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The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, ...
For starters, Fannie Mae or Freddie Mac must own your loan, which means it must be a conventional loan. If you have a government-backed loan like an FHA, VA or USDA loan, those programs have ...
Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]
Fannie Mae's foreclosure prevention efforts have generally been made available to a borrower only after a delinquency occurs. Under Fannie Mae's new guidance, loan servicers can use foreclosure prevention tools to assist distressed borrowers when a borrower demonstrates the need. As noted above, these guidelines apply to borrowers who are still ...
The government-sponsored agencies, Fannie Mae and Freddie Mac, as well as the FHA (Federal Housing Administration) have sold REO's in bulk, as have several of the largest banks.
Fannie Mae waded further into the foreclosure pool on Monday as it released new details on its plan to sell its repossessed homes as rental properties. The pilot program, first announced in August ...
Verification of Income and Employment (VOIE) is a process [1] used by banks and mortgage lenders in the United States to review the employment history of a borrower, [2] to determine the borrower's job stability and cross-reference income history with that stated on the Uniform Residential Loan Application (Form 1003).
Your residence status: ... The HomePath Ready Buyer program comes courtesy via Fannie Mae. With this program, you can get up to 3 percent of your home’s purchase price to help with closing costs ...