Executive Vice President & Head of the Single-Family Acquisitions Division, Federal Home Loan Mortg
Search every verified Sonu Mittal interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In a September 2024 podcast, Sonu Mittal, senior vice president and head of single-family acquisitions at Freddie Mac, discussed the company’s efforts to address housing affordability and reduce costs for lenders. Mittal stated that more than 50% of loans purchased by Freddie Mac were for first-time home buyers. He outlined three areas of focus: down payment assistance, technology investment, and consumer education. Mittal noted that Freddie Mac’s down payment assistance tool, DPA1, had been used by over 4,000 lenders, and that the company planned to expand its availability. He also said that special purpose credit programs launched in 2022 had helped nearly 10,000 borrowers, most of whom were families of color. Mittal highlighted Freddie Mac’s second lien product, which he described as a way for homeowners to extract equity without giving up low mortgage rates through cash-out refinancing. He said the cost to originate a mortgage had risen by over $3,000 per loan in three years, calling that trend unsustainable. Mittal reported a 50% reduction in non-acceptable quality rates and a 60% improvement in repurchase notices since late 2022, attributing the progress to industry collaboration and a repurchase alternative pilot. He encouraged lenders to use Freddie Mac’s tools, such as the loan product advisor, to improve efficiency and margins.
“When we look at all the loans we purchase at Freddie Mac, more than 50% of the borrowers were first-time home buyers. We continue to make great progress on our equity plans serving underserved communities and helping qualified borrowers who have thin credit files.”
“There are three things Freddie Mac is focusing on to assist with affordability: down payment assistance, investing in technology, and educating consumers.”
“We rolled out the DPA1 down payment assistance tool last fall, which helps lenders and loan officers match borrowers with local down payment assistance programs. Over 4,000 lenders have already taken advantage of this tool, and we plan to make it available in most of the country by the end of this year.”
“We continue to make progress on special purpose credit programs launched in fall 2022, having purchased nearly 10,000 loans under this program, most of which help families of color.”
On today's episode, Editor in Chief Sarah Wheeler talks with Sonu Mittal, senior vice president and head of single-family ...
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