Freddie Mac/Chase - Guidelines
I am working on a sale. Buyer is cash, as property won't qualify for financing (other than rehab financing) - anyways, I got a call from Chase that Freddie Mac has a "guideline" that you cannot buy property in trust or llc. I asked the negotiator to provide the guideline and she said I could "look it up" - So, knowing FM publishes their guidelines, I did look it up. Coudn't find it. I called Freddie Mac yesterday and spoke with someone in underwriting who said there is no such thing. LOL..she also said that the servicers should not be quoting guidelines they know nothing about.
I called Chase back and asked them to provide me with the written guideline from FM...they are now scrambling and calling FM themselves.
Thought you would all find this interesting. If someone can add to this, I'd appreciate it.
Replies to This Discussion
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Permalink Reply by Deidre St. Romain on
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Congrats for not taking that line of b.s....you have to be smarter than the "average bear" and apparently you are!!
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Permalink Reply by Smitty on
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LOL...I don't feel like it, but I am a PITA for most lenders to deal with. I'm hoping a SMARTER BEAR knows if there is or isn't a guideline and can post it for proof.
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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LOL - good for you Smitty !
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Permalink Reply by Jeff Payne on
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Smitty, I am always amazed at some of the stupidity when dealing with some of these negotiators. Why in the heck do they care if it is an LLC or trust, both legal entities? I suspect that you have a negotiator who "thinks" they know what they are talking about because they "heard" that this is a guideline. Let me check with my Freddie contact to see if I can get a real answer
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Jeff, if you have a contact ask them if there is a written guideline for me. I want to see it in writing. Freddie and Fannie POST their guidelines which is GREAT. I scoured the Freddie site yesterday and found NOTHING. I actually have the name and phone of the underwriter I spoke with yesterday that said no such thing exists and I gave it to the Chase rep.
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I will see if I can get it writing that says this does not exist :)
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Permalink Reply by Kevin - Greenville, SC on
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I've found out that not ALL of the Fannie Mae and Freddie Mac guidelines are written.....
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Hmmm..who told you that? A servicer? What guideline did you find out was in effect that wasn't written? Did you call FM to confirm?
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I've been told that there are policies and/or practices that are not addressed in any Guides by Managers at both Fannie and Freddie.
Here is an e-mail from Freddie regarding a question I had about deficiencies.
Kevin,
This has been standard practice, but is not currently addressed in our guide.
Paul Downing
Servicing Account Manager
Servicer Relationship & Performance Management
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Well, the negotiator told me it was a "guideline" - Freddie Mac publishes their guidelines and I've reviewed all I could find. Now if a guideline is published maybe a "policy" is not. I have no idea, but if push came to shove, I would assume that anyone could get a "rule" in writing otherwise servicers, investors, and the like could just make the rules up as they go along, which I'm sure IS happening, but somewhere there has to be accountability.
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Scott Garrett (Congressman and Chair Of The Sub-Committee that Oversees Fannie Mae & Freddie Mac) about changing some of the short sale policies that will help you do more deals and help more homeowner
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