Mortgage lenders on Wednesday received new assurances from mortgage-finance giants Fannie Mae and Freddie Mac that they won’t be slammed with onerous penalties for what they say are relatively minor errors made when underwriting loans.
Fannie and Freddie released new guidelines detailing the remedies lenders will be responsible for providing should errors be found in loans they sell to the companies. The goal, the companies say, is to persuade the lenders to expand mortgage access to riskier borrowers.
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