Fannie Mae's Duty to Serve Plan has had a stellar year, according to Jeffrey Hayward, EVP, Multifamily Business, Fannie Mae who outlined the GSE's 2018 achievements under this plan. In its Perspectives blog, Hayward wrote that the Duty to Serve plan was“a three-year roadmap that lays out how [Fannie Mae] will study, engage, and innovate to find new affordable housing solutions in some of the most challenging underserved markets across America.”
“As our first year on this journey, 2018 was a year of learning and relationship-building, of seeking transformative solutions, and of demonstrating a commitment to action,” said Hayward. “Our team fanned out across the country to support home finance in rural markets, preserve affordable housing nationwide, and advance manufactured housing options. We attended dozens of conferences, conducted hundreds of customer and partner conversations, introduced new and enhanced products, and gained insights that we can use to keep getting better.”
Fannie Mae’s snapshot of the year by numbers in single-family housing includes over 59,000 loans purchased (preliminary), over 500 stakeholder agreements, eight policy updates, eight test-and-learn variances, over 20 research initiatives, and over 15 marketing and education campaigns.
Hayward noted that Fannie Mae is making improvements to the rural housing market through easier home appraisals and agreements with Native American tribes to allow conventional financing on their lands.
Additionally, Fannie Mae states that it made its HomeStyle Energy and HomeStyle Renovation single-family mortgage products “more flexible” and raised awareness of financing options for distressed properties. Fannie Mae has also launched MH Advantage, a program aimed at improving the lending experience and affordability for factory-built home buyers.
“When the Duty to Serve rule was tasked to us by the Federal Housing Finance Agency two years ago, we understood the enormity of the mission,” said Hayward. “We also knew that we were well-positioned to deliver: The intersection of affordable housing and underserved markets is our sweet spot.”
“A year into implementing our Plan, I can confidently say we're all-in and making great strides owing to the passion and commitment that so many of us feel toward our affordable housing mission,” Hayward added.
Find Hayward’s complete commentary here.