Does anyone have experience with Fannie Mae and Freddie Mac UW? What does the package include

I'm curious to learn more about these, how many pages are they typically?
Does it cover borrower / PNW?
Does Fannie Mae / Freddie Mac provide guarantee  on the loan, and then the loan broker has to take the approval from one of the agencies to a lender? Or are Fannie Mae and Freddie Mac direct lenders?
What is the typical turn around time for these packages in the market?
Do brokers show these packages to clients before submitting to agencies? As a check, etc.
Do you think you'd pay $2 - $3k for a package creation? assuming all UW and due diligence and write up?

Thanks gents

Most Helpful

My agency narratives are usually 7-10 pages. It addresses property, borrower (key principles/managers + sponsor), loan request, & broad market & submarket summary. 

If the deal is in a relatively common market & I have all the necessary documents (property financials, borrower resume), I can complete my write-up in a day or two. Once the deal is submitted to the agencies, it can take ~ 5-10 business days for them to turn around their hard quotes (which = loan application).

Fannie & Freddie partners with large brokerage shops (JLL, CBRE, Berkadia, Walker & Dunlop, etc.) to underwrite, originate, and service loans. Once a loan has been underwritten, approved, and funded, these shops then deliver (sell) the loan to the respective agency, who then turns around and sells the loan as a security.

Not sure what you mean by "do brokers show these packages to clients". If you're asking if we share your deal with other operators, then no. If you're asking if we shop the deal to other capital sources, that would depend on what your specific needs are. This should be determined upfront though and not something done at the broker's discretion. Lending is a relationship-based business - it does us no good to shop your deal w/ a capital source that you have zero interest in using. 

You should never have to charge someone to get you quotes. If you're asking for a broker to put together a loan request package for your own personal use, that's a whole different story and not likely an assignment any good broker would be interested in taking on.

Let me know if you have any other questions. 


There was another guy trying to go directly to the agencies himself...Idk if this post is related, but if you pay 3k for a broker to put together a package for you and then you go to the agencies directly you will be shooting yourself in the foot in multiple ways.

If you aren't the same person then sorry

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