In some cases, the Federal National Mortgage Association will purchase mortgages that have been repurchased by the seller. The government-controlled enterprise clarified its policy on such transactions.
In Announcement SVC-2010-17, Fannie Mae reviewed its policy on the delivery of repurchased loans.
In order to be eligible, the condition that made the loan ineligible must be cured. In addition, the loan must meet Fannie’s current underwriting requirements.
But the Washington, D.C.-based lender will not acquire loans that were repurchased from other secondary investor except Fannie — even if the condition has been cured.
However, if the mortgage was delivered in error to another secondary investor, then Fannie will consider delivery of the loan.
