👉 Loan Officers often use words and acronyms like Fannie Mae, Freddie Mac, AUS, DU, and LP… what does that mean❓
✅ Fannie Mae and Freddie Mac - two federally backed institutions that provide stability and liquidity to the mortgage market by buying mortgages from lenders. When Fannie or Freddie buys loans from mortgage lenders, it frees up their cash flow and allows them to offer more mortgage loans to further eligible home buyers.
✅ To be able to approve your mortgage, in most cases, a lender must receive an AUS Approval (Automated Underwriting System).
✅ Fannie Mae’s automated underwriting system is called Desktop Underwriter aka DU. Freddie Mac’s automated underwriting system is called Loan Prospector aka LP.
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