It was founded in 1938 by Congress as a government-sponsored enterprise in order to provide funding to make housing more affordable. If Fannie and Freddie were allowed to fail, experts agreed that the housing market would collapse even further, paralyzing the entire financial system. endstream endobj startxref Requiring a reduction in the homeowners interest rate by a minimum of 50 basis points and a savings of at least $50 in the homeowners monthly mortgage payment. It should be noted that Fannie Mae's obligation under this guaranty is solely Fannie Mae's and is not backed by the full faith and credit of the U.S. government. I just received one of these letters from Camden Loans, and I will toss it. I received a letter last week, was looking at it just now and found this post. Just put that same letter through the shredder. Note: Due to the number of homeowners positively affected by these changes, call volume may be high. Our team has collected thousands of questions that people keep asking in forums, blogs and in Google questions. The difference between a FHA and Fannie Mae loans are that the FHA insured loan is a loan by The US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by a approved lender. Home; About Us. FHA loans allow lower credit scores than conventional mortgages do, and are easier to qualify for. Fannie Mae is a corporation that provides the funding for mortgages by buying them from banks or other non-bank lenders like Rocket Mortgage. If so, let us know in the comments below! Its operation makes affordable mortgages available to low-income Americans. (% .^Bz 4SW5S_8hXEP` The FNMA, more popularly known as Fannie Mae, is a government-sponsored, publicly traded enterprise. Please be advised that ProFed does not represent the third party or you (the member) if you and the third party enter into a transaction. (adsbygoogle = window.adsbygoogle || []).push({}); As you can see from the letter I received, the financial institution listed is Intercontinental Capital Group Inc., but others have received the same letter from the financial institution JFQ Lending. Mar 16, 2021 153 Dislike Share Save Scamadviser 26.7K subscribers If you get a notice of an FNMA Enhancements letter that offers you some loan, then please watch this video because it could. JFQ is trying to get you to refi with them. Conventional loan down payment requirements The minimum down payment required for a conventional mortgage is 3%, but borrowers with lower credit scores or higher debt-to-income ratios may be required to put down more. Try calling your lender at the number on your mortgage statement (NOT in that letter) and see what they say. "|b?5:Tx|DC6+Q8rW,XU^. What is the purpose of FNMA? Fannie Mae was founded back in 1938 to create more affordable housing within the United States and has been publically traded since 1968. They prominently list your lender's name and maybe other official info, but probably got it from public records. If you haveany questions or concerns regarding the letter, weencourage youtocontact us directly. In fact, Fannie Mae expanded eligibility for their RefiNow program back on June 5th 2021. (adsbygoogle = window.adsbygoogle || []).push({}); The notice begins by addressing you by name. There are some bad apples out there trying to take advantage of legit changes to the FNMA enhancements. Yes, if you receive a notice FNMA Enhancements correspondence in the mail, it is a scam and you should immediately throw it in the trash. If you get a notice of an FNMA Enhancements letter that offers you some loan, then please watch this video because it could be a scam! Exactly the same as the letter I received. If you call the number listed, it may connect you to an automated recording or a person. Please also note the account number in the letter does not match your account number with ProFed, indicating a scam. endstream endobj startxref As the Federal National Mortgage Association (FNMA) enhances loan terms, some people get FNMA enhancement letters. In fact, Fannie Mae expanded eligibility for their RefiNow program back on June 5th 2021. My mortgage was sold to another lender as often happens, last month. What is the difference between a Fannie Mae loan and a conventional loan? Thanks! For an interest rate swap, you must determine and advise Fannie Mae if the Borrower's interest rate hedge payment obligations are supported by a: Fannie Mae collateral agreement or credit enhancement instrument; or Many people have received letters titled Understanding FNMA Enhancements. Some of these letters cite home loans from McKesson Emps Federal and JFQ Lending. It also lists resources we offer to inform and assist you, especially if you ever have a financial hardship or need help recovering from a natural disaster. The letters appear to come from JFQ Lending. They perform an important role in the nation's housing finance system - to provide liquidity, stability and affordability to the mortgage market.They provide liquidity (ready access to funds on reasonable terms) to the thousands of banks, savings and loans, and mortgage companies that make loans to finance housing. When will fnma be released from conservatorship? That way you dont take a chance of being scammed or giving your personal information to the wrong person who could use it to do you harm! Help me understand this letter from lender - what are "FNMA Enhancements"?? Another name you most likely know this organization by is Fannie Mae. It's important to note that information about mortgages is on public record. A scammer is using their name and instead of calling the actual company, you will be calling them if you use the phone number in the notice. Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. These modifications, which change the conditions of existing loans to help borrowers avoid defaulting on their mortgages, could include lower interest rates or extending the term of the loan to reduce monthly payments. Just like when you get a speeding ticket. Additionally, the files will be sorted in descending order, so that the most recent file is at the top of the list. Enhancements indicate positive changes, which Fannie Mae is always making. I also got an InterContinental Capital Group Inc. letter dated January 2022. The other major reason sellers don't like FHA loans is that the guidelines require appraisers to look for certain defects that could pose habitability concerns or health, safety, or security risks. In fact, ProFed Credit Union warned their customers of this FNMA Enhancement scam when they were notified that their clients were receiving the letter from JFQ Lending. Beware of specific indicators that require you to take specific actions in an urgent matter. Thank you so much! MBS Overview Creating a single-family MBS begins with a mortgage loan. endstream endobj 728 0 obj <>stream Because Fannie was started by the government,. vG6YikU] ")/~62x[1x A`Q n\ 5`uB^b`G' ,br=x^Wg[!3R'7$>6hmk{eW.> [ bEG\~*2/od-kW,RM/mo8F;Ol2?P` [Vf0K0Yo|e;I& k EP$wIGi1[Fphf! 758 0 obj <>stream The FNMA Enhancement Notice letter appears completely legitimate, but Ihave learned over the years to be skeptical of anything that arrives in the mail, so I decided to do some digging. Subject: Lender Letter 2 1-02 - Loan Document Update . Borrower Owned Unit for Fractured Condo Regime. I think the more people that can warn others the better! To get the necessary information, call our office at ***-***-**** before (date). It was established in 1938 by Congress to stimulate the housing market. Just got a letter from my mortgage administrator, Fannie Mae backed mortgage, saying that I may qualify for a $3000 payout, lower monthly payment and shorter term due to "FNMA enhancements". Lender Letter (LL-2021-02) Updated: May 4, 2022 To: All Fannie Mae Single-Family Servicers what is fnma enhancements letter 2021. On September 6, 2008, the Director of the Federal Housing Finance Agency (FHFA), appointed FHFA as conservator of Freddie Mac. While Fannie Mae doesnt issue mortgages to consumers or lend them money, they do buy mortgages directly from lenders. I've been getting nonstop predatory refi offers on a weekly basis this year. Wow, the letter is practically the same letter I got! We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of ProFed Federal Credit Union. Homeownership is hard enough with out predators trying to take advantage of FTHB. Call your lender before taking any action. The number of units owned by a Borrower in a Fractured residential Condominium as of loan origination. Conventional loans are the mortgages purchased by the government-sponsored enterprises of Fannie Mae and Freddie Mac. and contain the line "Notice of FNMA Enhancement." The letters ask you to call 1-833-782-0648 and warns you to call before a certain date to secure economic benefits. Totally a scam. Both reasons have to do with the strict guidelines imposed because FHA loans are government-insured loans. Data Collections User Interface: For easier navigation on this page, we are adding the ability to collapse and expand the different file sections. This is NOT a secured email transmission. It looks like nothing was found at this location. 781 0 obj <>stream Fannie Mae buys loans from lenders A lender is a financial institution that loans money directly to you with the expectation that it will be repaid with interest. This is likely to be the largest benefit program American homeowners have seen. Fannie and Freddie failed in large part because they made bad business decisions and held insufficient capital. I just got the same letterits for refinancing of mortgages. Thanks for the post. In addition, we do not sell or distribute your personal information to non-affiliated third parties. HWN9weRTUP@]CbLEIUmHGMdNrt\`g}Vw;O$slxH&_)5Sa^S&nGInS6yx62+ H]G {|JTsw!P2L9m7G-p8k .D SB2(YjJm,R It is important to note that both JFQ Lending and Intercontinental Capital Group Inc. are legitimate companies, but they are not the ones behind the FNMA Enhancements mortgage notices that are being sent to you. Initially announced April 28 by the Federal Housing Finance Agency, RefiNow makes it easier for eligible homeowners earning at or below 80% area median income (AMI) to refinance at a lower interest rate and reduce their monthly mortgage payment. Homeowners can determine if Fannie Mae owns their mortgage by visiting Fannie Maes Loan Lookup Tool at KnowYourOptions.com. WASHINGTON, DC Fannie Mae (FNMA/OTCQB) today issued additional details about its new RefiNow option, which is available for qualifying homeowners with a Fannie Mae-owned mortgage beginning June 5, 2021. Chinese Granite; Imported Granite; Chinese Marble; Imported Marble; China Slate & Sandstone; Quartz stone Do not share your personal information under any circumstances. ?/fG_X$d#evUd:ev]|oXTtvS^\TzlWR4?BPF8\iS1TRm>'@xa6aG25N&/p > aa-QXj v Frge:XEX@D7f(a p*s:5Zndm>lTMm5=.uZ,ob'T$XX$b@yI4%Hq%-;d9-F4mex|s2}-b|R-D6OkkS16llh6]B~%|d(ISnlnkr? A multifamily property that is composed of multiple individual units in a building (or other designated area) each of which is bound by the restrictions and requirements set forth in the residential condominium documents applicable to all of units. hbbd```b``"WH uX," ``r5Bz^ 9&WM D ] REH2j` RHONw ;~ FNMA scamsters get your information about mortgages from public records. The loan is made by a financial institution or other lender It seems that the benefits you get are too good to be true. be seasoned at least 12 months (from the original note date to new loan note date). Fannie Mae Single-Family Loan Performance Data, Multifamily Connecticut Avenue Securities, Multifamily Connecticut Avenue Securities Transactions, Multifamily Credit Insurance Risk Transfer, Noncallable and Callable Debt Issuance Detail, Noncallable and Callable Debt Outstanding Detail, Noncallable Benchmark Securities and Bonds Outstanding. They perform an important role in the nation's housing finance system to provide liquidity, stability and affordability to the mortgage market. These companies have stated that these notices are a scam and that they're not associated with them in any manner. The policies in this Lender Letter are effective immediately and until Fannie Mae provides further notice, unless otherwise stated. Also The letter looks very authentic, and it could easily fool a lot of people especially the elderly. Letter as necessary. Beware of specific indicators that require you to takespecific actions in an urgent matter. Thank you for this posting and explanation. hb```f``: @16 , GoNl Cv$NN/uM]"2' U'ErWaW0)DnT`lreTyb&&q)PNFa]+: u0Q*a4W@Z Fannie Mae is also reminding servicers to submit to Fannie Mae all servicer-approved mortgage loan modifications in HomeSaver Solutions Network (HSSN) as "closed." Banks do not want homeowners to know about these programs as they can greatly lower mortgage payments through this simple Government-backed solution. MBS for Bonds Fannie Mae MBS: issued to . 3, 2020. Your full address is listed in the top left-hand corner of the page. Yeah, trying to discern whether or not this is a legitimate thing that Im entitled to, or some marketing racket. They provide liquidity (ready access to funds on reasonable terms) to the thousands of banks, savings and loans, and mortgage companies that make loans to finance housing. Powered by Loebig Ink, LLC, Home | En Espanol | Site Map | Disclaimer, 8720 Georgia Avenue, Suite 301 | Silver Spring, Maryland 20910, Maryland Criminal Defense Crimes and Procedure, Domestic Violence Maryland Criminal Defense Attorney, Manslaughter Maryland Criminal Defense Lawyer, Second Degree Murder Maryland Defense Lawyer, Child Pornography Maryland Sex Crime Lawyer. (yo|PcRhHM-c!cHF.* e;Z!jGjvY3hU>Js;3ZM=>*!Yto;XIj"hkx0xQ1R#ff[elv*~cyMtq-M? To help expedite the process, please have your eligibility code available when calling. Fannie Mae will be implementing the following enhancements to DUS Disclose on January 29, 2021: The following new fields will be added to DUS Disclose: To assist market participants with the transition to these enhancements, we are providing the updated file layouts for the following files: If you have questions about DUS Disclose or the upcoming enhancements, please contact Fannie Mae's Investor Help Line by phone (1-800-232-6643) or by email. ProFed members are reporting thatthey havereceivedletters in the mail telling them to call a numberregarding their mortgage before a certain date to benefit from a cash disbursement, shortened payment term, or lower mortgage payment. No other attorney, will fight harder for your freedom! Company Information; FAQ; Stone Materials. It started the program for 2021 on June 5. Is Freddie Mac a government agency? (adsbygoogle = window.adsbygoogle || []).push({}); Your email address will not be published. The eligibility criteria for this refinancing include: Its now easier for more lower-income homeowners to take advantage of historically low interest rates and save on their monthly mortgage payments. Create an account to follow your favorite communities and start taking part in conversations. Income at or below 80 percent of the median income in their area. endstream endobj 730 0 obj <>stream The letter identifies your mortgage servicerthe company responsible for collecting your monthly payments on our behalf and providing customer service. mine had small type that said *Entrust Funding is not affiliated with your current lender, Just got one of these and thats exactly what it is! x]Mj0>`OJ`S CxpYM{:-4S{R'._-z9kU]d=yo(tr2uz8&.:c`{GEsz4qE!;! Some letters may describe a third-party offer from a particular lender that's not approved nor affiliated with your current mortgage lender, the FNMA, or any other government agency. ProFed reminds customers that their mortgage information is public record, which means anyone can search and discover information about your mortgage, including scammers. Here's a scam warning from another bank about a very similar letter. You need at least 3 percent for your down payment. Instead, go straight to the Fannie Mae website and contact them from there. Freddie Mac can be reached at 800-373-3343 or Freddie Mac's website. No. From a different lender stating its an offer for a refi. I wish they would Just Fucking Quit Lending. Freddie Mac was chartered by Congress as a private company serving a public purpose. Fannie Mae buys mortgages from larger, commercial banks, while Freddie Mac buys them from much smaller banks. This allowed many homeowners to reduce their monthly mortgage payments by locking in a lower interest rate. I believe it is a legitimate communication from my lender, and Im curious as to why Im receiving it. How the letters are sent Fannie Mae and Freddie Mac also have differences in lending requirements and programs. (301) 589-9500, I have read and understand the disclaimer. Then elsewhere it says, "Proposed Lender: JFQ Lending, Inc." Deceptive marketing. Vh4M &sYkf9r}\yB 4'N6`E?F7\eiyA,@$9\nftlc3c`fMDzy:/`M4Y B1. %PDF-1.7 % The Selling Guide has been updated to include changes to the following: Cash-out refinance eligibility: implements new eligibility requirements for cash-out refinance transactions. Just got one, they used a little window in the envelope to call it a "Notice of FNMA Enhancement" and list my current lender's name, making it seem like it was from them.