NEW YORK – Some U.S. mortgage lenders are increasing the size of home loans they offer, anticipating changes in the way mortgage companies Fannie Mae and Freddie Mac will do business next year.
Higher loan sizes could boost volumes at mortgage banks, where profits have suffered from a significant drop in home loan refinancings. Changes may also marginally help the U.S. economy by encouraging more home buying.
“The more forward thinking lenders have already done this. It gives them a little competitive advantage in the near term,” said Steve LaDue, head of Affiliated Mortgage in Wisconsin.
The move by mortgage banks to stretch loan limits comes as Freddie Mac and Fannie Mae, the country’s mortgage agencies, endure regulatory scrutiny over accounting methods and face the possibility of tighter controls.
For this complete story, please visit U.S. Lenders Up Home Loan Size, Eye Freddie, Fannie.
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