1 Thought on Is bank of america a mortgage lender with Fannie Mae or Freddie Mac?
  1. Reply
    loanmasterone
    February 3, 2014 at 7:24 am

    I am sure that Bank of America sell some of their loans to Fannie Mae and Freddie Mac that are immediately qualified to be sold to these two and as others become qualified they are also sold to the two agencies.

    Bank of America is considered a direct lender. Direct lenders make their own loan decisions and fund the loans themselves under their own company name.

    At times when a loan application is identified as one that can immediately be sold to the two agencies then the underwriter make sure that the guidelines of the two agencies are met. If the loan approval criteria of these two agencies are met then Bank of America can immediately sell the mortgage to one of them.

    If the criteria of the two are not immediately met then there is a holding period of which the borrower has to make anywhere from 12-24 months of payments without missing a payment.

    Once this criteria has been met then Bank of America can sell these to the two agencies.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

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