It then either held the loans for its own portfolio or sold them to investors in the new secondary mortgage market (the market for the purchase and sale of mortgage loans). Mortgage originators used the funds they obtained from the sale of mortgages to Fannie Mae to issue new loans, thus ...
First, let me review a little of the history of how we got here. Fannie Mae (otherwise known as the Federal National Mortgage Association) was created by an act of the United States Congress in 1938 as a government-sponsored enterprise (GSE) intended to purchase loans that had been guarante...
Home Ready loans are subject to certain income limits in specific areas, unless one of the buyers is a first-time homebuyer. Freddie Mac’s Home Possible mortgages are also available for as little as 3 percent to 5 percent down, targeting homebuyers in high-cost and underserved communities. ...
The method to process the innovative loans needed no extra work, and as to the ‘risk’: the regulators could not simultaneously view these loans as risky while another government branch created them, in the same way they can’t push affirmative action and sue firms for having de facto ...
With Fannie Mae being so closely involved in the secondary market for home mortgage loans, we were able to lock in a very competitive rate. Sometimes I wonder how much security there really is in a government sponsored business, but if we wanted to borrow money for our loan, this seemed ...
Fannie Mae, “Delivering Loans for MBS”, 1996, 138 pages, Fannie Mae, Washington, DC, USA. Fannie Mae, “Guide to Underwriting with Desktop Underwriter”, Oct. 1997, 152 pages, Verison 4.0, Fannie Mae, Washington, DC, USA. Fannie Mae, “MORNET MBS Pool Submission System User's Guid...
A computer-implemented data processing system for managing processing of mortgage loan applications comprises task manager logic configured to generate a first list representing a first plurality of tasks to be performed in connection with a mortgage loan application. The task manager logic is also conf...
Fannie Mae offered an additional program, the Disaster Response Network, that assisted with some of the broader financial effects of the pandemic. The network provided access to HUD-approved housing counselors for homeowners with Fannie Mae-owned loans and renters in Fannie Mae-financed properties. T...
In order to do business with Fannie Mae, a mortgage lender must comply with the Statement on Subprime Lending issued by the federal government. The statement addresses several risks associated withsubprime loans, such as low introductory rates followed by higher variable rates; very high limits on ...
Fannie Mae takes $2 billion loss: ; Mortgage buyer forecasts steep drop in home pricesMarcy Gordon