- Go to the Fannie mae Loan Search product and/or Freddie Mac Mortgage Browse-Upwards equipment on their respective websites.
- Enter your own personal suggestions, like your label, address therefore the last five digits of one’s Social Coverage matter to verify your own label.
- Stick to the directions to see if your loans Parshall financial try had otherwise backed by Federal national mortgage association or Freddie Mac computer.
If the mortgage try possessed otherwise supported by Federal national mortgage association otherwise Freddie Mac computer, you s, such as loan modifications otherwise refinancing choices, so it is important to know hence organization holds your own financial.
While Federal national mortgage association and Freddie Mac computer has actually comparable providers patterns and work with a similar globe, there are some trick differences between the two agencies:
1. Record and you may Objective
Federal national mortgage association and you can Freddie Mac computer has similar histories and you will objectives, as both was oriented by the Congress just like the GSEs to provide exchangeability and balances with the U.S. housing market. But not, there are many differences in their histories and you will objectives.
Fannie mae was created in 1938 within Chairman Franklin D. Roosevelt’s The latest Contract to greatly help do less costly houses alternatives for Us citizens. The company is in the first place an integral part of the federal government but was afterwards privatized during the 1968.
Freddie Mac, at exactly the same time, was created in 1970 to include competition in order to Federal national mortgage association and you may increase liquidity on financial sector. Freddie Mac’s purpose is a lot like Fannie Mae’s in that they purchases mortgage loans of additional lenders and you may securitizes all of them to the MBS, but it also concentrates on supporting faster banks and you will thrifts you to definitely elizabeth resources once the huge lenders.
A new difference in Fannie mae and you will Freddie Mac is their control design. Fannie mae try privatized inside the 1968 that will be belonging to shareholders, if you’re Freddie Mac computer has been owned by the federal government.
dos. Market share
Fannie mae and you will Freddie Mac has usually had equivalent market shares on You.S. property loans system. However, there had been certain differences in its industry offers throughout the years.
Regarding years before the fresh overall economy away from 2008, Federal national mortgage association and you may Freddie Mac stored a dominating status on the You.S. financial market. But not, following the overall economy, the government grabbed more one another enterprises and you may followed alter to their businesses to attenuate their risk so you can taxpayers. Consequently, the market share features due to the fact rejected.
Fannie mae and Freddie Mac computer nonetheless gamble a life threatening part inside the this new You.S. housing industry, however their business has reduced. That is due partly towards the development of low-bank loan providers and other individual markets entities having inserted the new home loan industry lately.
Whenever you are Federal national mortgage association and you will Freddie Mac provides equivalent markets offers, you will find several variations in the sorts of fund they get and you can securitize.
step three. Mortgage Models
Federal national mortgage association and you will Freddie Mac computer one another purchase and you can securitize kinds of from mortgage loans, but you will find some variations in the kinds of financing it work at.
Fannie Mae’s main focus is on antique, compliant money. These are finance that see Fannie Mae’s underwriting and you will qualifications standards and you may follow financing limitations put of the FHFA. Fannie Mae’s financing constraints differ by the geographic location and are adjusted annually to reflect changes in housing cost. Federal national mortgage association together with sales funds which might be insured from the FHA otherwise guaranteed of the Department out of Experts Points (VA).
Freddie Mac computer along with instructions antique, compliant money, nonetheless it possess a more powerful work on multifamily fund. Multifamily finance is money which can be always loans qualities that have five or higher devices, such as flat buildings. Freddie Mac ‘s the top supply of resource to own multifamily functions throughout the You.S. possesses specific mortgage products tailored with the need out of multifamily borrowers. Freddie Mac in addition to orders finance that will be insured from the FHA or protected of the Va.