Posted by Jacqueline Dyson on 9/27/08 12:09am
Msg #265551

Fannie Mae & Freddie Mac Contract Question

Today a Loan Officer contacted me directly requesting my notary service. A couple of hours later I was contacted by the escrow company who informed me that they would not use my service because the loan was backed by Freddie Mac they must use a escrow company contracted signing service. I am confused. This is the first time I heard of this policy. Has anyone else encounter a similar situation? Is this a new policy?

Reply by sue_pa on 9/27/08 6:51am
Msg #265557

I've got no idea if this is true or not. If I were to guess, I'd say it's bull .... so they can hire the person they want.

Reply by PAW on 9/27/08 7:34am
Msg #265562

In March of 2008, both Freddie Mac and Fannie Mae set new "rules" and loan codes. Part of those rules was that the loans must be closed by licensed escrow or settlement agents. So, if the loan is a direct loan from Fannie Mae or Freddie Mac, and a signing agent is hired to do the closing, the agent must be hired by the escrow or settlement company and not by the lender.