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Take a mortgage lender to lunch once you get your license, or before.
Ryan Huggins - Thousan...
Thousand Oaks, CA
Saint Cloud, FL
As an agent you do not get involved with them. They are associations established by the government to help promote home ownership. An explination at about 30,000 feet is they buy loans package them and sell on the open market, with payment guaranteed by the US Government.
Tony and Suzanne Marri...
Financing issues that I don't deal with. How can I refer or use them? I don't finance any buyers.
Kenzi Hansen - I do not work with them directly.
Government backed loans. I leave this up to the lenders.
Quasi-Governmental agencies similar to the Post Office. They claim that they are "not" the Federal Government", but of course they are.
They operate in the secondary market and buy pools of mortgage securities. Other than underwriting guidelines on loans for your buyer, you will not be aware of their operations.
No, No and no. Basically when buyers get a mortgage, the bank most often sells the loan on the secondary market. Meaning that your buyer will have to qualify within their guidelines, but a loan officer most likely will pre qualify and explain this to your buyers.
We think of Fannie and Freddie as insurers of loans. During the housing crisis, we had many foreclosures from Fannie and Freddie which turned into opportunities, mostly for first time homeowners.
I never understood this before, during or after the exam or even while practicing Real Estate. I know it means something to somebody out there
They are the govt welfare programs that drive much of the lending for homes in this country. Most conventional loans are designed to fit into their criteria.
Yes, these are names you will hear and use your entire career.
Usually the lender is the only one that knows these entities.
Richard Weeks has a great answer. You really don't need to worry about them.
Not in your wheelhouse! They are a source of purchasing loans from primary lenders!
Fannie & Freddie are government sponsored entities (GSE) that allow the sale/purchase of mortgage backed securities ----- Ginnie plays a similar role for FHA loans through HUD.
Each entity establishes guidelines on originating & delivering mortgage loans for sale, but they do not have a direct impact on real estate agents in any way, aside from what loan products their clients may have access to, and at what rates.
Once licensed, you'll primarily focus on finding good lenders/loan officers to refer your clients to ---- these lenders should have access to a wide range of products offered by Fannie, Freddie, and Ginnie, and not tack on additional restrictions beyond the guidelines set forth by those entities.
Fannie Mae and Ginnie Mae and Freddy Mac are part of the vital information that we teach in real estate school. Once you pass your exam, you will never need to know anything else about them.
If you get involved with REO and short sales, you may learn that they have a slight effect on your life.
I've never dealt with them.
Chapter 5, Secondary Markets and Mortgage Finance
Types of loans are in a lenders wheelhouse. The lender works with the buyer and discusses various loan types and which loans they qualify for. As an agent, I am not directly involved in that process.
They are lenders family members...lol
They are the secondary market for mortgages.
They are essential organizations that support the purchase of real estate.
Without them, the real estate market would be so small 90% of existing agents would be working at Big Lots.
However, it is highly unlikely an agent/broker will ever work directly with these organization UNLESS their business model was selling foreclosed real estate.
others have answered.
Richard Weeks nailed this one!
We do not have any Crown entities operating under those names in our great land.
They are a loan family for America
i like Joes answer
Visit the websites for all of the information you may need. You need to be aware of the available mortgage financing programs.
Take Joe Pryor 's advice. You can make a friend who may become an excellent resource for you. A
Agree with Richard Weeks Yes we work with them but more so as lenders not Realtors in a direct fashion.
There are some good answers but Richard Weeks gets my vote. Joe Pryor has a good idea I think
I think it is important to be able to have a working knowledge so if you have a client who happens to ask this question, you will have a good answer. I wouild suggest going to lunch or coffee with a lender or two and learn some basics about the mortgage market as that information will be invaluable to you as an agent.
Richard Weeks gave the best answer.
Fannie and Freddie are similar government agencies that once were publically traded companies that are the bulk of the secondary mortgage market. They were taken over by our government after the crash. Ginnie is USDA loans Lenders deal with them more than realtors, but this is the main source for loans in the US
Richard Weeks gave you a great answer.
It is good to know a little about them but have your lender explain them.
Kenzi Hansen Richard Weeks has this one.
Rarely. Only basic knowledge of.