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Mortgage industry witness urges GSE competition and tech adoption to lower borrowing costs
Summary
United Wholesale Mortgage’s chief innovation officer told the Senate committee that competition between Freddie Mac and Fannie Mae and adoption of appraisal and title tech could reduce costs for borrowers without weakening underwriting standards.
WASHINGTON — Lee Jelinek, chief innovation officer at United Wholesale Mortgage, told the Senate Banking Committee that competition among the government‑sponsored enterprises and greater use of technology could reduce mortgage costs and improve access to credit.
“Homeownership remains to be the most significant source of financial stability for American families,” Jelinek said in his testimony. He identified three headwinds:…
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