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Updated over 1 year ago on . Most recent reply

Martin A Phillips's profile image
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Martin A Phillips
  • Member since Sep 1, 2023
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Martin A Phillips's profile image
Martin A Phillips's profile image
Martin A Phillips
  • Member since Sep 1, 2023
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Martin A Phillips
3
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13
Posts
Private Lending & Conventional Mortgage Advice

Is using a FannieMae instrument legal?

Martin A Phillips
Posted

I have seen private money lenders use FannieMae/FreddieMac documents for private money mortgages that are not associated with either one. Is this ok?

 thanks.

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Caroline Gerardo's profile image
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Caroline Gerardo
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  • from Laguna Niguel, CA
  • Member since Mar 2, 2015
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Caroline Gerardo's profile image
Caroline Gerardo's profile image
Caroline Gerardo
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  • from Laguna Niguel, CA
  • Member since Mar 2, 2015
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Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
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Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
Replied

You mean like the 1003? Or you are talking about riders to sign at closing? Any mortgage loan is still going to have disclosures, ins and outs, contractual agreements... Please be more specific with a question that we can answer. Are you speaking of conventional vs NonQM or vs hard money? Private money is a vague category.

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