FHFA Finalizes New Fair Lending Rules

The Federal Housing Finance Agency (FHFA) has announced its finalized Fair Lending, Fair Housing, and Equitable Housing Finance Plans to address barriers to sustainable housing opportunities. 

In a release, the National Association of REALTORS® (NAR) praised FHFA’s efforts to codify existing practices and programs. The new plans show a sustained commitment to remove obstacles to homeownership and expand opportunities for homebuyers of all backgrounds, including first-time and low-and-moderate income buyers, said NAR. 

“The Equitable Housing Finance Plans are an active step in closing homeownership gaps among demographic groups,” said Bryan Greene, NAR’s vice president of policy advocacy. “We applaud the work that FHFA has done to support lenders who create special-purpose credit programs. This work promotes more fairness and greater soundness in the housing finance system and, ultimately, more homeownership opportunities for more Americans. We look forward to working with FHFA to further support homeownership and narrow the homeownership gaps.”

According to FHFA, its expanded fair lending efforts have helped 17,000 families of all backgrounds benefit from lender-created special-purpose credit programs, offering buyers down payment assistance, closing cost assistance, and other support.

NAR also applauds FHFA for its work in credit score modernization. Changes to incorporate rental and utility payments in credit scores have resulted in positive benefits for 750,000 renters.

For more information, visit  https://www.nar.realtor/.   

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