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Table of Contents

Our Commitment to Advancing Equity in Housing Finance .............................................................................. 3

Progress in Support of the Equitable Housing Finance Plan ..............................................................................5

Special Purpose Credit Programs.............................................................................................................................................................. 5

Promoting Down Payment Assistance Tools ............................................................................................................................................... 9

Social Bond Updates .............................................................................................................................................................................. 10

Delivering Solutions to Foster Appraisal Equity ...........................................................................................................................................11

Leverage Forward Commitments to Facilitate the Creation of Affordable 

and Workforce Rental Housing for Individuals and Families .............................................................................................................. 13

Explore and Implement Methods to Preserve At-Risk Affordable Housing through Freddie Mac Affordability Restrictions .................................... 14

Rehabilitate Affordable Rental Housing ..................................................................................................................................................... 14

Provide Technical Assistance on Renovation Financing for Single-Family Homes in Traditionally Underserved Black and Latino Communities ......... 15

Analyze Low-Income Housing Tax Credit Properties at Risk of Lost Affordability ............................................................................................. 16

Financial Empowerment for Renters: Credit Building, CreditSmart and Opportunity Building Features ............................................................. 16

Support Renter Resource Organizations ................................................................................................................................................... 18

Identify Opportunities to Support Market Adoption of Enhanced Baseline Tenant Protections ......................................................................... 19

Finance Housing for Persons with Disabilities ............................................................................................................................................ 19

Provide Liquidity to Permanent Supportive Housing for Persons Who Formerly Experienced Homelessness ...................................................... 20

Reform the Single-Family Rental Market with a Focus on Equity, Affordability and Sustainability ....................................................................... 21

Affirmative Outreach ............................................................................................................................................................................. 24

Automated Underwriting System (AUS) Innovations .................................................................................................................................. 27

Working Toward an Equitable Future........................................................................................................... 39

Summary of Outcomes .............................................................................................................................. 40

Families Served by the Equitable Housing Finance Plan .............................................................................................................................. 40

Underwriting Outcomes from the Equitable Housing Finance Plans ............................................................................................................. 43

Homeowners Served by Foreclosure Alternatives from the Equitable Housing Finance Plan ............................................................................ 44

Consumers Served through Counseling and Education from the Equitable Housing Finance Plan............................................................ .........45

Credit Building Activities Through the Equitable Housing Finance Plan ................................................. ...................................................... 45

2022 PERFORMANCE REPORT — EQUITABLE HOUSING FINANCE PLAN
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Our Commitment to Advancing 

Equity in Housing Finance

In Freddie Mac’s 2022-2024 Equitable Housing Finance Plan (Plan), we laid out a 

comprehensive strategy to advance equitable homeownership and rental opportunities, 

particularly for underserved communities of color. Throughout 2022, we undertook 

concrete, meaningful actions—working alongside industry partners, trade organizations 

and community stakeholders—to begin executing on the Plan’s tactics. 

In this performance report, we will review the actions taken and results attained through 

our Equitable Housing Finance Plan initiatives, which seek to improve equitable and 

sustainable housing outcomes for renters and potential homeowners throughout the 

country. It is our intention that, through concerted efforts over the long term, we will help 

close the homeownership divide that has persisted in this country for decades.

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Freddie Mac Loan Acquisitions for Families of Color 

 

Freddie Mac’s loan acquisitions will serve as critical metrics in assessing our commitment 

and progress over time in serving families of color. Our loan acquisitions in 2022 – our 

baseline – follow. Table 1 includes all 2022 Freddie Mac acquisitions.

Table 1 

Families Served 1,2,3

Purchase Purchase Refinance Refinance

Group Loans % Loans %

All 1,039,305 - 763,198 -

White – Non-Hispanic 605,448 67.2% 431,153 69.1%

Overall Minority 295,126 32.8% 193,234 30.9%

 Black (African American) 57,889 6.4% 56,283 9.1%

 Latino (Hispanic) 125,682 13.8% 95,002 15.0%

 Asian 115,728 12.8% 41,848 6.7%

 American Indian 8,156 0.9% 6,710 1.1%

 Pacific Islander 3,520 0.4% 2,920 0.5%

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Progress in Support of the Equitable 

Housing Finance Plan

ADDRESSING THE HOMEOWNERSHIP GAP

Freddie Mac is working to help close the homeownership gap between Black/Latino 

borrowers and white borrowers. This work includes implementing a Special Purpose 

Credit Program (SPCP) framework to expand access to mortgage funding, as well as 

offerings that may be delivered through an SPCP or offered separately on mortgages 

originated for underserved borrowers.

Special Purpose Credit Programs 

A core component of our Plan is the use of SPCPs to expand access to mortgage funding 

for underserved groups, both in creating new Freddie Mac SPCPs and in purchasing 

loans originated through approved lender SPCPs. In 2022, we made strides in both 

areas, working to review and approve lender programs and launching a Freddie Mac 

designed SPCP. 

Freddie Mac Designed SPCP – We launched our first SPCP, Freddie Mac BorrowSmart 

AccessSM, to address the greatest barrier to homeownership: gathering sufficient funds to 

close a mortgage transaction. BorrowSmart Access is a 97% loan-to-value (LTV) mortgage 

that provides funding support for first-time homebuyers up to 140% of area median 

income through cash-to-close contributions from both Freddie Mac and the originating 

lender, totaling at least $3,000 in benefit to the borrower. This offering is targeted to 10 

geographic markets that have a high number of mortgage-ready potential borrowers 

from underserved groups, as well as an adequate supply of affordable housing. 

We offered this limited opportunity to a cross-section of regional to national lenders who 

have a strong market presence in the targeted geographies: Atlanta, Chicago, Detroit, 

El Paso, Houston, McAllen (TX), Memphis, Miami, Philadelphia and St. Louis. 

Lender SPCPs – Many Freddie Mac Sellers have developed SPCPs through which 

they originate mortgages for borrowers in traditionally underserved communities. For 

example, in 2022, Freddie Mac purchased approximately 1,400 loans originated under 

one lender’s SPCP. In an effort to provide additional liquidity for lender SPCPs, Freddie 

Mac has developed an expedited review framework to analyze and approve programs 

submitted to us by our clients, to ensure that mortgages originated through lenders’ 

programs and purchased by Freddie Mac meet our established credit standards. An 

additional benefit of this review process is that it gives us insights into our clients’ diverse 

perspectives that can inform our own SPCP-related work. 

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Complementary to SPCP Offerings – We are also developing and/or enhancing several 

capabilities that can help underserved borrowers attain and preserve homeownership. 

• Special Servicing Framework: We developed our Special Servicing Framework, 

a strategy that applies a high-touch servicing and monitoring approach to loans 

within the portfolio. It includes oversight of loan servicing, collections, call center and 

default management operations, all designed to help borrowers successfully meet 

their loan obligations and sustain homeownership. This framework was developed for 

use with future offerings, including SPCPs, to optimize homeownership retention. We 

have selected and engaged a special servicer for launch and have begun to develop 

the infrastructure and special servicing plan to engage them in a manner above and 

beyond existing practice. We also hired a dedicated team of Freddie Mac employees 

to provide an additional level of oversight for this effort. In late 2022, we moved 490 

loans under the framework to test and refine the process and to identify opportunities 

to improve loan performance. 

Table 2

Homeowners Served – Foreclosure Alternatives 1,2,3

Alternatives to Foreclosure Total Purchase Acquisitions

Group Homeowners % Homeowners (%)

All 490 - -

White – Non-Hispanic 252 59.3% 67.2%

Overall Minority 173 40.7% 32.8%

 Black (African American) 75 17.9% 6.4%

 Latino (Hispanic) 81 18.8% 13.8%

 Asian 19 4.5% 12.8%

 American Indian 5 1.2% 0.9%

 Pacific Islander 1 0.2% 0.4%

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• Cost Reduction Efforts: In 2022 we assessed loan-level price adjustments (LLPAs) for 

opportunities to reduce costs for underserved borrowers. As announced by FHFA in 

October 2022, we eliminated LLPAs for certain first-time homebuyers, low-income 

borrowers and underserved communities to promote sustainable and equitable 

access to affordable housing. 

• Research & Insights: Freddie Mac research has informed our SPCP framework and 

program development, providing valuable insight into the distinct needs of Black and 

Latino consumers. 

o Freddie Mac First-Time Homebuyer Affordability MapSM – A Freddie Mac 

research brief on first-time homebuyers’ critical role in sustaining the housing 

system prompted the creation of the Freddie Mac First-Time Homebuyer 

Affordability Map. The map allows users to investigate local housing affordability 

by race and income, measure affordability over the last decade and track the 

extent to which economic shocks impacted local housing affordability, especially 

for low-income and minority families. We expect this map to assist with increasing 

homeownership rates among underserved populations by providing greater 

insights into affordability and opportunity. 

o How Skills Acquired During Youth Affect Later Racial and Ethnic 

Homeownership Gaps – This research piece explores the extent to which 

educational disparities can be highly predictive of homeownership outcomes, 

explaining roughly one-quarter to one-third of the disparate outcomes between 

white, Black and Latino households. 

o Housing and Wealth Inequalities and Insights Among Aging Americans – 

This survey explores sentiment on several facets of housing from the lens of 

aging Americans, enabling an exploration of racial differences. Results reveal that 

Black and Latino borrowers are less likely than white borrowers to have enough 

money to last beyond each payday and to provide them a financially comfortable 

retirement. It also highlights disparities in how borrowers of differing race and 

ethnicity view the importance of generational wealth, including the ability to 

contribute funds to their children’s pursuit of homeownership.

Goal Performance

Stand up a framework for SPCPs that will include 

policy development, analytics, market outreach, 

internal and external governance and publication of 

Single-Family Seller/Servicer Guide (Guide) updates, 

if necessary.

• Launched a Freddie Mac-designed SPCP in 10 markets. 

• Released several research findings to inform current and future SPCP approaches, including the First-Time Homebuyer Affordability brief 

and map, How Skills Acquired During Youth Affect Later Racial and Ethnic Homeownership Gaps and Housing and Wealth Inequalities and 

Insights Among Aging Americans Survey.

Develop (and launch) robust marketing plan to 

support any Guide updates for the SPCP in 2022.

• Targeted marketing efforts to assist participating lenders in the selected geographic areas through events, outreach and marketing resources. 

• Developed training materials for participating lenders offering the Freddie Mac-designed SPCP.

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Goal Performance

Develop robust training resources for Sellers to 

support Guide updates for the SPCP in 2022.

• Published training resources for BorrowSmart Access, with training dates set for 2023.

• The training and marketing materials include instructional information for loan officers and industry professionals.

• Developed FAQs, talking points and flyers for external events in selected markets.

Develop draft program parameters and evaluate 

potential effectiveness to determine whether to 

pursue a Special Servicing Framework. 

• Developed a Special Servicing Framework.

• Formally engaged first special servicer and launched the framework.

• Moved 490 loans under the framework to test the plan and infrastructure and begin to evolve the model.

• Hired dedicated portfolio management team to provide additional servicer oversight.

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Promoting Down Payment Assistance Tools

To help underserved borrowers with the widespread need for down payment assistance 

(DPA), Freddie Mac built DPA OneSM, a digital portal that aggregates DPA program 

information and makes it easier for loan officers to quickly find, understand and match 

programs to their borrowers. DPA One is a single, standardized repository for all DPA 

program information, helping DPA program providers reduce errors and questions 

from lenders.

Following a small 2021 launch for lenders, Freddie Mac enhanced the digital platform 

throughout 2022 by rapidly multiplying the numbers of DPA providers (from 47 to 198) 

and programs (from 130 to 346) available in DPA One. 

DPA One will grow DPA utilization nationwide and increase incremental originations for 

borrowers who require closing-cost assistance by seamlessly connecting them with DPA 

programs that match their needs. 

Goal Performance

Incorporate 45 state Housing Finance Agencies’ 

(HFA) down payment assistance programs into 

the tool.

Incorporated 49 state HFA DPA programs plus the District of Columbia into DPA One by the end of 2022.

Incorporate 20 select high-volume local and 

municipal down payment assistance provider 

programs into the tool.

Incorporated 148 local and municipal DPA providers, consisting of an additional 208 DPA programs.

Launch loan officer and down payment assistance 

provider functionality in market by year-end 2022.

Enhanced tool functionality for: 

Loan officers

• Ability to easily find/match DPA programs by entering borrower eligibility parameters.

• Functionality to download PDF documents of DPA program matches based on search criteria.

• Comparison functionality allowing user to review up to three DPA programs and highlight their differences. 

DPA program providers

• New module to view the status of programs, which includes moving programs from Published - Scheduled - Draft - Archive statuses.

• Functionality allowing providers to view and update programs on demand.

Raise awareness of the tool to 15 national 

organizations that serve Black and Latino 

communities.

Raised awareness to 17 national organizations that serve Black and Latino communities. 

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ADDRESSING SYSTEMIC UNDERINVESTMENT WITHIN 

FORMERLY REDLINED AREAS

Freddie Mac’s Plan seeks to strengthen support for underserved renters and borrowers 

in communities historically lacking investment. Through our work in 2022, we have 

increased support of affordable housing development, working toward greater appraisal 

equity and improving access to capital for community and minority financial institutions. 

Social Bond Updates

Freddie Mac seeks to meet rising market demand for mortgage-backed securities (MBS) 

that meet investor mandates for social investing, particularly in underserved markets.

In our Plan, we announced our intention to issue social MBS that we believe will encourage 

further supply of mortgages meeting social characteristics, including those delivered 

through our SPCPs. As the next step toward this goal, Freddie Mac published our 

Single-Family Social MBS and Corporate Social Debt Bonds Framework and associated 

Sustainalytics Second Party Opinion. Our framework focuses on advancing the 

International Capital Market Association’s social project categories of affordable housing, 

access to finance and socioeconomic advancement and empowerment, and is the basis 

upon which we intend to develop a strategy for social MBS issuance in 2023.

In parallel with our social MBS progress, we published a one-time historical file of social 

index disclosures on our MBS book dating back to 2010 and continuing with all new 

issuances. This data includes Social Criteria Share and Social Density Scores to give 

the market more information about the underlying social characteristics of the pools at 

issuance, while protecting the privacy of the borrowers.

In late 2021, we announced a goal to issue $3 billion in affordable housing bonds within 

a year, a measure we exceeded by $400 million by the end of 2022. We are committed 

to increasing equitable access to affordable and sustainable housing, and we believe 

issuance of social MBS can help expand this access in 2023. 

Goal Performance

Transition from issuing affordable housing bonds to issuing 

social bonds.

We developed and published a Single-Family Social MBS and Corporate Social Debt Bonds Framework and Sustainalytics Second Party 

Opinion in preparation for the transition from affordable housing bonds to social bonds in 2023.

Issue $3 billion in affordable housing bonds. Freddie Mac issued $3.4 billion in affordable housing bonds.

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Delivering Solutions to Foster Appraisal Equity 

We furthered our work to foster greater equity in real estate appraisals this year, 

providing leadership and resources to key industry initiatives in this space.

In the Office of the Comptroller of the Currency’s (OCC’s) Project REACH, Freddie Mac 

works collaboratively with OCC and other industry participants on appraisal process 

improvements. In 2022, we contributed to the development of updated lender appraisal 

disclosure language, giving borrowers clearer information about the appraisal process 

and the proper avenue for disputes. We also actively engaged with the development 

and revision of appraisal support materials that will be used by the industry. We co-led 

subgroups to develop and socialize best practices for property reconsideration of value 

and to develop strategies to improve appraiser diversity. 

Freddie Mac is also a title sponsor of The Appraiser Diversity Initiative (ADI), which 

works to attract diverse entrants to the appraiser profession. ADI helps these candidates 

overcome barriers to entry, such as obtaining training, mentoring and experience, 

and provides scholarships for appraiser education. In 2022, ADI exceeded its goal by 

awarding 330 scholarships (goal of 200), securing 81 advisors, hosting seven workshops 

nationwide, engaging 11 industry sponsors and recruiting at eight college campus 

events. Freddie Mac provides multiple team resources to lead project workstreams, 

conduct marketing efforts, select scholarship recipients and act as mentors to appraisers 

in training. 

To address possible appraisal gaps on mortgages we purchase, we enhanced Loan 

Collateral Advisor® with new rules to detect potential undervaluation, and we finalized 

a 2023 implementation plan to add text detection features that will help prevent 

undervaluation due to inappropriate biased appraisal wording. To execute on this plan, 

we hired a new team of appraisers and developed enhanced policies and procedures to 

guide our Appraisal Quality Monitoring (AQM) work.

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Delivering Solutions to Foster Appraisal Equity

Goal Performance

Continued leadership in ADI, Project REACh, 

ASB and AQB.

Freddie Mac has continued participation and leadership within each of these groups:

• Provided three employees to support the Project REACh appraisal workstream.

• Led two of three subgroups for the Project REACh appraisal workstream.

• Provided 10 employees to serve as mentors supporting 15 ADI scholarship recipients.

• Provided five employees to support the execution of ADI (two on leadership team, three on scholarship review team). 

• Engaged with the Appraisal Standards Board and Appraisal Qualification Board through our work with The Appraisal Foundation 

Advisory Council.

Identify and expedite implementation of prioritized 

valuation equity proposals.

Engaged in ongoing discussions related to prioritized valuation equity proposals in the Action Plan to Advance Property Appraisal and 

Valuation Equity (PAVE).

Identify additional research topics related to valuation 

equity and publish and broadly distribute such research.

• In May 2022, we published a research note, Racial & Ethnic Valuation Gaps in Home Purchase Appraisals – A Modeling Approach, to 

analyze whether appraisal outcomes still differ for properties in predominantly Black and Latino tracts relative to those in predominantly 

white tracts. 

• Working with FHFA to identify research opportunities to inform our business and the market.

Define AQM framework, staffing and technology needs. Hired new AQM team and established enhanced policies and procedures for appraisal monitoring.

Deploy undervaluation rule in Loan Collateral Advisor. • Implemented improved Loan Collateral Advisor rules in September to detect potential undervaluation in appraisals.

• Finalized implementation plan for the addition of text detection features in Loan Collateral Advisor in 2023.

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SUPPORT THE CREATION, PRESERVATION AND 

REHABILITATION OF MULTIFAMILY AFFORDABLE AND 

WORKFORCE HOUSING 

The prolonged shortage of multifamily housing and the aging nature of the 

current multifamily housing stock disproportionately harms racially or ethnically 

concentrated areas of poverty, formerly redlined areas and other geographic areas 

of underinvestment. To address this problem, Freddie Mac is using its position in 

the housing market to deliver financing that supports the creation, preservation and 

rehabilitation of new affordable and workforce rental housing.

In 2022, we supported the creation of more than 20,000 new workforce and affordable 

housing units, preserved affordability through our loan terms for more than 4,000 

housing units—absent government support—and funded the rehabilitation of nearly 

11,000 workforce and affordable housing units. 

Freddie Mac also conducted research examining the risk and impact properties face as 

they exit the Low-Income Housing Tax Credit (LIHTC) program.

Leverage Forward Commitments to Facilitate the 

Creation of Affordable and Workforce Rental Housing 

for Individuals and Families

In October 2022, Freddie Mac announced an expanded forward commitment program. 

Freddie Mac has executed forward commitments since the early 2000s to provide 

greater certainty around permanent financing for both developers and construction 

lenders, making construction lending more feasible. These commitments are 

agreements to purchase loans in the future with certain financing terms locked in today.

Freddie Mac’s enhanced use of forwards build on our history of supporting properties with 

governmental agreements that preserve affordability to now also include properties where 

affordability is required for a meaningful percentage of units through a Freddie Mac loan 

agreement or through another acceptable private (non-governmental) agreement. 

In 2022, we executed forward commitments in support of 20,327 units, exceeding our 

goal of 15,000 units. These units are scheduled to enter the housing supply in the next 

several years. Freddie Mac expects to support the addition of more than 74,000 units of 

affordable and workforce housing by 2025 as additional forward commitments convert. 

Goal Performance

Formalize underwriting flexibilities for 

forward commitments.

Expanded eligibility criteria for forward 

commitments, including those where rents are 

preserved through the terms of a Freddie Mac loan 

agreement.

Commit to funding 15,000 units 

across these initiatives. 

Committed to funding 20,327 units through 

forwards.

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Explore and Implement Methods to Preserve 

At-Risk Affordable Housing through Freddie Mac 

Affordability Restrictions

Freddie Mac aims to preserve at-risk affordable housing through two strategies—

preserving affordable and workforce housing without government support and 

preserving LIHTC properties at risk of lost affordability. These strategies work in 

conjunction with our efforts to create new affordable and workforce housing and 

rehabilitate existing properties and complement efforts in our Duty to Serve Plan.

By leveraging existing loan offerings and exploring new loan offerings that enforce 

affordability restrictions through Freddie Mac’s loan documents or suitable equivalent, 

we have preserved 4,281 affordable and workforce housing units without government 

support, exceeding our goal. 

We are establishing standards of preservation and making them available across 

applicable loan offerings. This approach allows private investment capital to be directed 

to preserve affordability and enable limited public subsidy to be applied where it is most 

needed and most effective.

Goal Performance

Support the preservation of 1,000 

at-risk housing units, subject to 

affordability requirements in 

Freddie Mac loan documents or 

suitable equivalent.

Preserved 4,281 units subject to Freddie Mac 

loan documents or suitable equivalent in 2022, 

exceeding our goal.

 

Rehabilitate Affordable Rental Housing

Freddie Mac is providing financing through rehabilitation loans to improve the quality 

of affordable, safe and sanitary housing, including properties available in Racially or 

Ethnically Concentrated Areas of Poverty (R/ECAPs), formerly redlined areas and other 

geographic areas of underinvestment.

To support rehabilitation, in 2022 we expanded our Preservation Rehabilitation loan 

offering eligibility criteria beyond properties with new LIHTCs, including a requirement 

to preserve affordability either through a regulatory agreement or through affordability 

restrictions in the Freddie Mac loan agreement. 

We developed offering terms for a Bridge to Rehab loan that would allow a new owner 

to acquire a property, preserve its affordability and commit to rehabilitation under our 

Preservation Rehabilitation offering. 

Freddie Mac also provided greater flexibility for pooled loan transactions to 

accommodate properties undergoing rehabilitation.

In 2022, we focused on rehabilitating affordable rental housing and funded 10,898 

units—more than double our target of 5,000 units. Of these units, 5,038 were located in 

a R/ECAP, a Qualified Census Tract, or a formerly redlined area.

Goal Performance

Fund 5,000 units of rehabilitated 

properties.

Funded 10,898 units—more than double our target. 

Liquidity to Institutions Providing 

Rehabilitation Loans 

• Update pool transaction term sheet 

to include rehab loan eligibility. 

Updated our pool transaction term sheet to include 

rehab loan eligibility. 

Preservation Rehabilitation 

Loan Offering

• Update term sheet.

Updated preservation rehabilitation loan term sheet.

Bridge to Rehab 

• Publish term sheet.

Developed terms for Bridge to Rehab Loan.

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Provide Technical Assistance on Renovation Financing 

for Single-Family Homes in Traditionally Underserved 

Black and Latino Communities

With 25% of affordable single-family homes, especially in communities of color, requiring 

moderate or significant rehabilitation, Freddie Mac undertook analysis to determine what 

solutions we might implement to improve this housing stock for underserved borrowers.

Through industry stakeholder interviews and extensive market research, we developed 

a Qualitative Housing Stock Assessment for redeveloping vacant property as affordable 

housing. The key insights learned from the investigation of this topic determined that 

options exist, however additional solution development is needed to address these 

challenges:

• Buyers in underserved communities, on the whole, do not feel comfortable acquiring 

a home needing significant rehabilitation. Providing support to property stewards, 

such as land banks, to redevelop vacant properties can be a path toward revitalizing 

affected neighborhoods. 

• Community Development Corporations, land banks engaged in development and 

other mission-based developers can be leveraged as intermediaries in redeveloping 

vacant properties for affordable homeownership. This can shift the work of major 

renovations away from individual borrowers, as well as enable conversion of vacant 

lots into for-sale affordable housing. 

• Financing mechanisms that can help offset the cost of redeveloping vacant property 

are needed, since the cost of development typically exceeds revenue generated from 

an affordable purchase price or rental income. 

Goal Performance

Complete a qualitative housing stock 

assessment and identify renovation 

needs and types of property 

improvements that can help improve 

the quality of housing in historically 

underserved Black and Latino 

communities. 

Our Qualitative Housing Stock Assessment was 

developed to identify potential solutions to the 

challenge of rehabilitating vacant structures and land 

for affordable housing. 

Establish new partnership with two to 

five landbanks. 

Following our stakeholder engagement and 

interviews, we identified four stakeholders who 

could serve as strong collaborators in both concept 

development and implementation.

Develop product enhancement 

recommendations based on the 

qualitative housing stock assessment.

Leveraging the key insights and learnings from 

the Qualitative Housing Stock Assessment, we 

developed and secured prioritization from senior 

management to advance one solution to assess 

feasibility and further develop in Year 2 (2023).

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Analyze Low-Income Housing Tax Credit Properties at 

Risk of Lost Affordability

Freddie Mac researched LIHTC properties at risk of becoming market-rate rental units at 

the end of their compliance period. Due to the growing concern that LIHTC properties 

reaching the end of their compliance period will significantly increase rent, we studied 

property-level LIHTC data compiled by HUD and the National Housing Preservation 

Database to determine if this was the case. Our research found that these properties 

generally continue to rent at levels lower than those charged in the broader market and 

serve as a valuable source of workforce housing. 

Goal Performance

Publish paper. Published research in July 2022.

INCREASING OPPORTUNITIES FOR RENTERS

Within the multifamily housing industry, Freddie Mac is providing renters opportunities 

to increase social and economic mobility. 

In 2022, we supported the enrollment of more than 184,000 renters in our credit building 

initiative, helping more than 27,000 of those enrolled establish credit scores for the first 

time. We provided direct support to four Renter Resource Organizations, aiding their 

efforts to provide support to renters. We also provided financing for an innovative housing 

development to support persons with disabilities. 

Freddie Mac also conducted a first-of-its-kind comparative analysis of state-based tenant 

protections. We also researched how we can support housing for persons who are 

experiencing homelessness and the feasibility of re-entering the Single-Family Rental 

Market with a focus on equity, affordability and sustainability.

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Financial Empowerment for Renters: Credit Building, 

CreditSmart® and Opportunity Building Features

In 2022, Freddie Mac expanded its novel credit-building program, which helps renters 

build credit by encouraging multifamily operators to leverage third-party technologies 

that can report on-time rent payments to the three major credit bureaus. 

We set a target to make on-time rent payment reporting available to 100,000 new units 

and scale rental data submitted to the credit bureaus. We exceeded our goal with 

the program being made available to more than 240,000 resident households. As of 

We also focused on promoting the adoption of Freddie Mac CreditSmart®, our financial 

capability education resource, to help financially empower renters. We conducted 

targeted outreach to promote the CreditSmart curriculum and enrolled five partner 

corporations to the CreditSmart Coach training program, providing multifamily 

Goal Performance

Credit Building

Make credit building available to 100,000 new units.

Enrolled over 184,000 resident households in our credit building program. 

CreditSmart

• Implement strategy to market CreditSmart at multifamily properties.

• Enroll at least five partner corporations in CreditSmart Coach training.

Proactively marketed CreditSmart to renters at multifamily properties and enrolled five partner 

corporations in CreditSmart Coach training. 

Opportunity Building 

Identify a core set of opportunity-building features for renters that borrowers are currently using.

Identified core opportunity-building features to explore in 2023, including those related to 

alternative security deposits, overall financial health and security, homeownership pathways and 

the moving and application processes. 

In addition to the targeted activities enumerated above, Freddie Mac continued to serve approximately 139,970 consumers through its CreditSmart curriculum in 2022.

December 2022, more than 184,000 renter households across 1,449 properties are 

enrolled. More than 27,000 of those enrolled have established credit scores for the first 

time and two-thirds of renters have seen an increase in their credit score. This initiative 

has inspired other market participants to provide similar incentives and has generated 

innovation among credit reporting firms that will enable an expansion of credit reporting 

across the market. 

Table 3

Credit Building4

Investment Type Enterprise Total (Properties) Average Units per Property Total Units Enrolled

Rent Payment Reporting 1,449 166 184,176

borrowers with resources to support tenants. Through this effort, we have provided 

renters additional access to financial capability tools tailored to their housing situations 

and needs.

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Support Renter Resource Organizations 

Renter Resource Organizations (RROs) provide consistent and straightforward access 

to tenant supportive services that can help tenants stay in their homes and ensure rental 

units are kept in good repair. Stable housing for renters can also foster greater community 

stability, which can be a crucial factor in measuring quality of life, increasing investment 

and helping address undervaluation in formerly redlined areas, racially or R/ECAPs and 

other underinvested communities. 

In 2022, Freddie Mac established our RRO program and provided direct support for the 

efforts of four separate RROs servicing: St. Louis, Missouri and St. Clair County, Illinois; 

Philadelphia, Pennsylvania; Phoenix, Arizona; and Houston, Texas. To inform the public 

about the resources these organizations provide, we also launched a new renter resource 

organization portal on our MyHome® website.

To measure our impact, our engaged RROs are providing periodic reporting and 

supporting Freddie Mac’s efforts to gauge renter and community sentiments through 

polling. Our initial consumer sentiment surveys were distributed in 2022. We will 

leverage our learnings from this reporting to better understand the challenges renters in 

underserved communities face. This could allow us to more effectively address renters’ 

needs through tailored loan offerings. 

Goal Performance

• Support at least four community 

organizations in varying 

underserved markets.

• Launch website resource portal.

• Poll renters and borrowers in at 

least four distinct communities.

• Support for the efforts of four separate RROs, 

servicing: St. Louis, Missouri and St. Clair County, 

Illinois; Philadelphia, Pennsylvania; Phoenix 

Arizona; and Houston, Texas. 

• Launched a RRO Portal on Freddie Mac’s MyHome 

website. 

• Began gathering feedback through consumer 

sentiment surveys.

2022 PERFORMANCE REPORT — EQUITABLE HOUSING FINANCE PLAN
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Finance Housing for Persons with Disabilities 

Freddie Mac has a history of providing liquidity to support housing for persons with 

disabilities, including a focus on community-based, small-group living environments 

called HIDD (Housing for IDD). Freddie Mac is providing additional liquidity to 

support housing access for persons with disabilities. In 2022, we completed our tenth 

HIDD transaction to date, financing 106 single-family and 2- to 4-unit homes across 

eleven states (Arizona, Florida, Illinois, Indiana, Maryland, Minnesota, North Carolina, 

Pennsylvania, South Carolina, Texas and Wisconsin).

 The homes are leased to care providers that provide housing to persons with 

developmental disabilities, cognitive or mental issues or traumatic brain injuries. 

Care providers offer services including supportive therapy, life skills training, money 

management, 24-hour emergency assistance and employment services. Residents 

typically derive their rent payments from SSI, Medicare and other government programs.

Goal Performance

Complete at least one transaction. Completed one transaction supporting 106 homes, 

meeting our loan purchase goal.

Identify Opportunities to Support Market Adoption 

of Enhanced Baseline Tenant Protections

Federal, state and local governments have sought to establish standards in landlordtenant relations and practices through a range of laws that provide various tenant 

protections, balancing the interests of landlords and tenants while maintaining a stable 

rental housing system.

In 2022, Freddie Mac conducted a first-of-its-kind comparative analysis of how 

states, the District of Columbia and identified territories address 18 tenant protection 

topics in five categories, including: tenant screening; rent, late payments and security 

deposits; habitability and retaliation; pre-eviction protections including notice and 

opportunity to cure lease violations; and, eviction fees, right to counsel and 

eviction diversion programs.

Goal Performance

Publish paper. Research completed in 2022; publication took place 

February 2023.

2022 PERFORMANCE REPORT — EQUITABLE HOUSING FINANCE PLAN
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Provide Liquidity to Permanent Supportive Housing 

for Persons Who Formerly Experienced Homelessness 

Through its past work to provide permanent supportive housing, Freddie Mac 

determined that nonprofits are well suited to support persons who formerly experienced 

homelessness. Housing focused nonprofits offer direct community connections and 

experience working with affordable housing developers. 

In 2022, Freddie Mac conducted research that will serve as a foundation for our phased 

approach to scale nonprofit-based models that provide supportive affordable and 

workforce housing for persons who formerly experienced homelessness. Our research 

identified ten nonprofit organizations with innovative programs and key markets with 

need for additional permanent supportive housing units. These nonprofits are positioned 

throughout the country, including in California, Texas, New York, Washington and 

Florida. Each offers a different model that integrates housing with supportive services for 

target populations leveraging a combination of public and private funding sources.

In years 2 and 3 of the Plan, we will work to craft market adoptable engagement 

parameters that can be combined with loan offerings to provide additional liquidity for 

permanent supportive housing. 

Goal Performance

Conduct market research to identify 

collaboration opportunities.

Our research identified several nonprofit 

organizations with innovative programs 

and key markets with need for additional 

permanent supportive housing units.

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Reform the Single-Family Rental Market with a Focus on 

Equity, Affordability and Sustainability

Single-Family Rental (SFR) homes offer an important alternative to access highopportunity areas and provide families with more living space and lower rent than 

apartments on a square-foot basis. However, the SFR market still presents difficulties for 

minority and other underserved renters. 

In 2022, Freddie Mac conducted an internal analysis of market needs and the feasibility 

and impact of re-entering this market with a focus on reform. We determined that there 

is an opportunity to provide liquidity to small and medium size operators through 

structured transactions with existing SFR lenders or on an individual loan basis. We 

will use this analysis in 2023 as we consider how to approach and set parameters for a 

potential program.

Goal Performance

Complete market, feasibility and 

impact analysis.

Analysis completed.

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Increase Opportunities For Emerging And Diverse 

Multifamily Borrowers And Lenders

Through intentional outreach, including surveys and targeted conversations, Freddie 

Mac has identified three key problems that limit opportunities for diverse and emerging 

multifamily borrowers: the knowledge gap, the relationship gap and the financing gap. 

Freddie Mac has launched a three-pronged approach to address these challenges. 

Closing the Knowledge Gap:

 In 2022, Freddie Mac enhanced the borrower-facing section of its website to provide 

content useful for emerging borrowers, including which lender(s) support different 

financing offerings, how to engage with lenders and standard loan requirements. The 

ready availability of this information addresses a key hurdle faced by even seasoned 

borrowers. 

Another way we’re closing the knowledge gap is through the expanded Freddie Mac 

Develop the DeveloperSM program. In 2022, Freddie Mac extended its Develop the 

Developer Academy (DTDA) curriculum to 5+-unit buildings in traditionally underserved 

and minority communities. Initially launched in 2020 for 1- to 4-unit properties, 

DTDA provides education and financing opportunities for emerging and traditionally 

underserved developers, including Black, Indigenous, people of color and female 

developers whose focus is on building wealth in their home communities.

Since its 2020 launch, DTDA has supported developers with 16 active development 

projects, yielding 70 new single-family units and three development projects, which will 

result in 485 new multifamily units. In 2022, we successfully launched the first Multifamily 

cohort and graduated 19 emerging borrowers from the program. The program has now 

graduated 72 developers across five cohorts. 

Closing the Relationship Gap: 

In 2022, Freddie Mac planned and co-hosted a virtual event for emerging and diverse 

borrowers and community organizations. In addition, we convened a Diverse and 

Emerging Borrower Steering Committee to inform how our business can advance 

inclusivity within the multifamily industry. We are forging new relationships among 

industry participants and learning through experience about how best to strengthen 

these ties in the years ahead.

2022 PERFORMANCE REPORT — EQUITABLE HOUSING FINANCE PLAN
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Goal Performance

Closing the Knowledge Gap:

• Enhance our website to improve 

guidance for borrowers (particularly 

emerging and diverse borrowers) 

on how to best engage with Freddie 

Mac and its lenders.

• Expand DTDA curriculum to 

include 5- or more-unit properties 

and identify initial market to roll out 

expanded multifamily program.

Closing the Knowledge Gap:

• Refreshed website content to provide added 

clarity for how to engage with Freddie Mac. 

• Added support for developers with 5+ unit 

properties through DTDA. Freddie Mac will 

launch in its newly identified market in 2023.

Closing the Relationship Gap: 

• Host at least two networking 

events to promote partnership and 

connections.

Closing the Relationship Gap: 

• Hosted virtual networking event and launched 

a Diverse and Emerging Borrower Steering 

Committee.

Closing the Financing Gap:

• Publish updated linked loan 

program parameters.

• Leverage Optigo lenders to 

conduct research and outreach to 

potential correspondent lenders; 

Identify and engage at least one 

correspondent lender; Develop a 

framework for the correspondent 

lender program.

Closing the Financing Gap: 

• Published expanded Linked Loan parameters to 

include non-contiguous properties. 

• Conducted outreach, developed framework 

and launched correspondent lender program, 

completing two agreements in year 1.

• Set a requirement that all Optigo lenders pursue a 

correspondent relationship in 2023.

Closing the Financing Gap: 

In 2022, Freddie Mac expanded its parameters for a Small Balance Loan (SBL) Linked 

Loan to include 2- to 4-unit non-contiguous properties. By extending financing to this 

corner of the market, we are increasing opportunities for smaller borrowers to grow their 

portfolios, support underserved communities and provide more affordable housing 

options for renters, while also maintaining consistent property management.

Freddie Mac also launched in 2022 a new correspondent relationship program that 

leverages our existing multifamily lender network to support small financial institutions, 

including minority depository institutions and Community Development Financial 

Institutions (CDFIs). 

These lending institutions are vital to low-income areas and are an important source of 

financing for diverse and emerging borrowers. Smaller lenders are often constrained by 

the size of their balance sheets or by borrower and geographic concentration challenges. 

Our correspondent program can help address these limitations by bridging the gap 

between these institutions and Freddie Mac. 

To support this objective, we first identified lenders from our Optigo® network who were 

willing and able to support smaller lending institutions. We then developed a framework 

of guidelines and standards that our Optigo lenders can use when interfacing with and 

supporting smaller lending institutions. Freddie Mac has completed two agreements 

through our correspondent lender program since its launch. In 2023, we will expect all 

Optigo lenders to pursue an agreement with at least one correspondent.

2022 PERFORMANCE REPORT — EQUITABLE HOUSING FINANCE PLAN
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Affirmative Outreach and Insights

Through a variety of communications activities and events, Freddie Mac is promoting 

our equity-based solutions to industry partners, engaging and educating consumers and 

leveraging thought leadership to expand knowledge of the housing landscape. We’re 

also raising awareness and reaching key constituencies with equity-related information, 

education and resources to key external stakeholders.

We devoted much of 2022 to the consumer aspect of this work, using media outreach, 

industry events and digital strategy to reach approximately 40 million Black, Latino and 

Native American consumers with tools, resources and educational campaigns. All our 

consumer advertising was targeted to these consumer groups in eight underserved 

markets (Arizona, California, Georgia, Florida, Maryland, North Carolina, Texas, Virgina) 

and was delivered with high frequency, as consumers need to be exposed to messages 

multiple times before taking action. 

Using engaging videos, we told human stories of how our products help make 

home possible and encouraged consumers to learn more through CreditSmart, our 

MyHome education website and other resources. Through our social media and digital 

communications, we targeted these videos to underserved markets, industry leaders, 

influencers and members of the media. These videos have been viewed over 24 million 

times across our channels: • A first-time homebuyer in an underserved community

who benefitted from multiple Freddie Mac products 

• The Block-by-Block initiative in Baltimore • The financing of affordable rental housing in Los Angeles • Our work providing financial education to veterans • Our Borrower Help Centers 

We served over 300,000 consumers, nearly 80% of whom were people of color, through 

education and counseling. More specifically, 182,578 consumers completed housing 

education and financial capability courses, and 122,685 received one-on-one housing 

counseling as of the end of Q3 2022. Further, over 90 webinars on topics such as 

refinance, credit and wealth building were presented to more than 8,500 consumers and 

industry professionals.

2022 PERFORMANCE REPORT — EQUITABLE HOUSING FINANCE PLAN
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Table 4

Counseling and Education Activity 5,6

Consumers Served Through Counseling and Education Total Purchase Acquisitions

Group Consumers % Homeowners (%)

All 402,120 - -

White – Non-Hispanic 28,379 19.7% 67.2%

Overall Minority 115,507 80.3% 32.8%

 Black (African American) 65,858 45.8% 6.4%

 Latino (Hispanic) 34,980 24.3% 13.8%

 Asian 6,103 4.2% 12.8%

 American Indian 2,088 1.5% 0.9%

 Pacific Islander 606 .4% 0.4%

 Other 5,872 4.1% -

2022 PERFORMANCE REPORT — EQUITABLE HOUSING FINANCE PLAN
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Goal Performance

Launch outreach campaigns on housing equity. • Conducted over 30 interviews, authored six Executive Perspectives articles, and issued more than a dozen press releases highlighting SingleFamily and Multifamily work on equitable and/or affordable housing. 

• Partnered with 40+ housing counseling agencies, including 15 Borrower Help Centers nationwide to provide outreach and education in 

communities of color. 

• Established a national rental helpline to supplement our promotion of four Rental Resource Organizations to support those in need of tenant 

support services. 

• Reached limited English-proficiency households with Spanish/English homeownership content that reached 96 million consumers.

Launch consumer engagement and education 

programs, events and resources.

• Reached approximately 40 million Black and Latino consumers with tools, resources and educational information through communications 

campaigns in 2022.

• Worked with faith-based organizations, Historically Black Colleges and Universities (HBCUs) and Black fraternities and sororities to educate on 

financial capability and building generational wealth.

• Created wealth building educational presentation, accompanied by 15 webinars for lenders, housing counselors and faith-based and Black 

Greek organizations.

• Targeting underserved markets, we drove a 53% year-over-year increase in registrations to CreditSmart Essentials to help consumers prepare 

for homeownership. 

Measure campaigns via uniform reporting. • Provided monthly, quarterly annual and campaign reporting on all marketing and public relations tactics, many targeted at equity audiences 

or covering equity-related initiatives and impact.

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Automated Underwriting System (AUS) Innovations

Our AUS assesses neutral risk factors such as (but not limited to) a prospective borrower’s 

income, credit history, loan-to-value ratio and debt-to-income ratio. The AUS does not 

consider race, ethnicity or any other protected class characteristic. As detailed in Section 

2 in the first edition of our Plan, due to persistent wealth and income inequity, minority 

borrowers’ credit profiles, on average, are deemed less creditworthy than those of nonHispanic white borrowers when assessed by our AUS. 

In 2022, Freddie Mac made meaningful enhancements to our AUS, Loan Product 

Advisor® (LPASM), to further equitable housing. We are focused on offering more 

predictive LPA model versions to help identify more creditworthy borrowers that prior 

model versions might have missed. We believe that better, more sophisticated AUS 

models are central to a successful equitable housing finance strategy. 

Freddie Mac monitors the impact of changes to our AUS by assessing Accept rates by race 

and ethnicity. The Freddie Mac Accept rate is the percent of incoming loan applications that 

receive an Accept risk class from LPA. Differences in how eligibility, business adjustments and 

scorability are handled would affect how the Accept rate is calculated at various institutions. 

The tables below offer a baseline set of data from 2018 to 2022 (including application and 

Freddie Mac funded loans).

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Table 5a 

LPA Protected Class Counts, Shares, and Accept Rate | 2022 Applications Total, Purchase, and Refinance 1,2,3,7,8,9,10

Group

Total Purchase Refinance

Applications Accepts Accept Rate Applications Accepts Accept Rate Applications Accepts Accept Rate

Count Share Count Share Rate Gap Count Share Count Share Rate Gap Count Share Count Share Rate Gap

All 6,749,737 - 5,393,022 - 79.9% - 3,942,161 - 3,158,999 - 80.1% - 2,807,576 - 2,234,023 - 79.6% -

Total NonMissing Minority 4,563,317 100.0% 3,715,828 100.0% 81.4% - 2,865,258 100.0% 2,333,294 100.0% 81.4% - 1,698,059 100.0% 1,382,534 100.0% 81.4% -

White 2,817,411 61.7% 2,396,941 64.5% 85.1% 0.0% 1,735,822 60.6% 1,483,366 63.6% 85.5% 0.0% 1,081,589 63.7% 913,575 66.1% 84.5% 0.0%

Overall Minority 1,745,906 38.3% 1,318,887 35.5% 75.5% 9.5% 1,129,436 39.4% 849,928 36.4% 75.3% 10.2% 616,470 36.3% 468,959 33.9% 76.1% 8.4%

Total NonMissing Ethnicity 4,722,582 100.0% 3,847,034 100.0% 81.5% - 2,973,812 100.0% 2,423,478 100.0% 81.5% - 1,748,770 100.0% 1,423,556 100.0% 81.4% -

Latino 819,151 17.3% 600,859 15.6% 73.4% 11.7% 501,178 16.9% 361,252 14.9% 72.1% 13.4% 317,973 18.2% 239,607 16.8% 75.4% 9.1%

Total NonMissing Race 4,464,343 100.0% 3,656,054 100.0% 81.9% - 2,827,142 100.0% 2,314,339 100.0% 81.9% - 1,637,201 100.0% 1,341,715 100.0% 82.0% -

Black 462,971 10.4% 318,541 8.7% 68.8% 16.3% 269,620 9.5% 176,798 7.6% 65.6% 19.9% 193,351 11.8% 141,743 10.6% 73.3% 11.2%

Asian 489,140 11.0% 416,154 11.4% 85.1% 0.0% 384,013 13.6% 329,265 14.2% 85.7% -0.3% 105,127 6.4% 86,889 6.5% 82.7% 1.8%

American Indian 58,498 1.3% 43,791 1.2% 74.9% 10.2% 36,076 1.3% 26,172 1.1% 72.5% 12.9% 22,422 1.4% 17,619 1.3% 78.6% 5.9%

Pacific Islander 16,904 0.4% 12,546 0.3% 74.2% 10.9% 10,644 0.4% 7,698 0.3% 72.3% 13.1% 6,260 0.4% 4,848 0.4% 77.4% 7.0%

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Table 5b 

LPA Protected Class Counts, Shares, and Accept Rate | 2021 Applications Total, Purchase, and Refinance 1,2,3,7,8,9,10

Group

Total Purchase Refinance

Applications Accepts Accept Rate Applications Accepts Accept Rate Applications Accepts Accept Rate

Count Share Count Share Rate Gap Count Share Count Share Rate Gap Count Share Count Share Rate Gap

All 12,622,093 - 10,925,978 - 86.6% - 4,452,922 - 3,614,615 - 81.2% - 8,169,163 - 7,311,357 - 89.5% -

Total NonMissing Minority 8,821,380 100.0% 7,656,336 100.0% 86.8% - 3,256,429 100.0% 2,649,426 100.0% 81.4% - 5,564,951 100.0% 5,006,910 100.0% 90.0% -

White 5,800,074 65.8% 5,186,019 67.7% 89.4% 0.0% 2,039,734 62.6% 1,738,498 65.6% 85.2% 0.0% 3,760,340 67.6% 3,447,521 68.9% 91.7% 0.0%

Overall Minority 3,021,306 34.2% 2,470,317 32.3% 81.8% 7.6% 1,216,695 37.4% 910,928 34.4% 74.9% 10.4% 1,804,611 32.4% 1,559,389 31.1% 86.4% 5.3%

Total NonMissing Ethnicity 9,085,809 100.0% 7,889,509 100.0% 86.8% - 3,364,136 100.0% 2,741,725 100.0% 81.5% - 5,721,673 100.0% 5,147,784 100.0% 90.0% -

Latino 1,353,553 14.9% 1,071,811 13.6% 79.2% 10.2% 523,886 15.6% 371,321 13.5% 70.9% 14.4% 829,667 14.5% 700,490 13.6% 84.4% 7.3%

Total NonMissing Race 8,757,643 100.0% 7,633,588 100.0% 87.2% - 3,246,609 100.0% 2,657,505 100.0% 81.9% - 5,511,034 100.0% 4,976,083 100.0% 90.3% -

Black 692,797 7.9% 509,142 6.7% 73.5% 15.9% 286,060 8.8% 176,692 6.6% 61.8% 23.5% 406,737 7.4% 332,450 6.7% 81.7% 9.9%

Asian 1,000,440 11.4% 906,171 11.9% 90.6% -1.2% 429,885 13.2% 378,433 14.2% 88.0% -2.8% 570,555 10.4% 527,738 10.6% 92.5% 0.8%

American Indian 98,539 1.1% 79,337 1.0% 80.5% 8.9% 39,300 1.2% 27,949 1.1% 71.1% 14.1% 59,239 1.1% 51,388 1.0% 86.7% 4.9%

Pacific Islander 34,183 0.4% 27,880 0.4% 81.6% 7.9% 12,989 0.4% 9,466 0.4% 72.9% 12.4% 21,194 0.4% 18,414 0.4% 86.9% 4.8%

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Table 5c 

LPA Protected Class Counts, Shares, and Accept Rate | 2020 Applications Total, Purchase, and Refinance 1,2,3,7,8,9,10

Group

Total Purchase Refinance

Applications Accepts Accept Rate Applications Accepts Accept Rate Applications Accepts Accept Rate

Count Share Count Share Rate Gap Count Share Count Share Rate Gap Count Share Count Share Rate Gap

All 11,402,178 - 10,262,931 - 90.0% - 3,317,541 - 2,763,147 - 83.3% - 8,084,568 - 7,499,720 - 92.8% -

Total NonMissing Minority 7,676,995 100.0% 6,920,305 100.0% 90.1% - 2,307,676 100.0% 1,920,971 100.0% 83.2% - 5,369,319 100.0% 4,999,334 100.0% 93.1% -

White 5,339,076 69.5% 4,913,227 71.0% 92.0% 0.0% 1,548,832 67.1% 1,347,018 70.1% 87.0% 0.0% 3,790,244 70.6% 3,566,209 71.3% 94.1% 0.0%

Overall Minority 2,337,919 30.5% 2,007,078 29.0% 85.8% 6.2% 758,844 32.9% 573,953 29.9% 75.6% 11.3% 1,579,075 29.4% 1,433,125 28.7% 90.8% 3.3%

Total NonMissing Ethnicity 7,786,442 100.0% 7,026,456 100.0% 90.2% - 2,318,152 100.0% 1,935,553 100.0% 83.5% - 5,468,290 100.0% 5,090,903 100.0% 93.1% -

Latino 952,740 12.2% 788,486 11.2% 82.8% 9.3% 328,035 14.2% 236,695 12.2% 72.2% 14.8% 624,705 11.4% 551,791 10.8% 88.3% 5.8%

Total NonMissing Race 7,880,115 100.0% 7,114,144 100.0% 90.3% - 2,382,630 100.0% 1,988,953 100.0% 83.5% - 5,497,485 100.0% 5,125,191 100.0% 93.2% -

Black 440,893 5.6% 338,990 4.8% 76.9% 15.1% 177,904 7.5% 113,891 5.7% 64.0% 23.0% 262,989 4.8% 225,099 4.4% 85.6% 8.5%

Asian 956,987 12.1% 887,750 12.5% 92.8% -0.7% 265,276 11.1% 231,281 11.6% 87.2% -0.2% 691,711 12.6% 656,469 12.8% 94.9% -0.8%

American Indian 66,972 0.8% 56,695 0.8% 84.7% 7.4% 23,160 1.0% 17,270 0.9% 74.6% 12.4% 43,812 0.8% 39,425 0.8% 90.0% 4.1%

Pacific Islander 35,496 0.5% 30,913 0.4% 87.1% 4.9% 9,464 0.4% 7,218 0.4% 76.3% 10.7% 26,032 0.5% 23,695 0.5% 91.0% 3.1%

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Table 5d 

LPA Protected Class Counts, Shares, and Accept Rate | 2019 Applications Total, Purchase, and Refinance 1,2,3,7,8,9,10

Group

Total Purchase Refinance

Applications Accepts Accept Rate Applications Accepts Accept Rate Applications Accepts Accept Rate

Count Share Count Share Rate Gap Count Share Count Share Rate Gap Count Share Count Share Rate Gap

All 4,960,567 - 4,229,654 - 85.3% - 2,383,932 - 1,984,327 - 83.2% - 2,576,635 - 2,245,327 - 87.1% -

Total NonMissing Minority 3,129,892 100.0% 2,659,001 100.0% 85.0% - 1,597,802 100.0% 1,327,904 100.0% 83.1% - 1,532,090 100.0% 1,331,097 100.0% 86.9% -

White 2,181,899 69.7% 1,911,835 71.9% 87.6% 0.0% 1,089,937 68.2% 944,306 71.1% 86.6% 0.0% 1,091,962 71.3% 967,529 72.7% 88.6% 0.0%

Overall Minority 947,993 30.3% 747,166 28.1% 78.8% 8.8% 507,865 31.8% 383,598 28.9% 75.5% 11.1% 440,128 28.7% 363,568 27.3% 82.6% 6.0%

Total NonMissing Ethnicity 3,206,680 100.0% 2,728,603 100.0% 85.1% - 1,630,291 100.0% 1,358,517 100.0% 83.3% - 1,576,389 100.0% 1,370,086 100.0% 86.9% -

Latino 414,963 12.9% 314,279 11.5% 75.7% 11.9% 219,319 13.5% 157,006 11.6% 71.6% 15.1% 195,644 12.4% 157,273 11.5% 80.4% 8.2%

Total NonMissing Race 3,182,364 100.0% 2,707,394 100.0% 85.1% - 1,634,849 100.0% 1,361,038 100.0% 83.3% - 1,547,515 100.0% 1,346,356 100.0% 87.0% -

Black 206,263 6.5% 143,788 5.3% 69.7% 17.9% 111,188 6.8% 71,653 5.3% 64.4% 22.2% 95,075 6.1% 72,135 5.4% 75.9% 12.7%

Asian 328,469 10.3% 289,195 10.7% 88.0% -0.4% 182,993 11.2% 158,255 11.6% 86.5% 0.2% 145,476 9.4% 130,940 9.7% 90.0% -1.4%

American Indian 28,761 0.9% 22,692 0.8% 78.9% 8.7% 14,273 0.9% 10,754 0.8% 75.3% 11.3% 14,488 0.9% 11,938 0.9% 82.4% 6.2%

Pacific Islander 14,721 0.5% 11,958 0.4% 81.2% 6.4% 6,399 0.4% 5,040 0.4% 78.8% 7.9% 8,322 0.5% 6,918 0.5% 83.1% 5.5%

2022 PERFORMANCE REPORT — EQUITABLE HOUSING FINANCE PLAN
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Table 5e 

LPA Protected Class Counts, Shares, and Accept Rate | 2018 Applications Total, Purchase, and Refinance 1,2,3,7,8,9,10

Group

Total Purchase Refinance

Applications Accepts Accept Rate Applications Accepts Accept Rate Applications Accepts Accept Rate

Count Share Count Share Rate Gap Count Share Count Share Rate Gap Count Share Count Share Rate Gap

All 3,430,344 - 2,714,446 - 79.1% - 2,165,066 - 1,764,433 - 81.5% - 1,265,278 - 950,013 - 75.1% -

Total NonMissing Minority 2,169,298 100.0% 1,719,809 100.0% 79.3% - 1,440,847 100.0% 1,175,002 100.0% 81.5% - 728,451 100.0% 544,807 100.0% 74.8% -

White 1,532,903 70.7% 1,261,594 73.4% 82.3% 0.0% 1,006,141 69.8% 852,820 72.6% 84.8% 0.0% 526,762 72.3% 408,774 75.0% 77.6% 0.0%

Overall Minority 636,395 29.3% 458,215 26.6% 72.0% 10.3% 434,706 30.2% 322,182 27.4% 74.1% 10.6% 201,689 27.7% 136,033 25.0% 67.4% 10.2%

Total NonMissing Ethnicity 2,689,459 100.0% 2,135,851 100.0% 79.4% - 1,779,821 100.0% 1,454,301 100.0% 81.7% - 909,638 100.0% 681,550 100.0% 74.9% -

Latino 282,005 10.5% 193,619 9.1% 68.7% 13.6% 186,093 10.5% 130,194 9.0% 70.0% 14.8% 95,912 10.5% 63,425 9.3% 66.1% 11.5%

Total NonMissing Race 2,170,401 100.0% 1,725,334 100.0% 79.5% - 1,444,766 100.0% 1,180,937 100.0% 81.7% - 725,635 100.0% 544,397 100.0% 75.0% -

Black 151,464 7.0% 93,590 5.4% 61.8% 20.5% 96,301 6.7% 59,899 5.1% 62.2% 22.6% 55,163 7.6% 33,691 6.2% 61.1% 16.5%

Asian 199,727 9.2% 168,393 9.8% 84.3% -2.0% 152,849 10.6% 132,115 11.2% 86.4% -1.7% 46,878 6.5% 36,278 6.7% 77.4% 0.2%

American Indian 22,753 1.0% 16,918 1.0% 74.4% 7.9% 13,895 1.0% 10,600 0.9% 76.3% 8.5% 8,858 1.2% 6,318 1.2% 71.3% 6.3%

Pacific Islander 12,554 0.6% 9,600 0.6% 76.5% 5.8% 8,432 0.6% 6,713 0.6% 79.6% 5.1% 4,122 0.6% 2,887 0.5% 70.0% 7.6%

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Table 6a

 Protected Class Counts and Shares | Freddie Mac Total Acquisitions 1,2,3

Group

2018 2019 2020 2021 2022

Count Share Count Share Count Share Count Share Count Share

All 1,324,210 - 1,760,460 - 3,782,046 - 4,218,889 - 1,802,503 -

Total NonMissing Minority 1,133,664 100.0% 1,498,739 100.0% 3,172,540 100.0% 3,520,457 100.0% 1,524,960 100.0%

White 856,878 75.6% 1,126,980 75.2% 2,361,504 74.4% 2,514,322 71.4% 1,036,600 68.0%

Overall Minority 276,786 24.4% 371,759 24.8% 811,036 25.6% 1,006,135 28.6% 488,360 32.0%

Total NonMissing Ethnicity 1,143,123 100.0% 1,513,353 100.0% 3,202,801 100.0% 3,565,384 100.0% 1,543,782 100.0%

Latino 121,144 10.6% 164,706 10.9% 339,560 10.6% 444,514 12.5% 220,684 14.3%

Total NonMissing Race 1,160,998 100.0% 1,514,185 100.0% 3,208,661 100.0% 3,536,764 100.0% 1,523,737 100.0%

Black 53,602 4.6% 67,145 4.4% 129,657 4.0% 197,222 5.6% 114,172 7.5%

Asian 99,152 8.5% 137,919 9.1% 342,333 10.7% 369,681 10.5% 157,576 10.3%

American Indian 8,361 0.7% 10,565 0.7% 22,697 0.7% 30,054 0.8% 14,866 1.0%

Pacific Islander 5,003 0.4% 6,333 0.4% 13,657 0.4% 15,491 0.4% 6,440 0.4%

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Table 6b

 Protected Class Counts and Shares | Freddie Mac Purchase Acquisitions 1,2,3

Group

2018 2019 2020 2021 2022

Count Share Count Share Count Share Count Share Count Share

All 882,870 - 982,595 - 1,128,840 - 1,376,812 - 1,039,305 -

Total NonMissing Minority 763,931 100.0% 851,689 100.0% 982,800 100.0% 1,193,963 100.0% 900,573 100.0%

White 575,256 75.3% 635,944 74.7% 727,481 74.0% 837,331 70.1% 605,447 67.2%

Overall Minority 188,675 24.7% 215,745 25.3% 255,319 26.0% 356,632 29.9% 295,126 32.8%

Total NonMissing Ethnicity 770,080 100.0% 859,588 100.0% 990,437 100.0% 1,206,094 100.0% 910,113 100.0%

Latino 78,377 10.2% 93,833 10.9% 111,861 11.3% 151,947 12.6% 125,682 13.8%

Total NonMissing Race 783,977 100.0% 861,389 100.0% 994,358 100.0% 1,201,584 100.0% 902,323 100.0%

Black 32,837 4.2% 37,254 4.3% 46,708 4.7% 66,761 5.6% 57,889 6.4%

Asian 76,424 9.7% 84,498 9.8% 98,343 9.9% 141,860 11.8% 115,728 12.8%

American Indian 4,895 0.6% 5,678 0.7% 7,316 0.7% 10,221 0.9% 8,156 0.9%

Pacific Islander 3,051 0.4% 3,108 0.4% 3,797 0.4% 4,850 0.4% 3,520 0.4%

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Table 6c

 Protected Class Counts and Shares | Freddie Mac Refinance Acquisitions 1,2,3

Group

2018 2019 2020 2021 2022

Count Share Count Share Count Share Count Share Count Share

All 441,340 - 777,865 - 2,653,206 - 2,842,077 - 763,198 -

Total NonMissing Minority 369,733 100.0% 647,050 100.0% 2,189,740 100.0% 2,326,494 100.0% 624,387 100.0%

White 281,622 76.2% 491,036 75.9% 1,634,023 74.6% 1,676,991 72.1% 431,153 69.1%

Overall Minority 88,111 23.8% 156,014 24.1% 555,717 25.4% 649,503 27.9% 193,234 30.9%

Total NonMissing Ethnicity 373,043 100.0% 653,765 100.0% 2,212,364 100.0% 2,359,290 100.0% 633,669 100.0%

Latino 42,767 11.5% 70,873 10.8% 227,699 10.3% 292,567 12.4% 95,002 15.0%

Total NonMissing Race 377,021 100.0% 652,796 100.0% 2,214,303 100.0% 2,335,180 100.0% 621,414 100.0%

Black 20,765 5.5% 29,891 4.6% 82,949 3.7% 130,461 5.6% 56,283 9.1%

Asian 22,728 6.0% 53,421 8.2% 243,990 11.0% 227,821 9.8% 41,848 6.7%

American Indian 3,466 0.9% 4,887 0.7% 15,381 0.7% 19,833 0.8% 6,710 1.1%

Pacific Islander 1,952 0.5% 3,225 0.5% 9,860 0.4% 10,641 0.5% 2,920 0.5%

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In 2022, Freddie Mac announced two enhancements to our LPA related to 

our Equitable Housing Finance Plan commitments.

Borrower Cash Flow Considered for Loan Purchase Eligibility

In November 2022, we announced that LPA can now review a borrower’s bank 

transaction data to look for a history of positive cash flow in their bank account 

month over month. Cash flow is an excellent indicator of creditworthiness and 

helps us better reach mortgage-ready borrowers in underserved communities. 

From November through the end of the year, there were more than 22,000 LPA 

applications in which a cash flow evaluation from bank account data could have 

benefited the credit decision. Adoption from lenders will increase over time, 

but even initially, Freddie Mac was able to upgrade nearly 500 loan applications 

that initially received a Caution rating to an Accept rating by considering the 

applicant’s positive cash flow as part of the credit decision. 

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Table 7

 Borrower Cash Flow Considered in Credit Decision 1,2,3,7

Group

Applications Account Data Provided Accepts Funded Total 2022 Purchase 

Acquisitions

# of Applicants 

Notified % # of Applicants % # of Applicants % # of Applicants % Homeowners (%)

All 23,685 - 1,659 - 486 - 31 -

White – NonHispanic 

7,436 47.0% 573 45.3% 155 39.6% 15 55.6% 67.2%

Overall Minority 8,386 53.0% 691 54.7% 236 60.4% 12 44.4% 32.8%

Black (African 

American) 2,711 17.8% 192 15.9% 52 13.7% 7 25.0% 6.4%

Latino 

(Hispanic) 4,246 25.9% 385 29.2% 135 33.7% 3 11.1% 13.8%

Asian 1,616 10.6% 154 12.7% 58 15.3% 4 14.3% 12.8%

American 

Indian

277 1.8% 25 2.1% 7 1.8% 0 0.0% 0.9%

Pacific Islander 65 0.4% 7 0.6% 1 0.3% 0 0.0% 0.4%

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Rent Payment History Considered in Credit Assessment 

As of July 2022, LPA now considers renters’ bank data to ensure on-time rent payments 

are factored into our loan purchase decisions. This capability gives loan originators 

an opportunity for more Accept decisions for qualified borrowers who have a verified 

history of managing rent obligations responsibly. 

From July through the end of the year, there were nearly 11,000 LPA applications for 

which rent payment identification from bank account data could have benefited the 

credit decision. Adoption from lenders will increase over time, but even initially, Freddie 

Mac was able to upgrade almost 250 loan applications that had received a Caution 

rating to an Accept rating by considering the applicant’s consistent rent payment history 

as part of the credit decision. 

Table 8

 Rent Payment Innovation1,2,3,7

Group

Applications Account Data Provided Accepts Funded

Total 2022 

Purchase 

Acquisitions

# of 

Applicants 

Notified 

% # of 

Applicants % # of Applicants % # of Applicants % Homeowners (%)

All 10,829 - 823 - 238 - 30 - -

White – NonHispanic 

3,332 44.0% 292 46.1% 94 50.0% 16 61.5% 67.2%

Overall Minority 4,238 56.0% 342 53.9% 94 50.0% 10 38.5% 32.8%

Black (African 

American) 1,355 18.8% 104 17.2% 25 14.2% 4 16.0% 6.4%

 Latino 

(Hispanic) 2,083 26.5% 162 23.9% 45 22.5% 5 19.2% 13.8%

 Asian 934 13.0% 93 15.4% 30 17.0% 1 4.0% 12.8%

American 

Indian

133 1.8% 7 1.2% 3 1.7% 0 0.0% 0.9%

Pacific Islander 45 0.6% 2 0.3% 0 0.0% 0 0.0% 0.4%

In concert with these efforts, we continue to evaluate leveraging detailed credit in lieu of reliance on third-party credit 

scoring within LPA, and we expect to report demonstrably improved LPA fairness as we adopt these AUS innovations.

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Working Toward an Equitable Future

As we work with our clients, the housing industry and community partners to execute 

on our three-year Equitable Housing Finance Plan, we look forward to creating positive 

housing outcomes for many more borrowers and renters of color. This work complements 

our core mission of maintaining liquidity, stability and affordability in the market, and, 

along with our Duty to Serve plan and affordable housing goals, there is no higher 

priority for Freddie Mac.

We look forward in the coming years to sharing our progress on progressively narrowing 

homeownership gaps and realizing fairer, more equitable housing and rental markets. 

We know this is a long-term endeavor and there is much more work to be done. We stand 

committed to bringing our best thinking and sustained action to solutions that are fair and 

complete for all who deserve a place to call home. 

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Summary of Outcomes

In the preceding sections, we reported on outcomes from our business activities 

that support the expansion of equitable homeownership and rental opportunities for 

historically underserved communities. The data tables below summarize outcomes 

specifically resulting from the actions to which we committed in our Equitable Housing 

Finance Plan. 

Families Served by the Equitable Housing Finance Plan 

Table 9

 Number of Families Served Through the Equitable Housing Finance Plan – 2022 10,11

Equitable Housing Finance Plan Action Families Served

Special Purpose Credit Programs

 Lender SPCPs (1,470 families) 1,470

Freddie Mac SPCP (0 families)

Underwriting Innovations (Table 11)

Positive Rent Payment in AUS (30 families) 56

Cash Flow Assessment in AUS (31 families)

Education & Counseling (Table 13)

402,120

Affirmative Outreach

Foreclosure Alternatives (Table 12)

490

Special Servicing Framework

Multifamily Tenant Credit Building (Table 14) 184,176

TOTAL 588,312

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Loans Acquired Through the Equitable Housing Finance Plan

Table 10

 Number of Loans Acquired for the Year Ended December 31, 2022 1,2,3,12,13

Group

Loans

Total Acquisitions % of Total Acquisitions Purchase % of Purchase Loans Refinance % of Refi Loans

All 1,526 - 1,515 - 11 -

White – 

Non-Hispanic

414 28.9% 412 29.0% 2 22.2%

Overall Minority 1,017 71.1% 1,010 71.0% 7 77.8%

 Black 524 37.3% 524 37.5% - 0.0%

 Latino 397 27.4% 390 27.1% 7 77.8%

 Asian 151 10.7% 151 10.8% - 0.0%

 American

Indian 21 1.5% 21 1.5% 0 0.0%

 Pacific

Islander 8 0.6% 8 0.6% 0 0.0%

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Underwriting Outcomes from the Equitable Housing Finance Plans

As noted earlier, our progress as it relates to cash flow assessments and rentalpayment innovations resulted in the outcomes below 

Table 11

 Underwriting Innovations (Cash Flow and Rent Payment) 1,2,3,7,12

Applications Account Data Provided Accepts Funded Total 2022 Purchase 

 Acquisitions

Group

# of 

Applicants 

Notified 

% # of 

Applicants % # of Applicants % # of Applicants % Homeowners (%)

All 31,513 - 2,279 - 704 - 56 - -

White – Non-Hispanic 9,821 46.3% 791 45.7% 241 42.7% 29 59.2% 67.2%

Overall Minority 11,399 53.7% 940 54.3% 324 57.3% 20 40.8% 32.8%

 Black (African American) 3,642 17.9% 270 16.3% 76 14.0% 10 20.4% 6.4%

 Latino (Hispanic) 5,729 26.0% 497 27.2% 177 30.2% 8 16.3% 13.8%

 Asian 2,303 11.3% 223 13.5% 86 15.9% 4 8.2% 12.8%

 American Indian 370 1.8% 30 1.8% 9 1.7% 0 0.0% 0.9%

 Pacific Islander 101 0.5% 9 0.5% 1 0.2% 0 0.0% 0.4%

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Homeowners Served by Foreclosure Alternatives from the Equitable 

Housing Finance Plan

As noted earlier, our progress in developing and launching a special servicing framework 

resulted in the outcomes below.

Table 12

Foreclosure Alternatives from Our Special Servicing Framework 1,2,3

Alternatives to Foreclosure Total Purchase 

Acquisitions

Group Homeowners % Homeowners (%)

Total 490 - -

White – Non-Hispanic 252 59.3% 67.2%

Overall Minority 173 40.7% 32.8%

Black (African

American)

75 17.9% 6.4%

 Latino (Hispanic) 81 18.8% 13.8%

 Asian 19 4.5% 12.8%

 American Indian 5 1.2% 0.9%

 Pacific Islander 1 0.2% 0.4%

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Consumers Served through Counseling and Education from the 

Equitable Housing Finance Plan

Table 13

Counseling and Education Activities from the Equitable Housing Finance Plan 5,6 

Counseling and Education Total Purchase Acquisitions 

Group Consumers % Homeowners (%)

Total 402,120 - -

White – Non-Hispanic 28,379 19.7% 67.2%

Overall Minority 115,507 80.3% 32.8%

 Black (African American) 65,858 45.8% 6.4%

 Latino (Hispanic) 34,980 24.3% 13.8%

 Asian 6,103 4.2% 12.8%

 American Indian 2088 1.5% 0.9%

 Pacific Islander 606 .4% 0.4%

 Other 5,872 4.1% -

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Credit Building Activities Through the Equitable Housing 

Finance Plan

Table 14

Credit Building4

Investment Type Enterprise Total 

(Properties)

Average Units per 

Property

Total Units 

Enrolled

Rent Payment 

Reporting 1,449 166 184,176

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End Notes

1

 For all protected class groups, in cases where there are more than 2 borrowers, only the first 2 borrowers are considered.

2 Each borrower can list up to 5 races, an ethnicity and multiple subcategories under each. An application or loan is considered 

Latino if either borrower is Latino or lists a Latino origin subcategory. Similarly, an application or loan is considered Black, 

Asian, American Indian, or Pacific Islander if either borrower lists one of those races or their subcategories. As such, the 

individual race/ethnicity categories do not form a partition, so the same application or loan can be counted as multiple 

races and Latino at the same time. An application or loan is flagged as Overall Minority if either borrower lists any nonwhite race or Latino ethnicity. An application or loan is considered white only when borrower(s) list race as white and 

ethnicity as non-Latino. The Overall Minority and White categories are mutually exclusive. 

3 For each protected class group, the percent is calculated as the number of applications or loans that belong to that group 

divided by the total number of non-missing loans in the broader protected class category (minority, race, ethnicity, 

gender, or age). Because the non-missing populations for each protected class category are different (resulting in 

different denominators for the share calculations), a higher share does not necessarily indicate a higher application or loan 

count when comparing across the protected class categories. 

4 Figures are cumulative from program inception through December 2022. 

5 Race results are not based on the fair lending method. Race/ethnicity breakouts based on individual households’ selfidentification or organization’s reporting of composition of event participants. Individual households self-identify by race 

category. Data is reported and aggregated through Salesforce. The Other category reflects consumers or organizations 

using the Other/Multiple Race category.

6 A total of 258,234 consumers did not report race/ethnicity which include CreditSmart. Households that select Chose Not to 

Respond and education activities (including CreditSmart) that do not collect demographic information are not included in 

this table. 

7 In cases where an application involves multiple submissions linked to the same application key (Auskey), only the last 

transaction is kept. Because applications counted in previous time periods may receive new submissions in later time 

periods, previous time period data may be revised over time.

8 For each group, the Accept rate is calculated as the number of applications that received an Accept purchase decision, 

divided by the total number of applications in that group, using the actual purchase decision delivered in production LPA, 

conveying that the application meets Freddie Mac’s purchase standards.

9 For each group, the Accept rate gap is calculated as the difference between the respective reference group’s rate and that 

protected class group’s rate.

10 This represents identified lender SPCP loans but not unidentified Guide-compliant lender SPCP loans. Therefore, 1,470 may 

be an incomplete sum of all lender SPCP loans acquired in 2022.

11 Positive rent payment and cash flow assessment are not mutually exclusive; together, they account for 56 families served.

12 In cases where a single application is relevant to a population under both cash flow and rent payment offerings, only one 

application is counted. 

13 Represents 56 acquired loans through cash flow assessment and rent payment innovation, and 1,470 loans acquired through 

lender SPCP. 

2022 PERFORMANCE REPORT — EQUITABLE HOUSING FINANCE PLAN