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. I also got an InterContinental Capital Group Inc. letter dated January 2022. 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. 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. Income at or below 80 percent of the median income in their area. 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` 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. Multifamily Mortgage Business Lender Letter 2 1-02 . endstream endobj 730 0 obj <>stream Because we are in a world where there is so much desperation, I am relieved that there are places to see that these things are scam. This is likely to be the largest benefit program American homeowners have seen.  )3L>85ndF}'|UIB2Smk# F_Jh 'bYd?O06:\H&(Z}o.8oC}nz,y^]eJYnD^*|RL*q Do not share your personal information under any circumstances. not be subject to recourse, repurchase agreement, indemnification, outstanding repurchase demand, or credit enhancement (unless the new loan is also subject to the credit While lenders arent required to participate, many do, including Quicken Loans (Rocket Mortgage). Homeowners can determine if Fannie Mae owns their mortgage by visiting Fannie Maes Loan Lookup Tool at KnowYourOptions.com. Conventional loans are the mortgages purchased by the government-sponsored enterprises of Fannie Mae and Freddie Mac. FNMA is actually short for the Federal National Mortgage Association. 'gW7Kq5k; b Press question mark to learn the rest of the keyboard shortcuts. Feb. 01, 2023. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. Have a great day and thanks for your thoughtful comment! (adsbygoogle = window.adsbygoogle || []).push({}); Your email address will not be published. Scammers can get your contact information by searching through these records. The letters appear to come from JFQ Lending. endstream endobj 728 0 obj <>stream Fannie Mae's "RefiNow" program aims to lower the interest rate homeowners pay on their mortgage, and, therefore, the amount they pay monthly. 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. We have reviewed severalof these letters and can confirm it is a scam. Always verify before you do anything. After the mortgage meltdown of 2008, Fannie Mae and Freddie Mac started to focus on loan modifications. So, feel free to use this information and benefit from expert answers to the questions you are interested in! %%EOF I dont feel like I am in MY right mind, and it is easy to fall victim to bad actors. I agree with this advice and it applies to ALL things. We support mortgage lenders in providing mortgage financing to help people buy or rent a home. It started the program for 2021 on June 5. I just got the same letterits for refinancing of mortgages. ProFed reminds customers that their mortgage information is public record, which means anyone can search and discover information about your mortgage, including scammers. As the Federal National Mortgage Association (FNMA) enhances loan terms, some people get FNMA enhancement letters. Also The letter looks very authentic, and it could easily fool a lot of people especially the elderly. If you click the 'link' in the body of the destination link above, the wording of the letter I received today is verbatim. Why you got "Understanding FNMA Enhancement"? Fannie Mae is reminding servicers of their authority to approve eligible mortgage loan modifications for the Fannie Mae Standard Modification and the Fannie Mae HAMP Modification. be a conventional mortgage loan owned or securitized by Fannie Mae. Its always good to double check, especially if your transaction involves money. The letter identifies your mortgage servicerthe company responsible for collecting your monthly payments on our behalf and providing customer service. Our team has collected thousands of questions that people keep asking in forums, blogs and in Google questions. Conventional loans allow slightly lower down payments. Fannie Mae is also reminding servicers to submit to Fannie Mae all servicer-approved mortgage loan modifications in HomeSaver Solutions Network (HSSN) as "closed." Freddie Mac released a pair of enhancements. Just like when you get a speeding ticket. Fannie Mae's "RefiNow program aims to lower the interest rate homeowners pay on their mortgage, and, therefore, the amount they pay monthly. Your email address will not be published. B*!x60-RkC>{y7W%!c2NVCSs9\@wN%h+vE-m/Fw5)}&pl qaTcg/6k8d[{"UBR(gA279ar#DH6RNGd'l":({*T7yl3v?1_ya)>p^rtC0cI\)1PL[K-r};Qd-6{qVos3L'9AmExuE^E_r-sg3 F0wH2"0$2Y-Yf9n5^5Yy_' kt9 ^ A00o_y3 ~/ ;N"1m h ~L+w&7K5)1M~2L!v"%P\`X0IrmxA"@c|8dbnu`!*O2d(g19{V+z *gzQ;7QD>+9m U@0K.2"q7Cx"86 Bf"f'MHPwr/IYB]\`X; Ad8v9WK WM?DjxvA0H1TNVfkXSHffZ)% pj1774H'7Tl wpg>v%|m}SXy 2Y{[ 4bI5Ux| ^#%$HJM_f WyBSbxzu}9J^bs6jg`g3iW#t|+zd{i0q"3&Nge},2XRYS,R ho{dlrgejjfyKKL4C9F1]WEbX1QBj ch($L8+0Q$'~l6-U1;S|PhKObBKTMDr]D^D |jo'PchOhGLyg$s4|wIbHo&TcU O$ w3>#ZPuC^yFq.Y6mr}8LTE! , Just put that same letter through the shredder. You can find the real contact info for JFQ Lending and Intercontinantal Capital Group Inc. on their company websites if youd like to find out what programs they offer, but dont expect these programs to be the false promises that are in the letter you received. orlando to fort pierce train; dod personnel who suspect a coworker of possible espionage should; boyd funeral home marion, ohio obituaries; horner's syndrome in cats after ear cleaning; Menu ceramic cutting tools advantages and disadvantages. %%EOF We partner with lenders to create housing opportunities for families across the country. Subject: Lender Letter 2 1-02 - Loan Document Update . Your full address is listed in the top left-hand corner of the page. Required fields are marked *. These may not qualify as full-fledged scams but they're still deceptive marketing. To get the necessary information, call our office at ***-***-**** before (date). and contain the line "Notice of FNMA Enhancement." They prominently list your lender's name and maybe other official info, but probably got it from public records. I want as many scams to be exposed as possible, as well as drill home the importance of doing your research before responding to any letter, email, etc. . 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. 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. (% .^Bz 4SW5S_8hXEP` No payments missed in the previous six months and no more than one in the previous 12 months. Copyright 2023 Market Realist. Indicates that the security is backed by loans that meet one of the defined Sustainable Impact Criteria found in Fannie Maes Sustainable Bond Framework, including Restricted Affordable Housing and Manufactured Housing Communities. To see if you live in an active zip code, just click below. Is Freddie Mac a government agency? Never use the contact information on a Fannie Mae Enhancements letter. Updated Portfolio Functionality: Upon activating the Deal Paydown Alert for the portfolio, the alert will display in the portfolio when the factor for a security within the portfolio goes to zero on Business Day 4. While Fannie Mae doesnt issue mortgages to consumers or lend them money, they do buy mortgages directly from lenders. Fannie Mae can be reached at 800-232-6643 or Fannie Mae's website. These changes will generate economic benefits for those, like you, who have a conventional mortgage. I hope it helps others avoid getting scammed! Learn about our RefiNow enhancements: https://t.co/1DECdVYLF6 pic.twitter.com/odt9xm75Nc. (adsbygoogle = window.adsbygoogle || []).push({}); Have you received an FNMA Enhancement Notice? The Fannie Mae loan has a higher credit score requirement at 620 to 640 which is higher than the FHA loan. On September 6, 2008, the Director of the Federal Housing Finance Agency (FHFA), appointed FHFA as conservator of Freddie Mac. Beware of specific indicators that require you to takespecific actions in an urgent matter. x]Mj0>`OJ`S oPVx+HDJ j#"j'"/HA#IA&z4H Now, we have got the complete detailed explanation and answer for everyone, who is interested! The property must be a one-unit primary residence including single-family residences, townhomes, and condos. By accessing the noted link you will be leaving ProFed's website and entering a website hosted by another party. Saw this while I was on hold with the . Exactly the same as the letter I received. We recommend checking your eligibility as soon as possible before deadlines are announced or requirements are changed. I get these every few months and I think it's a sketchy way to pitch a refinance. FHA loans are insured by the Federal Housing Administration, and conventional mortgages aren't insured by a federal agency. The FNMA DUS Loan Program is also used as a Fannie Mae Credit Enhancement, a tax exempt bond issue of a state or local housing finance authority that is providing multifamily affordable housing. In fact, Fannie Mae expanded eligibility for their RefiNow program back on June 5th 2021. What is the difference between a Fannie Mae loan and a conventional loan? It's important to note that information about mortgages is on public record. 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. For the most recent reporting period, the total quantity of electricity generated annually by the existing onsite electricity generation system (measured in kBtU). I bet that event puts my name and address in a public record and on a list that can be purchased. Additionally, the files will be sorted in descending order, so that the most recent file is at the top of the list. 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". At ProFed, we work hard to ensure your information is secure and protected. Enhancements indicate positive changes, which Fannie Mae is always making. Call your lender before taking any action. CxpYM{:-4S{R'._-z9kU]d=yo(tr2uz8&.:c`{GEsz4qE!;! 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. The policies in this Lender Letter are effective immediately and until Fannie Mae provides further notice, unless otherwise stated. Disclosing your personal information could result in an unfortunate series of events impacting your finances and privacy. 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. 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. Our experts have done a research to get accurate and detailed answers for you. No products in the cart. To enhance this particular program, FNMA expanded its eligibility back in June 2021. Many people have received letters titled Understanding FNMA Enhancements. Some of these letters cite home loans from McKesson Emps Federal and JFQ Lending. Yes, thats my hope. If you want to get rid of private mortgage insurance, you'll likely need 20% equity in your home. Please ignorethe letter anddispose of it like youwould any other junk mail. These companies have stated that these notices are a scam and that they're not associated with them in any manner. People may receive compensation for some links to products and services on this website. 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. Banks do not want homeowners to know about these programs as they can greatly lower mortgage payments through this simple Government-backed solution. It was designed to help re-start the housing market after the Great Depression. Fannie Mae and Freddie Mac also have differences in lending requirements and programs. Home; About Us. Yeah, trying to discern whether or not this is a legitimate thing that Im entitled to, or some marketing racket. A general rule of thumb is that you should have at least 20% equity in your home if you want to refinance. Hopefully no one falls for this crap. ProFed is not responsible for the content of the alternate website. audience tickets 2021. forge of empires have less than 10 population available; caddyshack 2 worst slice; union county, nc deck building codes; . Understanding Stock Market Terms, How to Make Money With a Drone: Earn a Full Time Income, How to Make Money on Maternity Leave Our Top 10 List. To qualify for RefiNow, homeowners must have: Statements from Fannie Mae Board Chairwoman Sheila C. Bair and Fannie Mae CEO Hugh R. Frater on FHFAs announcement of the new Enterprise refinance option are available here.

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