Regulatory Agencies

Department of Housing and Urban Development (HUD)
The U.S. Department of Housing and Urban Development (HUD) oversees & regulates Fannie Mae, Freddie Mac, and Ginny Mae.  HUD also sets permanent affordable housing goals, based on income and population diversity.  These goals require that a certain percentage of the mortgages purchased by Fannie & Freddie help provide housing for low- and moderate-income families.

HUD's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination.  

Federal National Mortgage Association (FNMA or Fannie Mae) 
A federally chartered, stockholder owned corporation which supports the secondary market by selling residential mortgages to lenders (Conventional, FHA insured, and VA guaranteed home loans). 

FNMA also purchases pools of mortgages from lenders with securities,  the largest single holder of home mortgages in the United States.  It provides a ready market for government secured mortgages held by primary lenders which provides them a greater turnover of money for new loans.

Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac)
A federally chartered stockholder owned corporation which supports the secondary market for conforming mortgages by purchasing existing approved Conventional, FHA insured, and VA guaranteed home loans from insured depository institutions and HUD-approved mortgage bankers and resells them to individual investors or financial institutions. 

Government National Mortgage Association (GNMA or Ginnie Mae)
Ginnie Mae provides sources of funds for residential mortgages, insured or guaranteed by FHA/VA.  Responsible for administering secondary market programs involving insured mortgage loans such as
the Mortgage-backed Securities Program. 

Ginnie Mae does not buy or sell loans or issue mortgage-backed securities (MBS), although GNMA guarantees mortgage-backed securities issued by private financial intermediaries (Fannie Mae & Freddie Mac).

Ginnie Mae securities are the only MBS to carry the full faith and credit guaranty of the United States government, which means that even in difficult times an investment in Ginnie Mae MBS is one of the safest an investor can make. 

FHA - Federal Housing Administration (FHA)
An agency of the U.S. Department of Housing and Urban Development (HUD).  It insures residential mortgage loans made by private lenders.  FHA also sets standards for underwriting mortgages. 

An FHA Mortgage is a Home Mortgage that is fully insured by the Federal Housing Administration (FHA) under Sections 203(b), 203(h) or 203(i) [Home Unsubsidized], 222 [Servicemen] or 234 [Individual Condominium Unit] of the National Housing Act, as amended.

VA - Department of Veterans Affairs (VA)
Established March 15, 1989, succeeding the Veterans Administration, responsible for providing federal benefits to veterans and their dependents nationwide.

VA Insured Guaranteed Home Loans

VA mortgages are made by private lenders, such as banks, savings & loans, or mortgage brokers to eligible veterans for purchasing or refinancing a home, and is intended to encourage lenders to offer veterans loans with more favorable terms.  Guaranteed under Section 1810, Chapter 37 of Title 38, United States Code as amended.  The guaranty protects the lender against the borrower defaulting on the loan The amount of guaranty on the loan depends on the loan amount and whether the veteran used some entitlement previously.  Formerly referred to as G.I. guaranteed mortgage.

Farmers Home Administration (FmHA) 
Provides financing to farmers and other qualified borrowers who are unable to obtain loans elsewhere. see our page for Faram and Agriculture Loans 

Federal Emergency Management Agency (FEMA)
Federal agency that directs activities of the Federal Insurance Administration and establishes flood insurance rates and terms of coverage, issues policies, processes claims and identifies and maps flood-prone areas.

Federal Home Loan Bank Board (FHLBB)
The former name for the regulatory and supervisory agency for federally chartered savings institutions. Agency is now called the Office of Thrift Supervision

U.S. Department of Agriculture (USDA)
In 1862, when 48% of the people were farmers needing good seeds and information to grow their crops, President Abraham Lincoln founded the U.S. Department of Agriculture, he called it the "people's Department." USDA continues serving all Americans and remains committed to helping America's farmers and ranchers.
see our page for Faram and Agriculture Loans

USDA brings housing, modern telecommunications, and safe drinking water to rural America. see our page for Rural Loans

Department of Agriculture's Rural Housing Service (RHS)
As a part of USDA Rural Development,  RHS provides funding for single family homes, apartments for low-income persons or the elderly, housing for farm laborers, childcare centers, fire and police stations, hospitals, libraries, nursing homes, schools, and much more.

In partnership with non-profits, Indian tribes, state and federal government agencies, and local communities, RHS creates packages of technical assistance and loan and grant funds to assist more rural communities and individuals.

Department of Housing and Urban Development's Office of Public and Indian Housing (PIH)
The Office of Public and Indian Housing (PIH) ensures safe, decent, and affordable housing, creates opportunities for residents' self-sufficiency and economic independence, and assures the fiscal integrity of all program participants.

For Commercial Mortgage industry...
see our page on CMBS (Commercial Mortgage Backed Securities)