Industry News

Freddie Mac enhances real estate loan products

Insurance deductible hike planned to help coastal lenders, borrowers

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Freddie Mac today announced it is expanding the list of mortgage products available through its Web-based Selling System this summer by adding a new array of 40-year fixed-rate mortgages and 20 more adjustable-rate mortgage products and federally insured rural housing mortgage products. Freddie Mac officials also announced they are beefing up the company's flagship suite of Home Possible affordable mortgage products by adding a special 40-year fixed-rate option and providing lenders with more competitive selling options. Separately, the company said it is revising its property insurance requirements to facilitate mortgage purchases in coastal markets where insurers are raising their deductibles. "Today's announcements underscore our commitment to respond quickly to our customer's call for more flexible products and faster decisions on one easy-to-use Web-based platform," said Paul Mullings, senior vice president of Single Family Sourcing at Freddie Mac, "and further fulfill our pledg...