October 4, 2011

Does Freddie Mac or Fannie May Own Your Mortgage?

Freddie Mac and Fannie May are the government sponsored entities that buy mortgages on the secondary market.   Its possible that your mortgage is actually owned  by one of them even if you aren't aware of it.  


If you wish to know if your mortgage is owned by Freddie Mac or Fannie May then here are links to find out:

Freddie Mac can be looked up here.  

Fannie may can be looked up here.

Turns out my mortgage is owned by Freddie Mac.   So now I know.

Freddie and Fannie may buy the mortgage from the original lender and a 'mortgage servicer' will continue to send you the bills and handle the mortgage.   You may be dealing entirely with a bank such as Wells Fargo or Bank of America as the mortgage servicer yet Freddie or Fannie could actually be the owner of the mortgage.  Think of it like renting an apartment.  You deal with the property manager but the building is owned by another individual.  This is analogous to a bank managing your mortgage while its actually owned by Freddie or Fannie.

Whether or not your loan is owned by Freddie or Fannie will impact if you are eligible for the loan modification or refinance under the governments Making Home Affordable program.

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