FHFA Finalizes Duty to Serve Rule

On Dec. 12, 2016, the Federal Housing Finance Agency (FHFA) released its final “Duty to Serve” rule.  The rule is intended to facilitate a secondary market for mortgages on residential properties in specified underserved markets.  The rule requires Fannie Mae and Freddie Mac to each submit a Underserved Markets Plan (UMP) detailing how each entity will carry out their Duty to Serve responsibilities with each plan subject to a public input process. The final rule reflects NAR’s policy to allow Duty to Serve credit for expanding financing opportunities for affordable… Read More