Does Fannie Mae own my loan? Regarding Fannie Mae Commission Cut Announcement 09-03

By
Real Estate Agent with Realty One Group CA BRE # 01437264

Hello Fellow Rain-makers!

As you know, this announcement which helps us save our 6% or lower commissions applied to Fannie Mae-owned instruments.  In order to find the owner of the loan, Fannie Mae has a Look up tool at: Who knows if the Fannie Maye look up tool actually works?  This is where I have been going:

http://www.fanniemae.com/loanlookup

or

http://loanlookup.fanniemae.com/loanlookup/

 

I have been directed by a Countrywide (now B of A) Phase 2 negotiatior to cut our commission down to $15K from $20K which would make it even less that 5% of sales price.  1st and 2nd are both with the same Lender, and 1st is about $350K and 2nd (HELOC) is about $75K.

I visited the Fannie May Look up site and punched the address in, the subject property address does not yield a match ... I tried several other addresses in the surrounding vicinity and no matches came up.  I find it unusual that none of these would be sold to Fannie ... Any ideas? 

Thanks for your replies and Happy Selling<

S-

 

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Rainmaker
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Dawn Maloney
RE/MAX Trinity Northeast Ohio Real Estate Specialist - Hudson, OH
330-990-4236 Hudson & Northeastern Ohio

I noticed that too - I wonder if the site is 100% correct... Very good post - if the site works for us!

Jun 03, 2009 03:34 PM #1
Anonymous
Sherry Bahrami

Thank you ... I will do two things tomorrow ... 1) ask several of our affiliate lenders to tell me how they find this information out and 2) will call the Fannie Mae toll free number to find out if they know about a glitch or bug that may cause this error.

Also, if the negotiator responds favorably or discloses that in fact the instrument has been bought by Fannie ... then we will know for sure that there is a problem with the look-up query.

I will post again tomorrow or Friday!

Jun 03, 2009 09:12 PM #2
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Rainer
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Sherry Bahrami

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