How do you know if Fannie Mae or Freddie Mac owns your Mortgage?

By
Mortgage and Lending with Choice Lending Corp

I get this question all the time and the answer is simple. Go to http://www.fanniemae.com/loanlookup/ and type in your address, city, state, etc.  Just click the above address to view the site.

Why do you want to know if Fannie Mae owns your loan and can this tool be used for your clients?

The reason you may want to know if Fannie Mae owns your mortgage is because this information is helpful in regards to refinancing your home. Especially if the balance is high and you are trying to refinance using their Home Affordable Refinance Program for people with high loan to value ratios.

Now, the benefit to your client for one the same as above but also it can help you in understanding that when you are dealing with a servicing company for a Short Sale etc. this tool allows you to take a sneak peak at who the real owner/invester is of that mortgage.

Knowing who you are dealing with helps a lot with the attack plan that you have as an agent. Example would be that Litton, Bank of America, Wells Fargo etc would all be treated differently by the agent and the strategy for success would be different.

 

If you are asking the question can you do this with Freddie Mac the answer is YES! Click here to access their loan look up tool.

https://ww3.freddiemac.com/corporate/

 

To find out more about details regarding this blog feel free to email me or call me anytime.

Don't forget to visit my website at www.TheLoanDoc.com to use many of my free tools.

 

Posted by

             Daniel Young

        Direct Lender

____________________________________

Choice Lending Corp.      Direct: 909-952-2882

9227 Haven Ave.                Fax: 760-780-4631

Suite 300                              
Rancho Cucamonga, Ca. 91730           

www.TheLoanDoc.com

email: daniel@clg1.net

NMLS # 237212

___________________________________

 

Comments (6)

Debora Nichols
Residential Sales, Purchases, Investors, Vacation Homes - Phoenix, AZ
Realtor Anthem,Phoenix,Scottsdale,Glendale,Peoria

What a great tool.  Thank You for sharing.  I found out that Fannie Mae owns my loan.... to my surprise.

Nov 01, 2011 01:42 PM
Daniel Young
Choice Lending Corp - Rancho Cucamonga, CA
The Loan Doc

Thank you Debora! I love to provide little short cuts that help make our jobs a little more easy.... :)

Nov 01, 2011 01:49 PM
Steve Queen
Bennett Realty Solutions - Bowie, MD
Chosen Realtor for Bowie And Laurel

Thanks Daniel! I will pass on to clients.

Nov 01, 2011 02:29 PM
Daniel Young
Choice Lending Corp - Rancho Cucamonga, CA
The Loan Doc

Thank you Steve for commmenting on my blog. I am new to the active rain community but I have a lot of information that would be helpful for us. I am glad that this post is helpful thank you for commenting again. :)

Nov 01, 2011 02:38 PM
Daniel H. Fisher
www.FisherHermanRealty.com (704) 617-3544 - Charlotte, NC
MCRP - Charlotte Real Estate, NC or SC

this is an easy way to look up which entity insures your mortgage. Of course, if you have owned for 5 years and you have 20% equity in your home, you should check into options for reducing escrow and other costs.

Nov 01, 2011 03:19 PM
Daniel Young
Choice Lending Corp - Rancho Cucamonga, CA
The Loan Doc

thank you for your comment David

Nov 01, 2011 03:37 PM