Fannie Mae Loan Lookup HARP Glitch

by Jennifer from Battle Creek, Michigan

Ask Kate about Fannie Mae Loan Lookup glitch derailing Jennifer's HARP 2 refinance: What's wrong with this picture? After a homeowner confirms her mortgage is owned by Fannie Mae, she applies to the HARP 2.0 program. But as the loan process is drawing to a close, her refinance comes to a screeching halt. Yes, her lender is claiming Jennifer's mortgage has never been backed by Fannie Mae. So who is right? Fannie Mae's online records or Jennifer's lending institution?


Jennifer asks Kate about HARP 2 Refinance Glitch

Hi Kate,

I recently tried to refinance my mortgage, looked up my mortgage on the Fannie Mae website and it says that is a Fannie Mae backed loan.

We went through all the steps and got down to the last step and they said my loan was ineligible and I recently received this explanation from the mortgage provider.
"To be eligible for the HARP II refinance with property inspection waiver, your current mortgage must be owned by Fannie Mae or Freddie Mac. Per my conversation with the AVP of Lending at PNC, your loan was sent to Fannie Mae for purchase which is why your mortgage was coded as such.

But for whatever reason, Fannie Mae did not/would not buy the loan from PNC. This is their prerogative unfortunately. It just means there was something they didn't like about the loan or they disagreed with PNC's decision to approve the loan for some reason. This could be credit score, debt to income ratio, something in the appraisal, etc.

Just because a lender approves a loan doesn't mean the agency will. That is the ultimate goal though. The agency backing the loan is what protects us or in this case PNC, in the event you were ever to default on the mortgage"
Does this make sense to you? I don't understand why Fannie says they own my mortgage but PNC says they don't. Is there any way around this? Thank you.

Kate Answers: HARP 2 Refinance and Fannie Mae Loan Lookup Glitch

***zz-portrait-left.shtml*** Dear Jennifer,

Well, I can tell you what I wouldn't do! I wouldn't take the loan servicer's word at face value.

I'd head straight back to Fannie Mae for an adequate explanation.

Although there are no guarantees that Fannie Mae will intervene, why not try? After all, who can guarantee the error isn't on the side of PNC?

Not to Say Fannie Mae Is Error Free - Meet Shawna

Of course, claiming that the Fannie Mae Loan Lookup tool has no errors would be foolish.

Take for example California homeowner, Shawna. The online tool verified that her mortgage is backed by Fannie Mae. Yet when her lender called for other information, the mortgage giant claimed they did not back Shawna's loan.

Read more about Shawna's story and the solution I offered at Problems with Fannie Mae HARP 2 Loan Lookup.

Fannie Mae and Condominium Errors - Meet Jen

Fannie Mae Loan Look-up Glitch
Moving on, here's another example of HARP glitches. Meet Jen, a condominium owner in Colorado.

When Fannie Mae entered her condo's home address, they omitted the unit number.

So although her loan was backed by Fannie Mae, the look-up tool did not confirm.

In my opinion, her mortgage broker wasn't much help either. He sent Jen back to her current lender (BOA) to ask them to contact Fannie Mae on her behalf.

As you can guess, Bank of America was less than enthusiastic about getting involved.

Take Matters into Your Own Hands - Go Straight to Fannie Mae

So I gave Jen the same advice I am giving you. Don't depend on others. Take matters into your own hands. Contact Fannie Mae directly.

You will find 3 ways of contacting Fannie Mae in Jen's letter found at HARP 2.0 Condo Financing Trouble.

I'm not promising the process will be easy. But be tenacious, take notes including dates, names, and phone numbers each time you speak with Fannie Mae representatives. (Can you tell I think this will take more than one call?)

I wish you the best. Please come back to comment on your HARP progress. (To comment, look for the link at the bottom of this page.)

Good luck refinancing,


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