Multifamily Mortgage Business Lender Letter 2 1-02 . I also got an InterContinental Capital Group Inc. letter dated January 2022. Choose Know Your Options from the drop-down menu. endstream endobj 729 0 obj <>stream I quickly discovered that this FNMA enhancement letter was a scam. View more posts about Credit Union Updates. Maryland 20910, Do you have any questions? efPl`.Rb)cSO (adsbygoogle = window.adsbygoogle || []).push({}); As you can see from the letter I received, the financial institution listed is Intercontinental Capital Group Inc., but others have received the same letter from the financial institution JFQ Lending. Theletters appear to come from JFQ Lending. Offers may be subject to change without notice. vG6YikU] ")/~62x[1x A`Q n\ 5`uB^b`G' ,br=x^Wg[!3R'7$>6hmk{eW.> [ bEG\~*2/od-kW,RM/mo8F;Ol2?P` ?/fG_X$d#evUd:ev]|oXTtvS^\TzlWR4?BPF8\iS1TRm>'@xa6aG25N&/p > aa-QXj v Frge:XEX@D7f(a p*s:5Zndm>lTMm5=.uZ,ob'T$XX$b@yI4%Hq%-;d9-F4mex|s2}-b|R-D6OkkS16llh6]B~%|d(ISnlnkr? 202-752-2725, Fannie Mae Newsroomhttps://www.fanniemae.com/news, Photo of Fannie Maehttps://www.fanniemae.com/resources/img/about-fm/fm-building.tif, RefiNow Expands Eligibility to Help More Homeowners Reduce Their Monthly Mortgage Payment, About the Mortgage Lender Sentiment Survey, About the Refinance Application-Level Index, https://www.fanniemae.com/resources/img/about-fm/fm-building.tif, Fannie Maes New Refinance Option Available Beginning June 5. I hope it helps others avoid getting scammed! January 14, 2021 Fannie Mae will be implementing the following enhancements to DUS Disclose on January 29, 2021: 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. provide Fannie Mae with copies of the existing interest rate hedge documents. The Selling Guide has been updated to include changes to the following: Cash-out refinance eligibility: implements new eligibility requirements for cash-out refinance transactions. Many people have received letters titled Understanding FNMA Enhancements. Some of these letters cite home loans from McKesson Emps Federal and JFQ Lending. Thanks for the post. I agree with this advice and it applies to ALL things. Saw this while I was on hold with the . This eliminates that possibility of being scammed by any fake FNMA Enhancement promises. To get the necessary information, call our office at ***-***-**** before (date). Vh4M &sYkf9r}\yB 4'N6`E?F7\eiyA,@$9\nftlc3c`fMDzy:/`M4Y B1. oPVx+HDJ j#"j'"/HA#IA&z4H How the letters are sent The letters ask you to call1-833-782-0648and warns you to call before a certain date to secure economic benefits. June 7, 2022 . I also got a letter from JFQ lending. 781 0 obj <>stream what is fnma enhancements letter 2021. Fannie Mae will be implementing the following enhancements to DUS Disclose on January 29, 2021: The following new fields will be added to DUS Disclose: To assist market participants with the transition to these enhancements, we are providing the updated file layouts for the following files: If you have questions about DUS Disclose or the upcoming enhancements, please contact Fannie Mae's Investor Help Line by phone (1-800-232-6643) or by email. The policies in this Lender Letter are effective immediately and until Fannie Mae provides further notice, unless otherwise stated. Indicates if the mortgage loan may/will be cross defaulted and/or cross collateralized in the future with another mortgage. After the mortgage meltdown of 2008, Fannie Mae and Freddie Mac started to focus on loan modifications. Another name you most likely know this organization by is Fannie Mae. If youre looking to consolidate a student loan, check out our article: Top 7 Student Loan Consolidation Companies Lower Your Monthly Payment Today. While lenders arent required to participate, many do, including Quicken Loans (Rocket Mortgage). Is Freddie Mac a government agency? 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. In any case, it's best to contact your lender and inquire about any special benefits being offered. I've been getting nonstop predatory refi offers on a weekly basis this year.  )3L>85ndF}'|UIB2Smk# F_Jh 'bYd?O06:\H&(Z}o.8oC}nz,y^]eJYnD^*|RL*q What is One Benefit of Privately Issued Student Loans. Thank you so much! 0 Fannie Mae was founded back in 1938 to create more affordable housing within the United States and has been publically traded since 1968. This citation states that using these . You need at least 3 percent for your down payment. It started the program for 2021 on June 5. FNMA scamsters get your information about mortgages from public records. CxpYM{:-4S{R'._-z9kU]d=yo(tr2uz8&.:c`{GEsz4qE!;! Fannie Mae's "RefiNow" program aims to lower the interest rate homeowners pay on their mortgage, and, therefore, the amount they pay monthly. The difference between a FHA and Fannie Mae loans are that the FHA insured loan is a loan by The US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by a . The loan is made by a financial institution or other lender Enhancements indicate positive changes, which Fannie Mae is always making. How the letters are sent These may not qualify as full-fledged scams but they're still deceptive marketing. If you want to get rid of private mortgage insurance, you'll likely need 20% equity in your home. I bet that event puts my name and address in a public record and on a list that can be purchased. Here's a scam warning from another bank about a very similar letter. Try calling your lender at the number on your mortgage statement (NOT in that letter) and see what they say. We have reviewed severalof these letters and can confirm it is a scam. Exactly the same as the letter I received. The Fannie Mae loan has a higher credit score requirement at 620 to 640 which is higher than the FHA loan. Feb. 01, 2023. (adsbygoogle = window.adsbygoogle || []).push({}); Have you received an FNMA Enhancement Notice? Y=c+,ra In fact, ProFed Credit Union warned their customers of this FNMA Enhancement scam when they were notified that their clients were receiving the letter from JFQ Lending. Conventional Loans A conventional loan is a mortgage that's not insured by a government agency. Additionally, the files will be sorted in descending order, so that the most recent file is at the top of the list. Learn about our RefiNow enhancements: https://t.co/1DECdVYLF6 pic.twitter.com/odt9xm75Nc. 738 0 obj <>/Filter/FlateDecode/ID[<15FA173914A31E40A435E7287B3C4E37><9EEB683B2C048443932D0A77DAA29425>]/Index[710 49]/Info 709 0 R/Length 126/Prev 223353/Root 711 0 R/Size 759/Type/XRef/W[1 3 1]>>stream hbbd```b``"WH uX," ``r5Bz^ 9&WM D ] REH2j` RHONw ;~ Because Fannie was started by the government,. 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. At ProFed, we work hard to ensure your information is secure and protected. To learn more, visit:fanniemae.com|Twitter|Facebook|LinkedIn|Instagram|YouTube|Blog, Media ContactJessica Alexander The letter reads: Your current loan has been identified as being likely to benefit from the aggresive enhancements made to Fannie Mae eligibility. For the most recent reporting period, the total quantity of electricity generated annually by the existing onsite electricity generation system (measured in kBtU). Waiving the 50 basis point up-front adverse market refinance fee that Fannie Mae otherwise charges to lenders on balances at or below $300,000. 8720 Georgia Avenue, Suite 301 Silver Spring, Restricted Affordable Housing includes the following Affordable Housing Types: MBS and Mega Advanced Search Download File, Fannie Mae to Release DUS Disclose Enhancements in January 2021. Fannie Mae is also reminding servicers to submit to Fannie Mae all servicer-approved mortgage loan modifications in HomeSaver Solutions Network (HSSN) as "closed." 0 A Its always good to double check, especially if your transaction involves money. (301) 589-9500, I have read and understand the disclaimer. To qualify for RefiNow, homeowners must have: Statements from Fannie Mae Board Chairwoman Sheila C. Bair and Fannie Mae CEO Hugh R. Frater on FHFAs announcement of the new Enterprise refinance option are available here. It's important to note that information about mortgages is on public record. Required fields are marked *. Have a great day and thanks for your thoughtful comment! Nailed it. In addition, we do not sell or distribute your personal information to non-affiliated third parties. FHA loans are insured by the Federal Housing Administration, and conventional mortgages aren't insured by a federal agency. XA;3Pr#ASX x~[Vy # ^y*xgIAx.;Ix>T<>ui/&q^f7uQ]!hDY8YZ`&RY1PVo5+$;/#/r6OOg#Pt'iP4/_nf. Lender Letter LL-2021-03 - Impact of Covid-19 on Originations February 15, 2023 Lender Letter LL-2021-03 - Impact of Covid-19 on Originations This Lender Letter provides reminders and temporary flexibilities to support mortgage originations. The lender must pass the credit to the homeowner. Hopefully no one falls for this crap. So glad you found this helpful. 758 0 obj <>stream If you search for notice for FNMA enhancement, youll get a lot of scam warnings. The letter gives me a reference number that I am to quote when calling. Very misleading and deceptive practice. If you haveany questions or concerns regarding the letter, weencourage youtocontact us directly. be seasoned at least 12 months (from the original note date to new loan note date). Lower-income borrowers typically refinance at a slower pace than higher-income borrowers, potentially missing an opportunity to save on housing costs. I believe it is a legitimate communication from my lender, and Im curious as to why Im receiving it. What is the difference between Fannie Mae Freddie Mac and FHA? As mentioned above, you can contact Fannie Mae safely and directly on their website if you have any questions or concerns. Standard: A residential condominium that is operated as a multifamily property and the borrower owns all of the units in the building (or other designated area). I think the more people that can warn others the better! Please do not send personal/financial information via this method. If so, let us know in the comments below! Thank you for this posting and explanation. Please also note the account number in the letter does not match your account number with ProFed, indicating a scam. Look carefully, I'd be willing to bet it's not actually from your current lender. To see if you live in an active zip code, just click below. 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. Homeowners are advised to take advantage of a new Mortgage Stimulus Program before its gone. Fannie Mae says that conventional loans typically require a minimum credit score of 620. March 15, 2021 . 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. Be aware of the "Understanding FNMA Enhancement" letter scam. Income at or below 80 percent of the median income in their area. 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; May 4, 2022 Increasing our expense reimbursement limits for interior and exterior property inspections. Save my name, email, and website in this browser for the next time I comment. What is the purpose of FNMA? Details: Fnma enhancements letter 2020. Enhancements to support borrowers with non-traditional credit: aligns policy with eligibility expansions to the cash flow assessment and other risk . yup. Thank you for sharing this information, and hopefully more people are informed about these scams. Scammers can get your contact information by searching through these records. Such scams have become more common since loan modifications started after the Great Recession of 2008. Also The letter looks very authentic, and it could easily fool a lot of people especially the elderly. Homeownership is hard enough with out predators trying to take advantage of FTHB. If you call the number listed, it may connect you to an automated recording or a person. The other major reason sellers don't like FHA loans is that the guidelines require appraisers to look for certain defects that could pose habitability concerns or health, safety, or security risks. Fannie Mae makes money partly by borrowing at low rates, and then reinvesting its borrowings into whole mortgage loans and mortgage backed securities. Totally a scam. x]Mj0>`OJ`S Yeah, trying to discern whether or not this is a legitimate thing that Im entitled to, or some marketing racket. Home; About Us. If, as a homeowner, you want to explore refinancing through Fannie Maes program, you can contact any mortgage company. Do not share your personal information under any circumstances. The primary difference between Freddie Mac and Fannie Mae is where they source their mortgages from. 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. FNMA Enhancements letter 2021 - scam or legit notice? They perform an important role in the nation's housing finance system to provide liquidity, stability and affordability to the mortgage market.