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Fannie Mae, Freddie Mac take Finger off Automatic Repurchase Trigger | HUD USER
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The role of Fannie Mae and Freddie Mac is to purchase mortgage loans originated by the following:. Mortgage bankers need to sell the loans they originated to relieve their inventory and lines of credit in order to generate more mortgage loans. Both Fannie Mae and Freddie Mac came into financial crisis due to the real estate and credit market collapse. This was so they can reuse their warehouse lines of credit to originate more mortgage loans, stimulate home ownership, attract investors, but yet, minimize defaults on mortgage loans.
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Fannie Mae vs. Freddie Mac
We are direct lenders with no overlays on government and conventional loans and offer alternative financing programs. We also offer escrow advances on refinance mortgages. Gustan Cho is a senior mortgage expert and National Managing Director, providing direct-to-consumer advice at Loan Cabin.
We are a mortgage brokers licensed in multiple states. Gustan Cho Associates: The role of Fannie Mae and Freddie Mac is to purchase mortgage loans originated by the following: For example, my mortgage is serviced by Citibank and held by Freddie Mac. FHA loans have their own programs for modification.
Mortgages: FHA, Fannie Mae, Freddie Mac..... who's confused?
So to answer my friends' question, he first has to determine if his loan is backed by Freddie Mac or Fannie Mae. Ok, so now we are all totally confused?! The best advice I can give you is to start with the type of loan you have. You can call your mortgage servicer and ask. Once you have that answer you can investigate what options you may have. Keep in mind an advantage to using your current servicer to refinance is that you may save money on mortgage taxes at closing.