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  2. What is a gift letter for a mortgage? - AOL

    www.aol.com/finance/gift-letter-mortgage...

    A gift letter for a mortgage verifies the source of a homebuyer’s gifted down payment funds. ... (if an offer is already in place) ... Freddie Mac has similar rules, allowing gift funds from ...

  3. Verification of employment - Wikipedia

    en.wikipedia.org/wiki/Verification_of_employment

    For mortgage the majority of the lenders are following Fannie Mae and Freddie Mac guidelines. Fannie Mae's guidelines are outlined in their Selling Guide, while Freddie Mac's requirements are detailed in their Servicer Guide. Both agencies aim to ensure borrowers have a reliable and sufficient income to support mortgage payments, thereby ...

  4. Mortgage underwriting in the United States - Wikipedia

    en.wikipedia.org/wiki/Mortgage_underwriting_in...

    Fannie Mae and Freddie Mac are the two largest companies that purchase mortgages from other lenders in the United States. Many lenders will underwrite their files according to their guidelines, but to ensure the eligibility to be purchased by Fannie Mae and Freddie Mac, underwriters will utilize what is called automated underwriting. This is a ...

  5. Financial Institutions Reform, Recovery, and Enforcement Act ...

    en.wikipedia.org/wiki/Financial_Institutions...

    In addition, FIRREA gives both Freddie Mac and Fannie Mae additional responsibility to support mortgages for low- and moderate-income families (12 U.S.C §1441a–2(b). Authorization for State housing finance agencies and nonprofit entities to purchase mortgage-related assets - Investment requirement).

  6. Fannie Mae vs. Freddie Mac: What’s the difference? - AOL

    www.aol.com/finance/fannie-mae-vs-freddie-mac...

    Similarities. Description. Creation and structure. Created by Congress in 1938 (Fannie Mae) and 1970 (Freddie Mac) to address issues in the housing market.

  7. Conforming loan - Wikipedia

    en.wikipedia.org/wiki/Conforming_loan

    This is because both Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market, making the demand for a non-conforming loan much less. By virtue of the laws of supply and demand, then, it is harder for lenders to sell the loans, thus it would cost more to the consumers (typically 1/4 to 1/2 of a percent.)

  8. Fannie Mae, Freddie Mac could see a big loan limit jump ... - AOL

    www.aol.com/news/fannie-mae-freddie-mac-could...

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  9. Loan origination - Wikipedia

    en.wikipedia.org/wiki/Loan_origination

    Lender guidelines and mitigating factors determine this number. Recent changes in the market and industry have made stated-income and stated-asset loans a thing of the past and full income and asset documentation is now required from the majority of Fannie Mae and Freddie Mac backed mortgage securities.

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