Definition of "Federal National Mortgage Association (FNMA)"
Rae Dunkley, Real Estate Agent
RE/MAX by the Lake
Also know as Fannie Mae, the FNMA accept bids from approved lenders as to the amount, price and terms wish to sell Fannie Mae. Upon deciding how much money it will spend during a given time period, FNMA notifies the successful bidders, and these bidders have a certain time period in which they can choose to deliver the mortgages.
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