The Federal Housing Finance Agency (FHFA) announced a final set of rules for reviewing new programs, services and products created by Fannie Mae and Freddie Mac (GSEs). The process entails clear definitions for what is a new product versus an adjustment to existing programs and includes requirements for submissions. Finally, the new process will include a period for public comment on the new product before the FHFA makes a decision on it.
NAR has previously written the FHFA in support of a clear process to review new products and services from the GSEs as a means of vetting them before they come to market and transparency. A criticism of the GSEs coming out of the financial crisis was that they explored products and services that were not part of their core mission. This process will help to close that weakness in their governance.