Freddie Mac Delivers 2024 Equitable Housing Finance Plan - Seite 2

Using Special Purpose Credit Programs (SPCP) to make homeownership possible for underserved communities. Under the Plan, Freddie Mac will continue purchasing loans originated through both lender SPCPs and its own SPCP, BorrowSmart Access^SM. BorrowSmart Access provides down payment assistance and financial education to eligible families. In 2023, Freddie Mac purchased more than 9,300 SPCP loans, the majority of which supported homeownership for families of color. In its new Plan, the company committed to purchasing another 10,000 loans originated in 2024.

Expanding initiatives to help renters build credit and achieve homeownership. The company is doing this in two ways: establishing and improving credit scores and considering a history of on-time rent payments in loan purchase decisions. To date, approximately 500,000 renters have enrolled in Freddie Mac’s renter credit building initiative, with more than 300,000 of them increasing their credit score and more than 55,000 participants establishing credit scores for the first time. In 2024, the company will continue to expand this initiative to additional multifamily properties, with a goal of making on-time rent reporting an industry standard.

Freddie Mac also took steps to expand access to credit for historically underserved borrowers by using alternative credit data — including rent payment history — as part of the company’s loan purchase decisions. The company will continue this work in 2024 by exploring additional product enhancements and continuing outreach to borrowers and lenders to increase awareness and increase lender adoption of our digital tools.

• Expanding Opportunities for Diverse and Emerging Lenders and Market Participants. To increase diversity across housing finance, Freddie Mac Multifamily launched an emerging correspondent program to help small financial institutions access Freddie Mac capital, including minority depository institutions and Community Development Financial Institutions. In 2023, the company set a new requirement for multifamily lenders to execute at least one correspondent agreement.
  
  To increase opportunities for diverse and emerging multifamily borrowers, Freddie Mac is bridging the relationship and information gaps that can hold emerging industry players back as they seek to grow and access capital. Through a cohort of Diverse and Emerging Sponsors, Freddie Mac Multifamily helps build connections to expand the industry, create relationships and impact the market for years to come.