Who owns your loan Fannie Mae or Freddie Mac? How do I find out who owns my loan?
As a Sacramento Short Sale Specialist and a Multi-Certified Short Sale Negotiator, there are several tools we use nearly every day here as Folsom short sale Specialists at The Sacramento Short Sale Center, in our research of the mortgages in the short sale files we are negotiating.
One example are the easy quick links that Fannie Mae and Freddie Mac have provided for homeowners to look and see if they are tho owners of their note, or are the “investor”. Loan modification and short sale guidelines and policies are very, very investor and servicer specific, so it is a very good idea to know who it is we are dealing with.
You know, loans are bought and sold every day, some times several times during the length of a loan. It is also becoming more and more common for loans that have gone late, or even defaulted loans to be sold just before or during the foreclosure process.
Some estimates are that somewhere between 80% to 90% of home loans are now owned by Fannie Mae and Freddie Mac, so most short sale and loan mod deals are processed according to their guidelines… I Use these links nearly every day, finding out who owns the loans (who the “investor” is) on the home loans I am negotiating short sales on.
Loan modification and short sale guidelines and policies are very, very investor and servicer specific, so it is a very important for us to know who it is we are dealing with.
So what do we do if they are not Fannie Mae or Freddie Mac? We have a form signed (we got the form from one of the first Short Sale Certification Courses I took). The Form provides written request from the seller. Federal law states that a servicer must tell the homeowner within 21 days of receiving such written request who the investor is on therir note. So if it is not Fannie or Freddie, the very same day we take the listing we mail the form to the the bank.
It does happen frequently that we get an offer and start negotiating with the bank before they respond to our written request. One of the earliest strategies I learned from one of my first Short Sale Specialist courses, was to just ask the bank, every time, we always ask… “so. who owns this note? …who is our investor?” , “so this isn’t Fannie or Freddie; so who is it?” or “who’s guidelines is this file being managed under?” every single time we get on the phone with them (twice per week).
Servicers train their staff not to tell us; they usually say “sir that request may only be made in writing by our customer” but by asking every single time, usually we can get someone to just slip and tell us, or luck out and get a new employee who forgets they aren’t suppose to tell us…