FANNIE MAE AND FREDDIE MAC QUESTIONS AND
ANSWERS
Who is the largest institutional investor in the secondary mortgage market. - Answers -
Fannie Mae
Fannie Mae emphasizes the borrower's - Answers -continuity of stable income vs.
stability of
employment.
Fannie Mae requires a borrower to have a? - Answers -Social security number or
Individual
Taxpayer Identification Number.
Fannie Mae holds the (ANSWER) responsible for the quality of the appraisal. -
Answers -The Lender
Fannie Mae requires the lender to obtain a written (ANSWER) on the loan application
who has an individual credit record. - Answers -Credit report for each borrower
Fannie Mae does not purchase most(Answers ) mortgage - Answers -balloon
mortgages.
The form that summarizes the applicant's data and will usually be the top sheet in the
loan package when it is sentto
the underwriter. - Answers -The Fannie Mae 1008 Transmittal Summary
Fannie Mae was created as a government agency in 1938 and later become a public
company listed on the - Answers -New York Stock Exchange.
What is the purpose of Fannie Mae is to buy mortgages and notes from the primary
lenders - Answers -money remains in circulation.
Fannie Mae recommends that a lender obtain a minimum of ( answer )credit scores for
every borrower. - Answers -2 credit reports
What does amortization mean? - Answers -Is the process of fully paying off a loan in
regular payments over a specified period of time.
monthly mortgage payment decreases the loan
balance, by applying a portion of each payment to the principal is called - Answers -
Positive amortization
Unpaid interest is added to
ANSWERS
Who is the largest institutional investor in the secondary mortgage market. - Answers -
Fannie Mae
Fannie Mae emphasizes the borrower's - Answers -continuity of stable income vs.
stability of
employment.
Fannie Mae requires a borrower to have a? - Answers -Social security number or
Individual
Taxpayer Identification Number.
Fannie Mae holds the (ANSWER) responsible for the quality of the appraisal. -
Answers -The Lender
Fannie Mae requires the lender to obtain a written (ANSWER) on the loan application
who has an individual credit record. - Answers -Credit report for each borrower
Fannie Mae does not purchase most(Answers ) mortgage - Answers -balloon
mortgages.
The form that summarizes the applicant's data and will usually be the top sheet in the
loan package when it is sentto
the underwriter. - Answers -The Fannie Mae 1008 Transmittal Summary
Fannie Mae was created as a government agency in 1938 and later become a public
company listed on the - Answers -New York Stock Exchange.
What is the purpose of Fannie Mae is to buy mortgages and notes from the primary
lenders - Answers -money remains in circulation.
Fannie Mae recommends that a lender obtain a minimum of ( answer )credit scores for
every borrower. - Answers -2 credit reports
What does amortization mean? - Answers -Is the process of fully paying off a loan in
regular payments over a specified period of time.
monthly mortgage payment decreases the loan
balance, by applying a portion of each payment to the principal is called - Answers -
Positive amortization
Unpaid interest is added to
