Information on Fannie Mae loans

By
Real Estate Agent with RE/MAX Advantage Plus

I am trying to verify whether the loan being paid in a short sale in which I represent the buyer is in fact a Fannie Mae owned or guaranteed loan. I called the number provided here to get this information and waqs told that I must have the permission of the seller to gain this info. I am at the mercy of a transaction compnay negotiating the short sale and don't know whether they know the difference between a conforming and non-conforming loan. I'm sure that some unethical lenders are negotiating or cutting comissions that they have no right to. What else can I do and what recourse do I have if I find out after the fact that they cheated me?

 

Patti Scott

Remax Advantage Plus

Boca Raton,FL 33432

Comments (5)

Scott White
Land Home Financial Services, Inc. - La Crosse, WI
Sales Manager at Land Home Financial, NMLS 82835

Have you taken a look at the client's credit report? We are able to see if its a Fannie/Freddie loan on the report. Perhaps that is just ours. Another thing you might want to ask them to do is pull that information from their previous loan documents.

Apr 08, 2009 04:19 AM
John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

Patricia, Fannie Mae offers a "lookup tool" available at:http://loanlookup.fanniemae.com/loanlookup/ I've used it and, while they don't guarantee total accuracy, it's a start.

Apr 08, 2009 04:19 AM
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

John has the right idea as a place to begin.

Apr 08, 2009 04:23 AM
Patricia Scott
RE/MAX Advantage Plus - Boca Raton, FL

Thanks, John. I have found and used that tool but am still skeptical without seeing the note or payoff letter. The look up said that it was not Fannie  Mae owned. But what if it is guaranteed by Fannie? Does the look up tool distinguish between th etwo or does it just look up the owned loans?

Apr 08, 2009 04:27 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

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