Get answers to your Servicing Guide & policy questions with Fannie Mae's AI-powered search tool. In all cases, the lender must verify completion before the loan is sold to Fannie Mae. These exhibits must be unaltered and able to be authenticated using metadata and the geocode for the subject property. Main Structure . For traditional appraisals of two- to four-unit properties (including two- to four-unit properties in PUD, condo, or co-op projects) based on interior and exterior property inspections. . information from other Fannie Mae published sources. The servicer is authorized to request reimbursement for insured loss repair inspection costs incurred on current and delinquent mortgage loans when required to disburse additional funds or complete a final inspection of repairs. We recommend that you use the latest version of FireFox or Chrome. Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. delays, the servicer must document efforts to conduct timely inspection and the reason (EDGAR Online via COMTEX) -- 0000882184false00008821842023-02-172023-02-170000882184us-gaap:CommonStockMember2023 . If you still have Technical Support questions, D1-3-01, Evaluating the Impact of a Disaster Event and Assisting a Borrower). . adhere to a policy of selecting the most reliable appraisal rather than the appraisal that states the highest value, document the reasons for relying on the appraisal, and. Once a Conditional or Final Project Approval is completed through the PERS process, all projects are listed in Condo Project Manager (CPM). be accompanied by photographs of the completed improvements. The extent of the appraisers data collection, analysis, and reporting must be determined by the complexity of the appraisal assignment. Having Issues with Seeing this Page Correctly? When there is a Social Security number match, DU will underwrite the loan casefile as a high LTV refinance loan. Note: If the servicer is unable to establish contact with the borrower, the servicer must contact the insurance carrier to determine whether the borrower has filed the proof of loss claim. Fannie Mae ("Fannie Mae"; the Property Owner, Property Manager, Lender, Servicer, and Fannie Mae are each referred to in these Instructions as a "User"). A form of homeownership that combines individual ownership of a unit with shared ownership of common facilities. When there is more than one borrower on the new loan casefile but there is only one on the existing loan, the DU message will state that it appears that a borrower is being added with the high LTV refinance transaction, and if that is the case, the high LTV refinance loan is not eligible for delivery. & Insights, Pricing & in months 7-12, no more than one, 30-day delinquency and no delinquency greater than 30 days. See B4-1.3-06, Property Condition and Quality of Construction of the Improvements, for information concerning property condition and quality of construction ratings. On August 08, 2014 a Real Prop Homestead Res Fore - >$50K - $250,000 case was filed by Federal National Mtg Assn Fannie Mae, represented by Hall, Christine, Esq., against Breighner, Gayle, Jpmorgan Chase Bank, N.A, State Of Florida, Dept Of Revenue, United States Of Amer Dept Of Treasury-Irs, represented by in the jurisdiction of Broward County. Meets with direct prospects, as well as referred by realtors, developers . wire any insurance loss proceeds that were a result of a claim filed by Fannie Mae's property recovery firm or that were received by the servicer after confirming the REOgram to Fannie Mae within 10 business days of receipt. ordinance or based on property condition). The result of the Social Security number matching will be specified in a DU message. noted in this Servicing Guide. Note: Interior photographs on proposed or under construction properties may be taken at the time of the completion inspection and included with Form 1004D. Once the property has been fixed, a final inspection will take place to verify that the work has been completed. Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. But there are a few basic property standards. Events, Employment, Income, and Asset Verification, B5-7-03, High LTV Refinance Alternative Qualification Path, B3-3.1-06, Requirements and Uses of IRS IVES Request for Transcript of Tax Return Form 4506-C, To be eligible for the high LTV refinance option, the payment history for the existing loan for the most recent 12 months must reflect. information from other Fannie Mae published sources. See preceding section, Age of Appraisal and Appraisal Update Requirements, for requirements for completing an appraisal update. The following table provides a list of the servicers responsibilities when there is an insurable loss on a property securing a mortgage loan and the property can be legally rebuilt. Fannie Mae Form 1076 Condominimum Project Questionnaire or equivalent (must include all information on the 1076) . The servicer must complete a final property inspection within 35 days prior to the Center, Apps an effort undertaken jointly by Freddie Mac and Fannie Mae at the direction of the Federal Housing Finance Agency. Advance the funds to pay expenses. is authorized to disburse the remaining funds in increments not to exceed 25% of the insurance loss proceeds following inspection of the repairs. If the final title report is issued before the completion of the improvements, lenders must obtain an endorsement to the title policy that ensures the priority of Fannie Mae's lien. a property inspection, it must notify the first lien mortgage loan servicer of the Form 1004 also may be used for two-unit properties, if each of the units is occupied by one of the co-borrowers as theirprincipal residence or if the value of the legal second unit is relatively insignificant in relation to the total value of the property (as might be the case for a basement unit or a unit over a garage). Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. affidavits of vacancy where necessary or appropriate to evidence the vacancy status. When there are two borrowers on the new loan and two borrowers on the existing loan, but only one borrowers Social Security number matches, the DU message will specify that not all of the borrower Social Security numbers match and will require that the lender confirm the borrowers on the existing loan are the same borrowers that will be on the new loan. The appraisal update portion of the 1004d and 442 is used to confirm the value of the subject property has not declined . The lender must ensure that the property has not undergone any significant remodeling, renovation, or deterioration to the extent that the improvement or deterioration of the property would materially affect the market value of the subject property. Clear, descriptive color photographs showing the front, back, and a street scene of the subject property and the front of each comparable. The letter must include (at a minimum) the following: When either of these attestation letter options is used, a link within the letter to any digital exhibits is acceptable but must be accessible by Fannie Mae for the life of the loan. and submit a recommendation for further action to its Fannie Mae Servicing Representative Each borrower must complete and sign a separate IRS Form 4506-C at or before closing. Can a loan be delivered to Fannie Mae if the property is located on a community- owned or privately maintained Also, lenders are not required to review or consider Form 1003 Declarations in the underwriting evaluation. The following table describes the action that the servicer of a second lien mortgage This may include but is not limited to foundation settlement, water seepage, active roof leaks, worn roof shingles, inadequate electrical service or plumbing fixtures, etc. Note: Interior photographs on proposed or under construction properties . Otherwise, Form 1007 is not required. Acceptable postponed items include items that will not prevent the issuance of an occupancy permit. Fannie Mae's Home Retention and Liquidation Workout Options, but the servicer has determined that a workout option is appropriate, it must submit the case to Fannie Mae for review through Fannie . to determine the occupancy status of a property available to Fannie Mae upon request. endstream endobj startxref Photos must remain clear at a dimension of 3 " x 5". If you have additional questions, Fannie Mae customers can visit Ask Poli to get These requirements also apply if the lender considers an appraisal to be deficient (see B4-1.3-12, Quality Assurance). . 30UL Hna`@,v?,A .mxC3k00?xg>bb8"D+,,S 7 L@h_- e?` such as legal action, to have emergency repairs made. Execution, Learning a full payment has been received within the last 30 days, a workout option has been approved and the borrower is performing under the plan, The servicer is authorized to consider a curbside (drive-by) inspection as an exterior Disburse the insurance loss proceeds in accordance with this, Deposit any funds not disbursed into an interest-bearing account (see. an interior inspection every calendar month until the foreclosure sale date, or in Note: The servicer and/or the insurance company may not have reason to believe that a supplemental claim will be filed for additional damages at the time the initial loss proceeds are paid by the insurer; therefore, the servicer must disburse any insurance loss proceeds based on the requirements in this Guide without regard to whether supplemental loss proceeds will be received. summarize its attempts to locate the borrower and its discussions with any other lienholders See Form 1004D and Completion Alternatives above for the specific requirements. The subject and all comparables must be appropriately identified. Events, Inspecting a Property Securing a Delinquent Mortgage Loan, Inspecting and Repairing a Property in Disrepair, Inspecting and Protecting a Vacant or Abandoned Property, E-3.3-03, Inspecting Properties Prior to Foreclosure Sale, A4-2.1-02, Property Inspection Vendor Management and Oversight, D1-3-01, Evaluating the Impact of a Disaster Event and Assisting a Borrower, Property Preservation Matrix and Reference Guide, A2-1-01, General Servicer Duties and Responsibilities, D2-2-01, Achieving Quality Right Party Contact with a Borrower, an interior inspection as allowed by applicable law, agrees to arrange for the necessary repairs and has the financial resources to do the execution of a Mortgage Release, or the mortgage loan becomes current unless otherwise Be a T&I custodial account with a depository institution that meets Fannie Maes eligibility criteria for custodial depositories. was last inspected to avoid a potential duplication of effort. to maintain the property and take the action described in the following table depending results of the property inspection and the borrowers plans regarding any needed repairs. Monitor and inspect repairs as completed to verify the repairs comply with the final repair plan. Q23. When a property inspection is required every calendar month, the property inspections must occur between 20 and 35 days apart. Launch the property, the servicer must contact its Fannie Mae Servicing Representative (see With the exception of loans underwritten under the Alternative Qualification Path, lenders are not required to. their relevant timing requirements, and the second section discusses the conditions under w hich a waiver may be obtained to offset the se timing requirements. If the interior layout of the dwelling unit(s) is atypical or functionally obsolete, thus limiting the market appeal for the property in comparison to competitive properties in the neighborhood, Fannie Mae also requires a floor plan. & Insights, Pricing & If the borrower has not filed the claim, the servicer must file a proof of loss claim under the standard mortgagee clause and collect the insurance loss proceeds on Fannie Mae's behalf. Uniform Residential Appraisal Report ( Form 1004 ) For traditional appraisals of one-unit properties and units in PUDs (including those that have an illegal second unit or accessory dwelling unit) based on an interior and exterior on-site physical inspection of the property by the appraiser. If you have additional questions, Fannie Mae customers can visit Ask Poli to get when the mortgage loan is 90 or more days delinquent if. so, is willing to make the repairs, but is unable to do so, is authorized to ask Fannie Mae to advance the necessary funds by requesting expense Receipts are not necessary if the loss proceeds are less than or equal to $40,000. Finance activities take place in financial systems at various scopes, thus the field can be roughly divided . In general, the home inspection requirements for Fannie Mae are meant to protect the borrower and the lender. Loan-level price adjustments: . The inspection report must be retained in the loan file and made available to Fannie Mae upon request. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. The table below provides references to recently issued Announcements that are related to this topic. a final appraisal inspection, updates the title policy, and obtains a signed completion certificate, which the lender gives to Fannie Mae to have the In a 2014 final rule, FinCEN extended similar requirements to the housing-related Government Sponsored Enterprises ("GSEs")Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. Lenders exercising the high LTV refinance value acceptance (appraisal waiver) must deliver Special Feature Code 807 or 774 for value acceptance + property data. Incomplete items, physical deficiencies, or items affecting safety, soundness, or structural integrity may also be identified through the property data collection process. (The lender may obtain this form for the purpose of reporting gross monthly rent at delivery. We recommend that you use the latest version of FireFox or Chrome. the borrower is performing under the applicable bankruptcy plan. Inspection Training on program requirements, processes, and documentation. Yield interest equivalent to the interest the borrower could expect to obtain from a savings or money market account. Lenders must obtain and review a merged credit report in accordance with standard Selling Guide policies for payment history and pricing purposes. ), Selling, Securitizing, and Delivering Loans, Subpart B5: Unique Eligibility & Underwriting Considerations, Chapter B5-7: High Loan-to-Value Refinance Option, Research For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. by court order, the date the courts order is entered on the docket. must occur between 20 and 35 days apart. When the effective date of the original appraisal report is more than four months but less than 12 months from the date of the note and mortgage,the appraiser must perform an appraisal update that includes inspecting the exterior of the property and reviewing current market data to determine whether the property has declined in value since the date of the original appraisal report. do not affect the safety, soundness or structural integrity of the property or the ability to obtain an occupancy permit. sale and title is transferred by court order, the estimated court order docket date When a successful submission to UCDP is received by only one Agency, then follow the guidance below: o When using DU, a successful UCDP document file status is required from Fannie Mae. property inspection reports, . feel free to email. However, the servicer must not complete a property inspection every calendar month The lender must determine if repairs are required as a result of the inspection, verification per above requirements. Appraisals reported on Form 1004 must be completed in accordance with the. Additional responsibilities depend upon whether the property can be legally rebuilt, as described in the following table. (if known). 214.03 B Fannie Mae Will Not Confirm Nor Is Responsible for Amounts Owing to Servicer. Fannie Mae customers! The MarketWatch News Department was not involved in the creation of this content. Appraisal reports must reflect adverse conditions that were apparent during the inspection or discovered while performing research, such as, but not limited to, needed repairs, deterioration, or the . See B2-1.5-02, Loan Eligibility, for information regarding property valuation requirements for mortgage loans sold to Fannie Mae more than four months from the note date. Notice of Filing - AFFIDAVIT OF COSTS; AFFIDAVIT IN SUPPORT OF MOT FOR FINAL JGMT OF DEFICIENCY & AFFIDAVIT OF APPRISERParty: Plaintiff Dyck-O'Neal, Inc April 18, 2017. submit the appraisal selected by the lender through the UCDP prior to delivery. Whenthe appraisal showsthe existence of minor conditions or deferred maintenance that does not affect the safety, soundness, or structural integrity of the property, these items must be reflected in the appraiser'sopinion of value and the appraisal report must be completed "as-is."
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