How do I know if my mortgage is Fannie Mae or Freddie Mac?
Fannie Mae can be reached at 800-232-6643 or Fannie Mae’s website​. Freddie Mac can be reached at 800-373-3343 or Freddie Mac’s website.
What is the Freddie Mac program?
Freddie Mac is a government-sponsored enterprise or GSE, created by the federal government to ensure access to home mortgage credit. Freddie Mac has a statutory mission to provide liquidity, stability, and affordability to the U.S. housing market. Freddie Mac does not make loans directly to homebuyers.
Where can I find the Freddie Mac exclusionary list?
The Exclusionary List is updated at least monthly by Freddie Mac and is electronically available to Seller/Servicers at https://sf.freddiemac.com/fmel(opens in new window) and through various Freddie Mac systems, including Freddie Mac Loan Advisor®.
How do I find out who owns my mortgage?
You can look up who owns your mortgage online, call, or send a written request to your servicer asking who owns your mortgage. The servicer has an obligation to provide you, to the best of its knowledge, the name, address, and telephone number of who owns your loan.
Can you switch from FHA to conventional?
You can refinance an FHA loan to a conventional loan, but you’ll need to meet minimum requirements. If you don’t meet the equity minimum for a conventional loan, you’ll need to account for continued private mortgage insurance (PMI) costs until you’ve reached at least an 80% loan-to-value ratio (or lower).
Is Freddie Mac conventional or FHA?
Conventional loans are also called conforming loans because they conform to Fannie Mae and Freddie Mac standards. Fannie Mae and Freddie Mac are government-created enterprises that buy mortgages from lenders and hold the mortgages or turn them into mortgage-backed securities.
What is an exclusionary list?
What are Exclusion Lists? In simplest terms, a government exclusion list is a roster of individuals and organizations that are not eligible to participate in federal or state contracts due to criminal behavior or misconduct. These lists are maintained by state or federal agencies and updated regularly.
How long did the Freddie Mac scandal last?
On May 23, 2006, the Fannie Mae and Freddie Mac regulator, the Office of Federal Housing Enterprise Oversight, issued the results of a 27-month-long investigation.
What does it mean if Freddie Mac owns my mortgage?
If Freddie Mac owns your mortgage, then your lender must have sold it to Freddie Mac — or sold it to an investor that eventually did. Freddie Mac only buys mortgages that meet its underwriting criteria, meaning that it considers you a good credit risk and your home a worthy investment.