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Fannie Mae lookup says yes, BofA says no. What gives?

The Fannie Mae lookup utility says Fannie Mae owns my loan. Bank of America says definitely not, it's owned by some entity that shall never be named. Is BofA just being BofA again? Except for this, I qualify for HARP. Of course, every time I think I do, BofA has a new reason I don't.
  • October 24 2011 - Orangevale
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Answers (4)

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I called Fannie Mae and they confirmed that they definitely own my loan. They even sent an e-mail saying they own it. So I called BofA and was told that my loan still doesn't qualify for HARP and this time they wouldn't give any reason at all. I don't get it. I qualify under ever measure. LTV<120%, purchased in March 08 with no refi and no 2nd, I have PMI but they said they will reinsure, never late on payments, FICO >800. I think BofA just doesn't want to refinance because I pay my mortgage. Do they have that kind of discretion? I can't go to another lender because of the PMI.
  • October 27 2011
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Yes,that's right. Call the toll free number on the Fannie Mae site and ask to speak with someone regarding the date your loan wound up with them. If it was prior to 6/1/2009 then you can qualify for HARP. (DU refi plus)
  • October 26 2011
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The lookup site is generally very reliable, I don't recall ever seeing any "false postives".

As Thomas has mentioned, the best thing to do at this point is have a qualified originator run your "DU findings".    That result will tell you definitively if the loan is owned by Fannie and if it is eligible for HARP.
  • October 25 2011
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Not all Fannie Mae held loans are eligible. Not even if they were delivered to Fannie Mae prior to 5/31/2009.

Does your current mortgage have MI? If it doesn't you aren't limited to BofA. Contact another lender and see if they can help you.  If the DU(Fannie Mae's Automated Underwriting System) say the loan is ineligible it isn't eligible for HARP refinancing.
  • October 25 2011
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