San Diego, California- The Mortgage Bankers Association (MBA) and the Federal Home Loan Mortgage Corporation, better known as Freddie Mac, announced a partnership at the MBA’s 102nd Annual Convention, aimed to offer several benefits to MBA members, and to expand their market through low down-payment loan programs.

These programs consist in buying loans with down payments as low as 3 percent to help the group’s members build better businesses.

The Freddie Mac headquarters in McLean. Credit: Paul J. Richards/AFP/Getty Images/The Washington Post

 “Today’s announcement is the start of a promising new chapter in our long relationship with the MBA.  This partnership will create an extraordinary opportunity for Freddie Mac to engage MBA’s members in ways that benefit their businesses and strengthen the housing finance system, “ said David Lowman, Executive Vice President of Freddie Mac at the convention.

The Partnership

According to David H. Stevens, president and CEO of the Mortgage Bankers Association, this partnership “offers new benefits and services to our member companies. We believe this will create cost savings for them and give them access to first-rate opportunities as a direct result.”

Furthermore, they will have a dedicated customer with special product flexibilities and “community outreach opportunities to help members reach more qualified homebuyers and reduce their bottom lines”

The partnership includes important benefits to MBA members that are Freddie Mac seller and servicers. They will have access to critical mortgage products, execution benefits, staff training opportunities, and other services designed to make it easier to originate and deliver high-quality mortgages to Freddie Mac.

“A vibrant secondary market supported by a strong network of independent mortgage originators is critical to a strong U.S. housing market and will help support sustainable homeownership for more families throughout the country,” concluded the Mortgage Collaborative chief executive officer, Jim Park, at the convention.

Source: CNN