If Fannie Mae or Freddie Mac own your loan, you may be eligible for some government programs created to make your mortgage more afforable for you - namely the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP). But, it's not an easy question for most homeowners to answer - the company that originated your loan, the one you receive monthly statements from, the one you write a check to each month....isn't necessarily the one who owns your loan.
How's that? Fannie and Freddie purchase loans from lenders like PennyMac and others. The money the lender gets from PennyMac is in turn used to lend money to other borrowers. PennyMac then "services" the loan for the owner by collecting payments, answering questions, handling payoffs, and more.
If Fannie or Freddie own your loan, it's not always easy for you to find in your paperwork. The easiest way to find out is to use the online tools provided by these agencies for homeowners.
To find out if Fannie Mae owns your loan:
To find out if Freddie Mac owns your loan:
If Fannie or Freddie own your loan, let us know when you call or contact us about HARP. We'll determine if you're eligible for the programs specifically geared towards those agencies.
- Posted by Jeremy Bachmann