Fannie Mae (FNMA) - Federal National Mortgage Association. Created in 1938, FNMA is a quasi-governmental agency that purchases real estate loans after they are originated by a lender. FNMA requires that the loans be underwritten to certain guidelines. It raises funds to purchase the loans through the issuance of bonds. See also back-end ratio, Freddie Mac, front-end ratio, and loan-to-value ratio.

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