Most lenders can only underwrite Fannie Mae loans and not Freddie Mac.Not all lenders do both Fannie Mae and Freddie Mac.May get an automated approval per Freddie Mac’s automated underwriting system, LP FINDINGS.If a lender cannot get an automated approval from DU, DESKTOP UNDERWRITER, which is Fannie Mae, the lender can submit it to LP, LOAN PROSPECTOR, Freddie Mac’s AUS.Freddie Mac has different lending guidelines than Fannie Mae.Fannie Versus Freddie Agency Mortgage Guidelinesįannie Mae has different agency guidelines than Freddie Mac:
Due to Fannie and Freddie, lenders can offer home mortgages quickly and with low down payments at low mortgage rates. This is how Fannie Mae and Freddie Mac provide liquidity in the mortgage markets. Once mortgage bankers sell the loans that originate on the secondary market, they will pay off their warehouse line of credit and originate more loans. Fannie Mae and Freddie Mac are the two largest buyers of mortgages on the secondary market in the United States.
Once they fund the loan, all lenders need to sell the loans they funded on the secondary market. Mortgage bankers use their warehouse line of credit to fund the loans they originate under their company name. The role of Fannie Mae and Freddie Mac is to provide mortgage liquidity in the nation’s mortgage markets. FHA Lending Guidelines And Automated Approval.Credit Report And Automated Underwriting System.Pros And Cons On Fannie Mae Versus Freddie Mac.Fannie Versus Freddie Agency Mortgage Guidelines.
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