Hefets: US banks underwrite mortgages more conservatively than Fannie Mae requires
Adena Hefets · #AIS: Divvy Homes CEO Adena Hefets breaks down the state of the US housing market · May 29, 2022 · at 22:50
Adena Hefets, CEO of Divvy Homes, explains how regulatory penalties from the 2008 global financial crisis caused retail banks to impose strict overlay rules on mortgage lending.
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“When the global financial crisis happened, there were such, ah, very high fees and penalties that went for banks that didn't have really strict overlays that actually had a ton of defaults. And so now banks are super nervous To lend to people, and actually take risk, that they actually follow Fannie Mae's guidelines very strictly, and actually put overlays on top of it. So they actually are more conservative a lot of times than what the underwriting requirements are.”
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