Freddie Mac Releases Standardized Docs For DPA Programs
Freddie Mac is streamlining down payment assistance programs with standardized mortgage documents.
Leaders at the GSE say subordinate lien documents currently vary greatly by lender, causing confusion. These new documents will “increase clarity, consistency and accessibility” of DPA programs across the country, and can be used by lenders working with the HFAs at all levels.
“We know that standardization has increased efficiency, lowered costs, and improved many areas of the mortgage industry,” said Danny Gardner, Single-Family Senior Vice President of Mission and Community Engagement at Freddie Mac.
“By embracing standardization and creating a set of industry-wide documents, we are providing clarity and consistency that will enable more lenders to help more individuals and families leverage down payment assistance programs across…