Fannie, Freddie count crypto as asset

Bill Pulte, the director of the Federal Housing Finance Agency, said on June 25, 2025 that he ordered Fannie Mae and Freddie Mac to prepare to count cryptocurrency as an asset for mortgage underwriting. The move did not mean borrowers could immediately pledge any token held anywhere. It directed the two government-controlled mortgage companies to build a framework for considering certain crypto holdings in single-family mortgage risk assessments. Existing published guide language from Fannie Mae still says virtual currency is acceptable only after it has been exchanged into U.S. dollars and verified at a regulated financial institution. ### So what actually changed? The June 25, 2025 FHFA order told Fannie Mae and Freddie Mac to prepare their businesses to count cryptocurrency as an asset for a mortgage, according to the order described by FHFA Director Pulte and reported by mortgage trade publications. The order said the change should be implemented “as soon as reasonably practical” and framed crypto as a borrower asset that could be considered in reserve calculations used in underwriting. (mpamag.com) Fannie Mae and Freddie Mac matter because they buy and guarantee a large share of U.S. home loans from lenders, setting standards that shape how mortgages are underwritten across the market. FHFA is their federal regulator and conservator. ### Does this mean crypto now works like cash in every mortgage file? Fannie Mae’s currently published rule does not treat crypto the same as cash sitting in a bank account. (mpamag.com) Its selling guide says virtual currency can be used for down payment, closing costs and reserves only after it has been exchanged into U.S. dollars, with documentation showing the funds came from the borrower’s virtual currency account and are held in a U.S. or state-regulated financial institution before closing. (fhfa.gov) Freddie Mac’s currently available guide sections on asset eligibility describe standard documentation rules for depository and non-depository accounts, but the material surfaced in its public guide pages does not yet show a parallel crypto-specific section matching the FHFA order. Freddie Mac did issue other selling updates in Bulletin 2026-3, which shows the guide is still being revised through formal bulletins. (selling-guide.fanniemae.com) ### Which crypto holdings did FHFA say could count? The FHFA order, as described in the published account, said Fannie Mae and Freddie Mac may only consider crypto assets that can be stored on a centralized exchange regulated in the United States. The order also said the enterprises must account for market volatility and apply risk-based adjustments to the share of reserves made up of cryptocurrency. (guide.freddiemac.com) That means the directive, as publicly described, was narrower than a blanket approval for all digital assets. The reported language points to verified holdings on regulated U.S. exchanges, not self-custodied wallets or unverified balances. ### Where would this show up in a borrower’s application? Mortgage underwriting uses assets in part to test whether a borrower has enough funds for the down payment, closing costs and post-closing reserves. (mpamag.com) Fannie Mae’s existing virtual-currency page already sits inside its asset-assessment rules, which is where lenders look for what counts and how it must be documented. The FHFA order said considering additional borrower assets could help the enterprises assess the “full spectrum of asset information available for reserves” in single-family mortgage loan risk assessments. That language ties the crypto change most directly to reserve treatment, rather than to income or property valuation. (selling-guide.fanniemae.com) ### What should lenders and borrowers watch next? Freddie Mac’s March 4, 2026 Bulletin 2026-3 shows that underwriting changes are typically implemented through seller-guide updates and related system changes. Fannie Mae likewise publishes selling-guide updates that lenders use in origination. The next concrete step is likely to be revised Fannie Mae and Freddie Mac guide language spelling out eligible crypto assets, documentation standards, reserve haircuts and effective dates. (mpamag.com) Until those updates appear, the clearest published Fannie Mae rule remains the older standard requiring conversion of virtual currency into U.S. dollars before it can count. (selling-guide.fanniemae.com) (guide.freddiemac.com)