Fannie Mae has launched a Web site that will offer extensive information to potential borrowers and refer them to lenders in their home states.
Initially, the referrals are being made to a list of 23 lenders, all approved as seller-servicers by the Federal National Mortgage Association, or Fannie Mae. They include prominent names such as Countrywide Home Loans, HomeSide Lending Inc., and BankAmerica's flagship bank, along with lesser- known entities such as Washtenaw Mortgage Co., Shelter Mortgage Co., and New America Financial Inc.
Browsers will be able to connect to the Web sites of all 23 lenders. People will not be charged for use of the site, and Fannie will not charge the lenders for referrals.
Fannie took advantage of a two-conference week to announce activation of the site at both the America's Community Bankers/American Bankers Association national mortgage market meeting and at the National Association of Home Builders session in Houston.
One feature of the site, HonePath.com, is a calculator that shows how large a mortgage payment a family can afford. Also available are a rent- versus-own analysis and tips on choosing among types of mortgage. When users come across unfamiliar terms, they can gain access to a glossary by clicking on the key word.
"Over the next few months," the announcement said, "features will be added to the site, including information on Home Keeper, Fannie's reverse mortgage; rehabilitation financing; Fannie Mae's foreclosed properties; and nationwide lists of nonprofit organizations providing home-buying counseling."
The links to lender Web sites can also help consumers find a home to buy, Fannie said. The link to Long Island Savings Bank, for example, offers a further link to the Long Island Multiple Listing Service. Joe Bryant, executive vice president of the Melville, N.Y.-based thrift, characterized the link with Fannie's site as a "strategic alliance."
Fannie Mae also announced it had developed a new kind of loan that would let investors borrow money to rehabilitate homes at the same loan-to-value ratio and interest rate as borrowers who will occupy the property.
The secondary market agency said it would commit $100 million to an experiment in which loans would be available to nonprofit and for-profit investors.
