Credit Card Center Advertiser Disclosure

Posts: 88
Registered: ‎04-05-2008
0 Kudos

Fannie Mae Repurchase - My Problem?

Hello all - I have a problem that hopefully someone can help me with here.


I recently built a house and closed on the mortgage back in April, and have been living in the house since then.  The mortgage broker underwrote the loan and sold it to a fairly small community bank.  Last week, I got a call from the mortgage broker informing me that Fannie Mae has declined to purchase the mortgage from the bank because they questioned some of my financial statements, and the mortgage broker is now faced with the prospect of a repurchase.  We have sent in supporting documentation to Fannie Mae, but the broker is trying to talk me into a refinance to a FHA loan at a lower interest rate (~.25 lower - not much) and no closing costs.


What really irked me is that the mortgage broker has done a hard inquiry without my knowledge or permission before they called me, and they are really trying to give me a hard sell on the refinance as if they think Fannie Mae will decline it again, but they won't say that.  They want me to resubmit financial statements and go through the whole underwriting process again, and I really don't want to go through that again for such a minimal rate reduction, even if there is no cost.


My question is whether any of this is really my problem at all.  It seems to me like it's really THEIR problem because they underwrote the loan and are trying to convince me that it's mine so I will refinance into an FHA loan that they can sell.  Am I reading this situation correctly, or is this something that I really need to be concerned about?

Scores on4/8/10: TU 731 EQ 731
Unapologetic Amex fan

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.