On December 20, 2018, we received Freddie Mac approval as a direct seller. This was a greatest Christmas gift from Santa for all of our employees and customers of Summit Mortgage Bankers Inc.
Freddie Mac (full name the Federal Home Loan Mortgage Corporation – FHLMC) is a US government-sponsored enterprise. It was created in 1970 to expand the secondary market for mortgages in the US along with the Federal National Mortgage Association (Fannie Mae). Currently Freddie Mac is the 2nd largest buyer of mortgages on the secondary market and ranked No. 38 on the 2018 Fortune 500 list of the largest United States corporations by total revenue.
Obtaining Freddie Mac approval is the recognition of our achievement. Capability of selling loans to Freddie Mac directly will not only benefit our company, but also enable us to offer better rates to our customers.
We expect a great start for the year 2019!