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Forbearance Penalties Are Making Things Harder for Low-FICO, First-time Borrowers; Rates Struggling to Break The Next Floor

Forbearance Penalties Are Making Things Harder for Low-FICO, First-time Borrowers; Rates Struggling to Break The Next Floor

The Urban Institute (UI) is speculating that a new penalty imposed on loan originators and arising out of the COVID-19 forbearance plans is beginning to significantly tighten the credit box. A paper written by analysts Laurie Goodman and Michael Neal says that mortgages are considerably more difficult to get than they were four months ago, and this is disproportionally affecting first-time, Black, and Hispanic homebuyers. The Federal Housing Administration (FHA) and the GSEs Fannie Mae and Freddie Mac have all imposed a penalty on lenders whose loans go into forbearance before they are delivered to Ginnie Mae, the agency that securitizes FHA and VA loans, or the GSEs. Ginnie Mae and the GSEs insure or guarantee more than 70 percent of the outstanding mortgages in the United States. Fannie Mae
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