Helping Homeowners, Realtors, and Real Estate Attorneys
Solve Title Exam Issues.
There’s nothing more confusing than trying to figure out who is FANNIE MAE or FREDDIE MAC. All I can say is that they have caused me some delay in being able to complete my work efficiently.
I recently had a mortgage missing a discharge, and when I first read it, although it said “FEDERAL HOME LOAN MORTGAGE CORPORATION”. I don’t run into them to often, and when I read this, I went ahead and submitted my discharge request (a request for a release for a mortgage previously paid) to FANNIE MAE.
A few days later, a received a response from the FEDERAL NATIONAL MORTGAGE ASSOCIATION replying that they can’t sign the discharge I sent them. It was at this moment, that I realized I should have read the name more slowly.
I am sure that it is something that may have happened to many of you before. You send out a discharge request, expect to get a quick response, yet days go by and you never hear back. Well, regardless of the amount of time I have been doing this, I guess it just goes to tell you that attention to detail is important.
As soon as I realized my error, I immediately drafted my request for FREDDIE MAC and send it right out. (They won’t get back to me for about a week, but that should be okay. The attorney for the buyer has indicated that if we don’t have the release within 30 days, he’s initiate his own demand at the seller’s expense.)
That won’t be necessary, our office will have received and recorded the release by then.
To recap, Fannie Mae is Federal National Mortgage Association and Freddie Mac is Federal Home Loan Mortgage Corporation.
As confusing as the names may be, at least there is an efficient process with each of the two organizations to take care of my requests.