhood Stabilization Program shyFAQrsquos

Can the agenc Can the agency ffund the rehab and complete the disbursementsrsementsbull nd the rehab and complete the disb

ndash It depends on the extent of the rehab and when it will becompleted

ndash Extensive rehab work that is required for health and safety andor will not be completed prior to closing of the first mortgage must be funded by a lender using a rehab product (eg FHA203k)) and the first mortggagge lender must administer the rehab disbursements

bull Can the agency put the funds into an account and allow the lender to manage rehab

ndash there are systems complications that make this arrangement very difficult or unworkable


Neighborhood Stabilization Program ndash Lending Solutionsg g g

bull If the agency does not own the property they can fund andIf the agency does not own the property they can fund and manage the completion of non health and safety issues such as carpet paint landscape and updated appliances with a second mortgage recorded concurrently with the first and the work canbe completed after the closingbe completed after the closing

bull If the agency does not own property and the ServicerInvestorallows the agency can fund any type of repairupgrade allowed by NSP including health and safety issues providedby NSP including health and safety issues provided

ndash Health and safety work is completed prior to close

ndash It is likely the contractor will need to agree to being paid until close of escrow and the agency will need to record theuntil close of escrow and the agency will need to record the second mortgage concurrently with the first at closing

ndash Note ndash amount of second may include funds disbursed to contractors as well as down payment andor closing costs contractors as well as down payment andor closing costs


Neighborhood Stabilization Program ndashg g Lending Solutions

bull An agency can provide a subordinate loan after closing for additional work done to the property

ndash the agency may want to provide additional oversight of the agency may want to provide additional oversight of the rehab and work closely with the borrower while the work is being done

bull An agency can fund down payment closing cost assistance bull the property must meet standard property conditions

h th lwhen the lloan closes


Panel Perspectives

LaDonna Reed Multi-Cultural Affordable Lending


Mortgage Financing ChallengesMortgage Financing Challenges

bull Credit bull Down PaymentDown Payment bull Property Condition


Credit Score ChallengesCredit Score Challenges

bull ChallengeChallenge - Bank overlays on FHAVA productsbull Bank overlays on FHAVA products that place minimum credit score guidelines

bull Banks support credit counseling agencies thatBanks support credit counseling agencies that provide budget and credit counseling and referborrowers for assistance and support

bull We provide support to groups for training by supporting the Neighborworks Training Institutes and place based trainings throughout theand place based trainings throughout the country to train counselors


t

Down PaymentAsset ChallengesDown PaymentAsset Challenges bull Challenge - MI companies have pulled back on coverage

so it is hard to get MI on higher LTV loans without highso it is hard to get MI on higher LTV loans without high credit scores

bull Challenge - Loans even with community seconds need a Loans even with community seconds need aChallenge 660 to 680

bull Banks actively look to work with non profits and HFArsquos offering down payment assistance to borrowers

bull Other sources of funds include employer workforce h i ihousing iincentives

bull Again counseling for borrowers on budget credit and savings is also a key critical factor savings is also a key critical factor


Property Condition ChallengesProperty Condition Challenges

bull Not all banks offer a rehabilitation product

bull Rehabilitation products can be stressful transactions for FTHB and affordable borrowers

bull Opportunities still exist for some borrowers to be taken advantage of if they are not savvy

bull NSP is a great alternative as a majority of the programs NSP is a great alternative as a majority of the programs are rehabbing the properties first and then reselling them

bull Banks should look for opportunities to work withBanks should look for opportunities to work with experienced non profits that provide construction expertise throughout the process for borrowers


Affordable ProductsAffordable Products

bullbull FHAVA FHAVA bull Dreamaker (Chase Affordable Product) bull M CMy Communit ity bull Home Possible bull SState BBond Programsd P


Use of Down Payment Assistance Programs (DAPrsquos)

bull Program Guidelines Program Guidelines

bull Sample Note

bull Sample junior lien

bull Sample recapture agreement

bull Sample deed (needed if a deed restriction program)

bull A Chase review by our National Underwriting Department has to be completed before use by a Chase LO


DPA Program ChallengesDPA Program Challenges

The program benefit is often in the form of a secondThe program benefit is often in the form of a second mortgagessubordinate financing but may also be in the form of a gift or grant The program restrictions defining eligible purchasers generally are established throughpurchasers generally are established through

bull Inclusionary zoning

bull Resale restrictions


Your MCA Contacts

National Channel Executive Denise Smith - (312)732-3989 denisensmithchasecom

MCA Business Development ManagersMCA Business Development Managers Northeast Region New York New Jersey Edward Patane ndash (856)396-2871 edwardmpatanechasecom

West Region California Arizona Nevada Oregon Washington Utah Idaho George Hernandez Jr (714)336-9537 georgexhernandezjrchasecom

West Region Northern California Oregon Washington Utah Idaho amp Nevada Duane M Webb ndash (916) 338-8519 duanemwebbchasecom

South Reggion Texas Louisiana Geor ggia Florida and Colorado Oscar Chow ndash ((956)) 821-9626 oscarrchowchasecom

Midwest Region Chicago Wisconsin Michigan Indiana Ohio West Virginia Kentucky LaDonna Reed ndash (708)567-7629 ladonnakreedchasecom(708)567 7629 ladonnakreedchasecom

Strategic Markets St Louis Boston Delaware Maryland Washington DC Virginia Scott Willis ndash (410)884-1088 scottewillischasecom


Panel Perspectives

Mik D CFA Mike Dawson CFA Vice President ndash Single Family Affordable Lending amp Deal amp Contract ManagementLending amp Deal amp Contract Management


Essential LiquidityEssential Liquidity bull Since the start of 2009 Freddie Mac has funded over $850 billion of mortgage loans in

the nation serving over 4 million borrowers

bull Over that time Freddie Mac has enabled almost 3 million families to refinance saving

roughly $6 billion

bull We have financed 267000 First Time Homebuyers during this time

bull In 2010 alone we funded mortgages for over 390000 low income borrowers (at or

below 80 of median area income) nationwide


Freddie Mac Affordable OfferingsFreddie Mac Affordable Offerings bull 30-year fixed-rate mortgage ndash a cornerstone of US home financing - requires a

minimum five percent borrower down paymentminimum five percent borrower down payment

bull Home Possiblereg ndash Fixed Rate mortgage targeted at low and moderate income

buyersbuyers

bull Affordable Seconds - Freddie Macrsquos standardized requirements for down

payment and closing cost assistance secondary financing

bull Down Payment Assistance Programs ndash permissasable for use with Home

Possible if programs meets Affordable Seconds requirements

wwwFreddieMaccom


Freddie Macrsquos Home Possiblereg Mortgages A responsible low down payment mortgage option for first-time homebuyers and low and moderate-income borrowers

Borrower Profile Key Features Borrower Benefits Borrower Profile Key Features Borrower Benefits bullFirst-time homebuyersmove-up borrowers andretirees bull Families in bull Families in underserved areas bull New immigrants andvery low and low- toshymoderate-incomemoderate income borrowers

bull15- 20- and 30-year fixed-rate mortgages for1- to 4-unit primary residencesresidences bull40-year fixed-ratemortgages for 1-unit primary residences bull 51 (225 caps) 71 51 (225 caps) 71and 101 CMT- and LIBOR-indexed ARMs bull Manufactured homes eligible (with certain rest itricti tions)) bull Maximum financing upto 105 percent total loanshyto-value (TLTV) for qualified borrowers qualified borrowers

bullStable monthlypayments with fixed-rate mortgages bull Flexible closing cost bull Flexible closing cost funding options bull Reduced mortgageinsurance coveragelevelslevels bull No cash-out refinancing


o dab e Seco ds

Affordable Seconds Provides a funding option for low- and moderate income borrowers

Borrower Profile Key Features Borrower Benefits

bull Borrowers who need flexible secondary financingfinancing

bull Low- and moderate-income borrowers

bull

bull

bull

Available through Loan Prospectorreg Multiple Affordable Seconds May be originated with Home Possiblereg Home Possiblereg Mortgages

bull

bull

Increases homeownership opportunitiesopportunities Offers funding flexibility for down payment closing and financing costs prepaids and rehabilitation costs through various sources


Down Payment Assistance Combine down payment and closing cost assistance sources with sustainable mortgage solutions and build new business for first-time homebuyers

Benefits to Business Borrower Benefits

bull Helping you grow your first-time homebuyer and other business by identifying down payment and closing identifying down payment and closing cost assistance resources that help well-qualified borrowers close on their mortgage loans

bull Enhancing your customer service and borrower retention capabilities by providing affordability gap solution information

bull Assisting you in building a knowledgeable loan originator Realtor and housing counselor network

bull Stabilizing the communities you serve Stabilizing the communities you serve by offering sustainable mortgage solutions

When you provide information on down payment and closing cost assistance solutions well qualified borrowers solutions well-qualified borrowers

bull Can fund their closing cost gap from a variety of authorized sources

bull Borrowers can keep more funds in Borrowers can keep more funds in reserve to maintain the home and make their regular mortgage payments


-

Rebuilding the Purchase Marketg

bull Position lenders to succeed when the mortgage market turns from refinancing to purchase ndash Resource Center on FreddieMaccom ndash Tools and resources to strengthen business relationships

bull Purchase Market Resource Center ndash Mortgage product and underwriting information ndash Collateral to reach real estate professionals amp housing counselors ndash Borrower informationBorrower information

bull First-time homebuyers bull Downpayment information

bullbull Short-sale process Short sale process ndash Housing market trends


Purchase Market Resource Center FreddieMaccompurchasemarket


Panel Questions and Answers

bull Questions welcomed bull What are the barriers to accessing mortgage credit inWhat are the barriers to accessing mortgage credit in

your communities

ndash Credit standards

ndash Lender partnerships

bull Are there local challengges soft-second mortgg gage programs for NSP

bull Has your community used the FHA 203(k) or other products to allow Buyers to finance acquisition and rehabilitation


-

Contact information

bull Tom OrsquoNeill Bank of America Home Loans

Phone 847-545-3748

bull

E-Mail tomoneillbankofamericacom

LaDonna Reed Chase Multi Cultural and Affordable

Phone 312-732 3990

bull

E-mail ladonna k reedchase com E mail ladonnakreedchasecom

Mike Dawson Freddie Mac VP Single Family Affordable Lending

Phone 571 382 3812Phone 571-382-3812

E-Mail mike_dawsonfreddiemaccom


Give us your FeedbackGive us your Feedback

bullbull Answer a few short questionsAnswer a few short questions bull Please click on the link and give us your

feedbackfeedback httpwwwsurveymonkeycoms3YXX926

Your opinion is valuable

THANK YOU


PresentersPresenters bull Host Kent Buhl bull Moderator Robert Grossinger Enterprise

Community Partners bull PPanelilists Tom OrsquoNeill Bank of America LaDonna Reed Chase Bank Mike Dawson Freddie Mac











16

18

16

18

12

14

12

14 30-Year SF Fixed


417 0 8 points

8

10

8

10

10 Y T

April 1951 419

08 points

2

4

6

2

4

610-Year Treasury


0

2

0

2December 2008 224

April 1954 229

20099 2007720055200332001199 991997719955199331991198 991987719855198 331981197991977719755197 331971196991967719655196 331961195991957719555195331951194 99




700 800 900


500 600 700

200 300 400

100 0

100



1996 2000 2004 2005 2006 2007 2008 2009 2010


7


-24

-40

-50

-40

gt 2 -2 to 2

-40 -20 to -10 -10 to -2

lt -20


77

8


19

17

190

170

15150

1313 130

11 110

99

90 7

Forecast 70 5

350

1971

1

1973

1

1975

1

1977

1

1979

1

1981

1

1983

1

1985

1

1987

1

1989

1

1991

1

1993

1

1995

1

1997

1

1999

1

2001

1

2003

1

2005

1

2007

1

2009

1

2011

1



(right scale)







Fannie amp

Freddie Gi i

2010 Freddie 70

Ginnie 28

Private Label 2





The Myths







Panel Perspectives



































-



















t t t t




























Panel Perspectives











t




















bull Sample Note











Your MCA Contacts









Panel Perspectives






roughly $6 billion








buyersbuyers





wwwFreddieMaccom







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU











16

18

16

18

12

14

12

14 30-Year SF Fixed


417 0 8 points

8

10

8

10

10 Y T

April 1951 419

08 points

2

4

6

2

4

610-Year Treasury


0

2

0

2December 2008 224

April 1954 229

20099 2007720055200332001199 991997719955199331991198 991987719855198 331981197991977719755197 331971196991967719655196 331961195991957719555195331951194 99




700 800 900


500 600 700

200 300 400

100 0

100



1996 2000 2004 2005 2006 2007 2008 2009 2010


7


-24

-40

-50

-40

gt 2 -2 to 2

-40 -20 to -10 -10 to -2

lt -20


77

8


19

17

190

170

15150

1313 130

11 110

99

90 7

Forecast 70 5

350

1971

1

1973

1

1975

1

1977

1

1979

1

1981

1

1983

1

1985

1

1987

1

1989

1

1991

1

1993

1

1995

1

1997

1

1999

1

2001

1

2003

1

2005

1

2007

1

2009

1

2011

1



(right scale)







Fannie amp

Freddie Gi i

2010 Freddie 70

Ginnie 28

Private Label 2





The Myths







Panel Perspectives



































-



















t t t t




























Panel Perspectives











t




















bull Sample Note











Your MCA Contacts









Panel Perspectives






roughly $6 billion








buyersbuyers





wwwFreddieMaccom







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU




700 800 900


500 600 700

200 300 400

100 0

100



1996 2000 2004 2005 2006 2007 2008 2009 2010


7


-24

-40

-50

-40

gt 2 -2 to 2

-40 -20 to -10 -10 to -2

lt -20


77

8


19

17

190

170

15150

1313 130

11 110

99

90 7

Forecast 70 5

350

1971

1

1973

1

1975

1

1977

1

1979

1

1981

1

1983

1

1985

1

1987

1

1989

1

1991

1

1993

1

1995

1

1997

1

1999

1

2001

1

2003

1

2005

1

2007

1

2009

1

2011

1



(right scale)







Fannie amp

Freddie Gi i

2010 Freddie 70

Ginnie 28

Private Label 2





The Myths







Panel Perspectives



































-



















t t t t




























Panel Perspectives











t




















bull Sample Note











Your MCA Contacts









Panel Perspectives






roughly $6 billion








buyersbuyers





wwwFreddieMaccom







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU


7


-24

-40

-50

-40

gt 2 -2 to 2

-40 -20 to -10 -10 to -2

lt -20


77

8


19

17

190

170

15150

1313 130

11 110

99

90 7

Forecast 70 5

350

1971

1

1973

1

1975

1

1977

1

1979

1

1981

1

1983

1

1985

1

1987

1

1989

1

1991

1

1993

1

1995

1

1997

1

1999

1

2001

1

2003

1

2005

1

2007

1

2009

1

2011

1



(right scale)







Fannie amp

Freddie Gi i

2010 Freddie 70

Ginnie 28

Private Label 2





The Myths







Panel Perspectives



































-



















t t t t




























Panel Perspectives











t




















bull Sample Note











Your MCA Contacts









Panel Perspectives






roughly $6 billion








buyersbuyers





wwwFreddieMaccom







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU


8


19

17

190

170

15150

1313 130

11 110

99

90 7

Forecast 70 5

350

1971

1

1973

1

1975

1

1977

1

1979

1

1981

1

1983

1

1985

1

1987

1

1989

1

1991

1

1993

1

1995

1

1997

1

1999

1

2001

1

2003

1

2005

1

2007

1

2009

1

2011

1



(right scale)







Fannie amp

Freddie Gi i

2010 Freddie 70

Ginnie 28

Private Label 2





The Myths







Panel Perspectives



































-



















t t t t




























Panel Perspectives











t




















bull Sample Note











Your MCA Contacts









Panel Perspectives






roughly $6 billion








buyersbuyers





wwwFreddieMaccom







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU




Fannie amp

Freddie Gi i

2010 Freddie 70

Ginnie 28

Private Label 2





The Myths







Panel Perspectives



































-



















t t t t




























Panel Perspectives











t




















bull Sample Note











Your MCA Contacts









Panel Perspectives






roughly $6 billion








buyersbuyers





wwwFreddieMaccom







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU





The Myths







Panel Perspectives



































-



















t t t t




























Panel Perspectives











t




















bull Sample Note











Your MCA Contacts









Panel Perspectives






roughly $6 billion








buyersbuyers





wwwFreddieMaccom







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU


Panel Perspectives



































-



















t t t t




























Panel Perspectives











t




















bull Sample Note











Your MCA Contacts









Panel Perspectives






roughly $6 billion








buyersbuyers





wwwFreddieMaccom







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU


































-



















t t t t




























Panel Perspectives











t




















bull Sample Note











Your MCA Contacts









Panel Perspectives






roughly $6 billion








buyersbuyers





wwwFreddieMaccom







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU











t t t t




























Panel Perspectives











t




















bull Sample Note











Your MCA Contacts









Panel Perspectives






roughly $6 billion








buyersbuyers





wwwFreddieMaccom







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU






















Panel Perspectives











t




















bull Sample Note











Your MCA Contacts









Panel Perspectives






roughly $6 billion








buyersbuyers





wwwFreddieMaccom







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU










t




















bull Sample Note











Your MCA Contacts









Panel Perspectives






roughly $6 billion








buyersbuyers





wwwFreddieMaccom







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU














bull Sample Note











Your MCA Contacts









Panel Perspectives






roughly $6 billion








buyersbuyers





wwwFreddieMaccom







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU







Your MCA Contacts









Panel Perspectives






roughly $6 billion








buyersbuyers





wwwFreddieMaccom







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU


Panel Perspectives






roughly $6 billion








buyersbuyers





wwwFreddieMaccom







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU





roughly $6 billion








buyersbuyers





wwwFreddieMaccom







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU





buyersbuyers





wwwFreddieMaccom







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU







o dab e Seco ds





bull

bull

bull


bull

bull













-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU












-











your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU






your communities






-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU


-

Contact information


Phone 847-545-3748

bull



Phone 312-732 3990

bull



Phone 571 382 3812Phone 571-382-3812







THANK YOU






THANK YOU


accessing credit: permanent mortgage financing · 2019-03-15 · conventional loans – if interest...

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