Who Owns My Loan?
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Most home owners would not necessarily know who “owns” their mortgage loan. Home owners receive their monthly statements, and make their monthly payments, to their mortgage company (or mortgage servicer). This is usually not the company that provided the funds originally to make the loan.
Typically, the mortgage company providing the statements and accepting the payments is only providing the service of billing, statements, customer service, etc. The company that provided the funds originally is called the “investor”, of which, Fannie Mae and Freddie Mac are the two largest investors in the country.
Both companies have setup a self service web portal for consumers to determine whether or not that company is the investor on a particular home loan. The links to those services are below.
Please note:
Even if your loan is owned by either company, you will still need to find a participating lender to fully determine your eligibility for the program.
To find a participating lender, simply complete the 4 step form to the right.
Click to see if Fannie Mae owns your loan.
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Click to see if Freddie Mac owns your loan.
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Fannie Mae Products
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Freddie Mac Products
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Comments (43)
Toni,
There are options using a conventional loan borrowing up to 95%. There is a small rate increase, but your overall payment when comparing is to a FHA loan is lower. I took a look at our rate sheets and it adds .375% to the rate, so essentially you’re looking at a 4.375% opposed to a 3.990%. This assumes the borrowers has a 720 mid credit score and a Debt to Income ratio of 45% max.
If I have a first with one lender and a second with another Lender (assuming I am with fannie)
may I get a harp2 loan with the second bank continuing to have a subordinate position?
Who Owns The Note in a foreclosure case is a fundamental element that the Bank Must Prove in order to proceed and get a foreclosure.
Sounds simple, but this is the fundamental problem that the are having right now. They usually can’t prove that they own the promissory note that your Mortgage secures, and if they can’t prove that, then they legally can’t foreclose on your home. However, before you can get to this point you must do something else.
You must not just roll over and give up. If you do that, you assure yourself that you will lose your home. You must make a stand. You must DO SOMETHING. When you get that notice of default, or even better, before you miss that first payment, DO SOMETHING.
What about those of us who fit all these criteria EXCEPT that the loan is not owned by Freddie or Fannie? That’s our situation, and we seem to have been left out in the cold.
I have the same problem that Phyllis has and would love an answer to her question.
Lori and Phyllis, if you have an FHA or VA loan then you may be eligible for a streamline refinance. Unfortunately the current HARP program is only for Fannie Mae and Freddie Mac backed loans. Lets see if our government expands FHA or some other program to help non Fannie and Freddie loans.
what if i don’t have a freddie or fannie?
I have a loan that is serviced by Bank Of America but invested by Fannie Mae, yet when I called Fannie Mae or use the lookup tool, I get a no match found. Why is that?
Are you sure fannie Mae owns your loan?
The loan may still be owned by Fannie Mae even tho it’s not showing up as a match.
BofA should be able to tell you who owns your loan.
MG
I currently have a 80/20 FHA loan, with the 80 being an interest only until 2013. I am underwater, and want to refinance both loans together. Can someone tell me if there is a program that will assist me with refinancing these loans at a lower interest rate.
From my understanding you are not able to combine 2 loans with HARP 2.0
No, You can’t qualify for the HARP loan. Fha don’t qualify.
Sorry,
Why, if there is no longer a limit to LTV, can I not fill out the steps on the right? My 1st is with BofA, and they aren’t offering this yet. Does anyone know who does?
Yes… Rabobank… E-mail me your information.
When we went with our current mortgage firm way back when, we were NEVER told that our mortgage would not remain with either Fannie Mae or Freddie Mac, and not being in the “know” I never knew this would mean one day I might never be able to refinance our mortgage. Is this considered fair that I cannot refinance after having my home’s assessment just recently increased by $27,000 this year when our house is still under water and under valued by close to $250,000. Our value is believe it or not several thousand dollars LESS than it was last year. AND now they are talking of raising every one’s federal taxes a $1,000 out of everyone’s check in 2012. My banker warns me to save more for retirement, ngo’s need more of my disposable income to stay afloat, both of my cars have over 100,000 miles, maintenance fees keep creeping up and more money from my mortgage goes to interest than to principal. Where and how can I buy entrance to the Fannie/Freddie club?
I did not know there is a Fannie-Freddie Mac Club. we are with Chase via WAMU. What is this club. If we are under the HAFA program which my bank says expires 2/1/12 what alternatives do I have? Thank you.
Did you look up your loan on the websites?
e-mail me and I’ll help you thru the maze.
If we will have a Harp 2, why some say we got one year to do this?
It was extended a year.
My loan is with Idimac- is this mac part of Fannie May and Mac. Or Or my Indimac loan is with- Mc Donal.
Indymac is a separate entity.
No. Use the websites to determine who owns your loan.
E-mail me if you have any questions.
i presently have a balance of 60k on my home mortage and a balance of 25k on a 2nd mortage. can you please tell me if i can qualify to have both mortages merged at a lower rate
Not in the HARP Program.
I have a 7/1 interest only ARM loan that converts in 2013. It is secured by an investment property that was owner occupied when I got the loan. I am underwater on value. Can I refinance this with HARP into a fixed rate?
There are several factors that will come in to play. Your best option would be to contact a loan officer to go over the details with you.
okay– I need some guidance. I have a 9.4% unconventional mortgage through Citigroup. I have asked them for a modification/refinance and was told no because I can afford it!!! I was turned down for a HARM because it is not with Freddie, Fannie or FHA and because I am in the wrong zip code(yes I have paper work for that one). I don’t want charity– I just want a lower interest rate so my home payments can be lowered. I just applied for an extension for my November payment and was told no—why?? Because I received one in April. Can someone please tell me who to go to next without hiring a lawyer?
Contact another loan officer.
email me… I’ll help you out.
I’ve been doing RE loans for the past 25 years.
MG
Why is my loan a mystery? Im not with Mae or Mac?? Any leads on how to find out who has my loan? Thanks! nc
You can call your servicer and ask them or you can try MERS.
http://www.mersinc.org/homeowners/index.aspx
Nancy, your loan maybe a private invester say like a companies 401k group or an individual.
How much are the closing costs?
I THINK THIS PROGRAM IS POLITICAL. IT’S WHO YOU KNOW. I,D LIKE TO KNOW MORE HOWEVER. JAY
I just found out my morgage is not with Fannie May or Mac. What can I do to get into this program. I am upside down and want to know what my options are. Thanks, c
That’s the question I like to know??
Nothing but look for regular refinance or wait till govt. comes up with plans for non Fannie or Freddy Mac Investors.
You may look for FHA that may finance you upto 97.5% though you must be able to pay the monthly mortgage.
ONE THING EVERYONE SHOULD NOTE THAT YOU WILL QUALIFY FOR ANY PROGRAM ONLY IF YOU ARE ABLE TO AFFORD THE MONTHLY PAYMENTS EVEN AFTER REFINANCE THROUGH “HARP’ OR REGULAR FHA.
To discuss in more details you may email me your circumstances.
I am trying to refi a Fannie May Loan thru Citibank. My lender is putting me into HARP and charging 3 points. Why do they charge 3% for HARP? Are these points tax deductible? I am not upside down but the LTV is 93%. Can I roll my second mortgage loan into my 1st mortgage is it makes this loan 105% LTV? Thanks, mari
I recommend holding off on refinancing at this time. The HARP 2 loan program will be in place soon and fees should be considerably less and qualifying much easier.
Mari- You are better off getting an FHA. CITI should be shut down down for trying to abuse you like that. Go through a broker.
Dont do the FHA loan. You will pay almost 150.00 more a month for the mortage insurance they require, plus FHA requires alot of money paid at closing for the mortage insurance.
If you have less than 20% down or more than 80%loan to value, not sure you can find anyone that will loan money without you having to pay for mortgage insurance. Please let me know if there is anyone out there that will give you a loan without mortgage insurance or significant rate increase.