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Fannie Mae and Freddie Mac, two of the nation’s two largest mortgage lenders with roughly 1.4 million borrowers, are looking for experienced mortgage underwriters to fill positions in the coming years, according to a report.
The Federal Housing Finance Agency said Friday that the two companies are looking to hire a new underwriter within the next two years, a move that comes after a string of changes to the company’s compensation plan over the past few years.
Fannie Mae has said it will make some personnel changes, including the elimination of senior management positions.
It also said it would seek to increase the number of loan underwriters, but the companies did not specify how many.
“We are committed to continuing to recruit for our mortgage underwriting program, which includes the following changes in 2021,” said John Nelsen, chief executive officer and chief financial officer of Fannie and Freddie, in a statement.
In addition to the changes to pay, Fannie said it is increasing its annual compensation by 10 percent to $9 million, and it is expanding its loan underwriting compensation to cover more borrowers.
The changes also include the hiring of an additional underwriter, according the statement.
The FHA’s report does not name the companies it said it was looking for, but one of the companies, Freedom Mortgage Corporation, is based in Memphis.
The company has about 2.6 million mortgage loans under its umbrella.
The two companies also offer the same kind of mortgage loan, but they are not directly comparable.
Fannie said the hiring spree is a result of its increased focus on mortgage borrowers.
“In the last three years, we have seen a significant shift in how we do business, particularly as our market share has increased,” said Nelsen.
“We have a proven track record of delivering a quality and affordable mortgage product to our borrowers.
This is reflected in our market value, and we expect to continue to be the best-performing mortgage lender for decades to come.”
According to a recent report from Moody’s Analytics, FHA is the only major lender that has a lower loan to income ratio than the U.S. economy as a whole.
That means borrowers have more money left over to invest in their homes, which means Fannie’s costs and profit margins are lower.
Since the 2008 financial crisis, FHFA has raised its mortgage insurance premiums for borrowers.
In 2020, the agency raised its premium by an average of 25 percent, according Moody’s.
A spokesperson for Freedom Mortgage Corp. did not respond to a request for comment.