Which of the following is NOT considered a primary mortgage market player?

The correct understanding lies in recognizing the roles of different entities within the mortgage market. The primary mortgage market consists of institutions that originate mortgage loans directly to consumers. This includes commercial banks, credit unions, and other lenders that provide loans directly to borrowers to purchase homes.

Fannie Mae, on the other hand, operates within the secondary mortgage market. Its primary function is to buy loans from lenders, thereby providing liquidity to the mortgage market and enabling these lenders to offer more loans to consumers. Fannie Mae is instrumental in facilitating mortgage financing but does not originate loans itself; therefore, it is not classified as a primary mortgage market player.

By distinguishing between these roles, it becomes clear why Fannie Mae does not fit within the group of primary mortgage market players, while commercial banks, credit unions, and investment groups are involved in the direct origination of mortgages.