Pursuits
Quicken Joins Freddie Mac to Offer Loans While Battling U.S.
- Collaboration looks to boost lending to less-wealthy borrowers
- Nonbank firm is challenging allegations of poor underwriting
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Quicken Loans Inc., the biggest U.S. online mortgage lender, is partnering with Freddie Mac to boost business among first-time and middle-income borrowers as it battles allegations over its past underwriting practices on Federal Housing Administration-backed mortgages.
The collaboration may involve modification and expansion of an existing Freddie Mac program that allows eligible borrowers to finance homes with downpayments of as little as 3 percent, the companies said Monday in a statement released at a Mortgage Bankers Association conference in San Diego.