Knowing how to verify loans registered with Fannie Mae or Freddie Mac is crucial for title insurance agency employees. These tools help confirm the current loan holder and match it with the payoff provider, ensuring accuracy in your transactions. Here’s a comprehensive guide on when and how to use these lookup tools effectively.
When Do You Use the Fannie Mae and Freddie Mac Loan Lookup Tools?
Prerequisite Information
How to Use Fannie Mae and Freddie Mac Lookup Tools
Importance of Using Loan Lookup Tools Correctly
Best Practices for Title Insurance Agency Employees
When Do You Use the Fannie Mae and Freddie Mac Loan Lookup Tools?
Similar to the MERS loan registry, some loans are backed and registered by Fannie Mae or Freddie Mac. After completing the title commitment, if Schedule BI shows a mortgage, you should look up the loan on the Fannie Mae or Freddie Mac websites. This verification is essential to ensure the name of the current loan holder matches the provider of the payoff, avoiding discrepancies and ensuring a smooth transaction process.
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