DANVERS, Mass., March 7, 2020 /PRNewswire-PRWeb/ -- New FED Mortgage Corp., a multi-state residential mortgage lender, recently was approved by Fannie Mae as a direct mortgage seller and servicer. Their Fannie Mae approval along their existing Freddie Mac approved lender designation allows the company to independently fund, own and service loans. The company filed the necessary paperwork in the 3rd Quarter of 2019 and it was comprehensive multi step application process to obtain the approval. The expanded lending capabilities being a FNMA seller/services provides more lending options for its customers including a variety of first-time homebuyer programs created with today's homebuyers in mind such as Fannie Mae's Home Ready Mortgage.
"We are very pleased to receive this coveted approval from Fannie Mae which demonstrates our commitment to enhance our program offerings to our customers. The opportunity to service Fannie Mae backed mortgage loans has been a long term goal for our company and the approval enables us to scale our lending practices across a broader eligibility spectrum. We are now more versatile, and more importantly, this designation will enable us to retain mortgage servicing in house. We will create stronger relationships with our borrowers for many years to come by building out our own mortgage servicing platform" said New Fed President Brian D'Amico.
Greater Opportunities and Technology Lending Tools
"The Fannie Mae approval enables us to offer our customers a wider scope of mortgage options empowering us to become a direct conduit to the secondary market without any investor overlays," said John Wight, Vice President of Lending.
The designation also gives access to technology tools, such as Condo Project Manager (CPM) and Collateral Underwriter (CU), which allows lenders to render property related decisions for managing risk to meet secondary market requirements along with Day 1 Certainty enabling an improved borrower experience with reduced documentation requirements.
SOURCE New Fed Mortgage Corp
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