Fannie Mae: Who Really Owns Your Mortgage Loan?

If you're unsure who owns your mortgage, you can use the Freddie Mac & Fannie Mae Loan Lookup Tools to find out. Fannie Mae is a company that purchases mortgage loans from lenders, but they are not a mortgage servicer, meaning they do not collect monthly loan payments. If Fannie Mae owns your loan, you may qualify for mortgage relief solutions such as a forbearance plan or loan modification.

Fannie Mae is not your loan servicer

If you have a Fannie Mae-owned loan, you may qualify for mortgage relief solutions such as a forbearance plan or loan modification. However, it's important to understand that Fannie Mae is not your loan servicer.

Fannie Mae is a government-sponsored enterprise that expands the liquidity of the mortgage market and helps low- to moderate-income borrowers obtain financing for a home. They buy loans from lenders, allowing lenders to replenish their funds and provide new mortgages for more homebuyers. When Fannie Mae purchases a loan, the loan's terms and conditions remain the same, and the borrower continues to send monthly payments to their mortgage servicer, not Fannie Mae.

The mortgage servicer is the company that borrowers send their monthly loan payments to. This company is listed on the welcome packet that the borrower receives and on the loan purchase letter from Fannie Mae. Borrowers should contact their mortgage servicer directly with any questions about their mortgage loan.

It is important to note that Fannie Mae does not service mortgage loans. If a borrower mistakenly sends mortgage payments to Fannie Mae, they will be returned to the borrower. Fannie Mae is not responsible for any misdirected payments or late charges.

Fannie Mae Loan Lookup Tool

If you want to find out if Fannie Mae owns your loan, you can use their online Loan Lookup Tool. This will require you to fill out a form with your first and last name, address, and the last four digits of your Social Security Number. If Fannie Mae owns your loan, a "match found" result will be displayed. However, it is important to note that a "match found" result does not guarantee that you will qualify for Fannie Mae mortgage products.

The Loan Lookup Tool can also be used to find out if Freddie Mac owns your loan. If you own a condo or townhome and received a "No Match" result, try performing a new search with your unit number in the designated unit field. If this still yields a "No Match" result, leave the unit field blank and enter your unit number in the address field instead.

It is important to be cautious of scammers targeting homeowners in crisis. If an offer or opportunity seems too good to be true, it probably is.

Fannie Mae's Loan Lookup Tool can be used to explore options for mortgage relief solutions, such as a forbearance plan or loan modification, as well as refinancing options like RefiNow™, which can help lower your interest rate and reduce monthly payments.

Loan modification options

If you're wondering whether Fannie Mae owns your loan, you can use the Fannie Mae Loan Lookup Tool to find out. You can also contact your servicer to determine this. A servicer is the company that handles your loan account, collecting monthly payments, managing escrow accounts, and processing loan modification applications.

If Fannie Mae does own your loan, you may qualify for mortgage relief solutions like a forbearance plan or loan modification. The Fannie Mae Flex Modification program offers eligible homeowners mortgage payment relief. This program replaces the now-expired Home Affordable Modification Program (HAMP). It is designed to reduce an eligible borrower's mortgage payment by about 20%. To qualify, you must meet specific criteria, such as having taken out your mortgage at least 12 months before being evaluated for a Flex Modification.

The Flex Modification program involves a series of steps to achieve a 20% principal and interest payment reduction target. This may include reducing the interest rate, extending the loan term, or forbearing a portion of the principal balance of the loan. Before finalizing the modification, you'll need to complete a trial period plan, typically lasting three or four months. If you make all the trial payments, you'll get a permanent loan modification that will likely waive previous late charges, penalties, and other fees.

It's important to note that not all modifications will result in a 20% payment reduction, and you should be cautious of scammers targeting homeowners in crisis. Always verify any information with your mortgage company and seek official sources for guidance.

Refinancing options

If you have a Fannie Mae-owned loan, you may qualify for mortgage relief solutions like a forbearance plan or loan modification. You might also be eligible for RefiNow, which can lower your interest rate and reduce monthly payments.

Fannie Mae offers several refinancing options to help you make the most of your refinance. Here are some options to consider:

• Limited cash-out refinance: This option allows you to replace your existing mortgage with a new one that has better terms, such as lower interest rates. It also lets you walk away from the transaction with up to $2,000 or 2% of the new mortgage loan balance, whichever is less. This can provide you with funds for home improvements.
• HomeReady® limited cash-out refinance: This option is designed to meet the diverse financial needs of borrowers. It offers flexible eligibility criteria, such as allowing co-borrowers who don't reside at the property and considering rental payments as an additional income source. You can refinance with as little as 3% equity if you already have a Fannie Mae-owned loan or 5% equity if you don't.
• Standard mortgage refinance: Fannie Mae also offers a standard mortgage refinance option, which may be suitable if you want to take advantage of lower monthly payments or more comfortable payment terms.
• RefiNow™: This is an affordable refinancing option for qualifying homeowners, helping them reduce their monthly housing costs by taking advantage of lower interest rates.

Freddie Mac owns your loan

If you're facing financial uncertainty and are looking to understand the options available to help with your mortgage, it's important to know who owns your loan.

Freddie Mac is one of the largest purchasers of mortgages, along with Fannie Mae. They establish mortgage guidelines, purchase mortgages, package them into securities, and sell those securities to investors. They are also one of the biggest providers of financing for multifamily homes in the US.

If you want to find out if Freddie Mac owns your loan, you can use their self-service loan look-up tool. Simply enter your information carefully, as spelling errors or other small mistakes could cause inaccurate results.

If you are having difficulty paying your mortgage on time, your lender or mortgage servicer should be your first call for assistance. Their contact information should be listed on your monthly statement. You can also reach out to housing counselors or Freddie Mac Borrower Help Centers for support.

It's important to note that Freddie Mac does not service its own loans. This means that even if they own your loan, you will continue to make your monthly payments to the company that originated the loan.

Frequently asked questions