The Credit Union National Association (CUNA) recently filed comments with the Federal Housing Finance Agency (FHFA), offering suggestions regarding housing finance system lender equity access.
“CUNA strongly believes that the housing finance system must ensure that lenders of all sizes have equal access to the secondary mortgage market and the services provided by the government-sponsored entities regulated by the FHFA, including Fannie Mae and Freddie Mac (collectively the Enterprises) and the Federal Home Loan Banks,” the CUNA wrote in correspondence to FHFA Director Sandra Thompson.
The FHFA has requested comments on how its regulations may be made more effective and less burdensome by modifying, streamlining, expanding or repealing them.
“To ensure that credit unions have equal access to the secondary market and the Enterprises, transparency into decisions made by the FHFA and Enterprises is of vital importance, especially when those decisions may have wide-reaching effects upon credit unions and other secondary market players,” CUNA officials wrote. “Accordingly, CUNA urges the FHFA to consider how it and/or the Enterprises can facilitate stakeholders’ acquisition of historical information gathered by the Enterprises in connection with the validation and approval of new credit score models.”
CUNA represents America’s credit unions and more than 135 million members.