Fannie Mae — Homeowner Resources
Fannie Mae is a government-sponsored enterprise (GSE) that buys and guarantees mortgages, providing liquidity to the mortgage market. Fannie Mae owns or guarantees approximately one in four U.S. mortg
About Fannie Mae
Fannie Mae is a government-sponsored enterprise (GSE) that buys and guarantees mortgages, providing liquidity to the mortgage market. Fannie Mae owns or guarantees approximately one in four U.S. mortgages. For homeowners facing foreclosure, knowing whether Fannie Mae owns your loan is critical — Fannie Mae has specific loss mitigation requirements, including the Flex Modification program, and its servicers must follow Fannie Mae's servicing guidelines, which often provide more structured loss mitigation procedures than non-GSE loans. Fannie Mae also maintains a Disaster Relief program for borrowers affected by natural disasters and requires servicers to follow specific timelines and procedures.
Website
www.fanniemae.comJurisdiction
National — covers all Fannie Mae-owned or guaranteed loans
Key Programs & Protections
Fannie Mae purchases mortgages from lenders, bundles them into mortgage-backed securities, and guarantees timely payment of principal and interest to investors. Fannie Mae establishes servicing guidelines that its servicers must follow, sets loan modification programs (including the Flex Modification), and provides consumer-facing resources including a Loan Lookup tool.
Flex Modification
The standard Fannie Mae modification program designed to reduce the borrower's monthly P&I payment by at least 20%. The waterfall: (1) capitalize arrears and expenses, (2) extend term to 480 months, (3) reduce interest rate (floor of 2% or current market rate, whichever is higher), (4) if still needed, forbear principal (deferred, no-interest balloon due at payoff/sale). The forbearance amount is not forgiven but accrues no interest and has no monthly payment.
Disaster Relief Modification
For borrowers affected by federally-declared natural disasters. This modification offers more favorable terms than the standard Flex Modification and does not require the same documentation of hardship. Available for 90-365 days after a disaster declaration, depending on the disaster type.
Fannie Mae Mortgage Release (Deed-in-Lieu)
Voluntary transfer of the property to Fannie Mae in exchange for release from the mortgage obligation. Fannie Mae may offer relocation assistance (typically $3,000-$7,500). Deficit from short sales may be waived in certain circumstances.
Fannie Mae HomePath Ready Buyer
For borrowers who complete a short sale or deed-in-lieu, this program provides education and up to 3% in closing cost assistance toward the purchase of a Fannie Mae-owned property, helping former homeowners become homeowners again.
How to File a Complaint
Fannie Mae does not directly service loans, so complaints about servicing go first to your servicer. If unresolved, homeowners can escalate to Fannie Mae's Mortgage Help Center. Since Fannie Mae is regulated by the Federal Housing Finance Agency (FHFA), complaints about systemic servicing issues can also be filed with FHFA's Office of the Ombudsman. The CFPB also accepts and forwards complaints involving GSE loans. Fannie Mae has a dedicated Borrower Resource Center that can help with unresolved servicing issues.
Enforcement Actions
As a GSE, Fannie Mae's primary enforcement mechanism is through its servicer performance management: servicers that fail to follow Fannie Mae guidelines face compensatory fees, repurchase demands, and potential loss of servicing rights. FHFA, as Fannie Mae's regulator, can take enforcement actions including cease-and-desist orders, civil money penalties, and removal of officers. FHFA has also negotiated settlements with major servicers for servicing violations involving GSE loans.
Homeowner Resources
- •Fannie Mae Loan Lookup: knowyouroptions.com/loanlookup — check if Fannie Mae owns your loan (free, instant)
- •Fannie Mae Know Your Options: knowyouroptions.com — comprehensive foreclosure prevention resources
- •Fannie Mae Mortgage Help Network: connects borrowers with HUD-certified counselors
- •Disaster Relief Inquiry: 1-877-542-9723 or knowyouroptions.com/relief
- •Fannie Mae Servicing Guide: detailed rules servicers must follow (available at fanniemae.com)
Frequently Asked Questions
How do I check if Fannie Mae owns my mortgage?▼
Does Fannie Mae negotiate directly with homeowners?▼
Need Help Navigating Fannie Mae Programs?
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