Profile picture for StuckInFLForEver

How often banks sell the loans to Fannie Mae or Freddi Mac?

I was trying to refinance my loan under HARP and my loan is still with my lender (DCU) a credit union. Iasked them why they are not selling the loan to Fannie or Freddie. One of CSR told me that initially i paid the PMI and at that time my loan was not qualified. And they only sell the loans when the loan is initially created. And they said they are not going to sell my in near future also. IS this true.
The lender is not allowing me to refinance under HARP as the loan is with them only.
  • October 20 2010 - US
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Answers (5)

Profile picture for StuckInFLForEver
I tried all the options.
I checked the url and its not with any of them.
I think i did a mistake by taking mortgage loan with credit union.
Me and my friend both bought a separate home in same time period and each of us went with different lenders for the loan. He went with WellsFargo aand i went with credit union. Both paid PMI initially and both of our homes are under water now. Now he can refinance with HARP and i can't. Because my loan is not sold and his loan is sold. I am not sure how many people are in similar situation. I am trying hard to refinance to the loan as the interest rates are low and mine is 7/1 ARM .
  • October 20 2010
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Profile picture for Tim T Wells
Rithvik,

Go to these site to see if your loan is Fannie Mae/Freddie Mac owned. From my experience most of the loans that have MI are Fannie or Freddie. So try this link first.
http://www.fanniemae.com/loanlookup/
https://ww3.freddiemac.com/corporate/

If your loan is Fannie Mae, then you should be able to refinance with pretty much any lender. If it's Freddie Mac, then you you still should be able to refinance with a different lender.

Wells Fargo can refinance Fannie/Freddie Wells Fargo serviced loans, and only Fannie - Non-Wells Fargo ones. Good luck! 
  • October 20 2010
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No matter what you won't be eligible for the HARP so you'll have to try to work with your credit union.

Why do you need HARP?  Current value an issue?
  • October 20 2010
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Profile picture for StuckInFLForEver
I took the loan in 2007. I took 95% of loan initially and paid PMI. After an year i paid remaining 15% to avoid the PMI.

Please suggest what i need to do now.
  • October 20 2010
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Profile picture for Tim T Wells
In order to sell your loan to Fannie or Freddie it has to be underwritten by Fannie or Freddie guidelines. This is what probably makes it's hard or impossible to sell it to Fannie/Freddie after words. 


I think the latest data shows that 90% of all loans underwritten in the last year are sold to the government owned agencies ( Fannie, Freddie, or FHA/VA) 
  • October 20 2010
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