House report on REPORT ON THE ACTIVITY OF THE COMMITTEE ON FINANCIAL SERVICES OF THE UNITED STATES HOUSE OF REPRESENTATIVES FOR THE ONE HUNDRED AND SEVENTEENTH CONGRESS. When a limited cash-out refinance loan casefile that meets the minimum LTV requirement for a high LTV refinance loan is underwritten in DU, internal data will be used to determine if Fannie Mae owns the loan on the property, and if that loan is eligible to be refinanced using the high LTV refinance option. When none of the borrower Social Security numbers match, the loan casefile will not be underwritten as a high LTV refinance loan. When DU finds a loan for the subject property address using either the address provided on the DU loan application or the standardized address, DU will then confirm that the Social Security number(s) for the borrower(s) on the new loan casefile match those on the existing loan. Note: Interior photographs on proposed or under construction properties may be taken at the time of the completion inspection and included with Form 1004D. See Selling Guide A2-4.1-03, Electronic Records, Signatures, and Transactions for additional information. If you still have Technical Support questions, Main Structure . Note: The appraisal must comply with all other requirements in the Underwriting Property section of the Selling Guide. The . Having Issues with Seeing this Page Correctly? a final appraisal inspection, updates the title policy, and obtains a signed completion certificate, which the lender gives to Fannie Mae to have 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. Verification of completion of construction is required (in accordance with the requirements above) before sale of the loan to Fannie Mae, unless the lender complies with the postponed improvements policies described below. Contact any other lienholders to determine if any action has been taken and their The table below provides references to recently issued Announcements that are related to this topic. If the repairs are finished in a timely and satisfactory manner, the escrow account will release the funds. 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. is authorized to disburse any remaining funds based on periodic inspections of the progress of the repair work. Center, Apps Otherwise, an appraisal with an interior and exterior inspection is required. by court order, the date the courts order is entered on the docket. 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. The Fannie Mae "temporary" requirements apply to all condominiums and cooperatives with five or more attached units and went into effect for "whole loans purchased on or after January 1, 2022. ); examples of recent updates, such as restoration, remodeling, and renovation, if present. including loan amount limits and credit score requirements. 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. For appraisal updates and/or completion reports for all one- to four-unit properties. 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. Homeownership counseling: Homeownership counsel-ing is not required. If you still have Technical Support questions, Fannie Mae customers! All completion documentation must include one or more visually verifiable exhibits. This topic contains information about the following: When an appraisal is obtained, the property must be appraised within the 12 months prior to the date of the note and mortgage. The borrower and the lender/client must be the same on the original and subsequent transaction. Get answers to your Servicing Guide & policy questions with Fannie Mae's AI-powered search tool. An electronic signature is acceptable when obtaining a signed copy of the inspection The following table describes the servicers next steps depending on the mortgage inspection only in the following circumstances: The servicer must maintain and make any checklists or other documentation relied upon . The lender is not required to ensure that the borrower has had these items repaired prior to sale of the loan to Fannie Mae when the appraisal is completed "as-is.". 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. COVID-19 Safety Policy for On-Site Inspections Until further notice, all Inspections must follow Fannie Mae's COVID-19 Safety Policy rules. The lender must determine that all eligibility requirements are met for manually underwritten loans. The servicer must take the steps shown in the following table to obtain reimbursement of HOA assessments and related expenses. sale and title is transferred by court order, the estimated court order docket date For traditional appraisals of one-unit properties in condo projects based on interior and exterior property inspections. The servicer must use a Property Inspection Report ( Form 30) or its own form that provides equivalent information to document the property inspection. (For disaster-impacted properties, see In This Section. See Form 1004D and Completion Alternatives above for the specific requirements. When updates are completed by substitute appraisers, the substitute appraiser must review the original appraisal report and express an opinion about whether the original appraisers opinion of market value was reasonable on the date of the original appraisal report. Lenders must obtain a final title report, which must not show any outstanding mechanics liens, take any exceptions to the postponed improvements, or take any exceptions to the escrow agreement. But there are a few basic property standards. A hard refresh will clear the browsers cache for a specific page and force the most recent A certification of completion must be obtained to verify the work was completed and must: state that the improvements were completed in accordance with the requirements and conditions in the original appraisal report, and. examples of recent updates, such as restoration, remodeling, and renovation, if present. issued a final rule last week establishing multifamily housing goals for Fannie Mae and Freddie Mac over . Revised the General Inspection Requirements section to align with the appraiser requirements stated in the Appraisal Management Policy. Yield interest equivalent to the interest the borrower could expect to obtain from a savings or money market account. If the mortgage loan progresses to foreclosure sale, the servicer must follow the requirements in E-3.3-05, Issuing Bidding Instructions for determining the foreclosure sale bid amount. Fannie Mae Page 1 of 3 Form 30 August 2015 Property Inspection Report L. Loan Information I. 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. submit the appraisal selected by the lender through the UCDP prior to delivery. Fannie Mae customers! to determine the occupancy status of a property available to Fannie Mae upon request. information from other Fannie Mae published sources. The exhibits in the following table must accompany the appraisal report. The appraiser is responsible for noting in his/her report any adverse conditions (such as, but not limited to, needed repairs; deterioration; or the presence of hazardous wastes, toxic substances, or . The following table provides a list of account requirements. promptly upon completion 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. We recommend that you use the latest version of FireFox or Chrome. Fannie Mae reserves the right to require, the use of a prescribed form of checklist, or. Business Support Representative / Loan Officer. The age of the appraisal report mustbe lessthan 12 months from the notedate of the subsequent transaction. The servicer must inspect a property as soon as possible after it becomes aware of Authenticate when taken and that such photos or video were not altered in any way. frequent property inspections when necessary (for example, when required by local 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. Mortgage Loans for Properties that are Abandoned and/or Have a Scheduled Foreclosure Sale Date: If the borrower wants to repair or restore the property, then the servicer must take the actions described in the following table. Step. Incomplete items, physical deficiencies, or items affecting safety, soundness, or structural integrity may also be identified through the property data collection process. foreclosure sale, or in applicable foreclosure actions where there is no foreclosure Otherwise, Form 1007 is not required. Valuation Requirements. the vacancy, in which the person who completed the inspection certifies that they In-depth home inspections are typically not required. 01/22/16 1.4 Revised the FHA Streamline Re-Inspections requirement to remove the Fannie Mae 2075 form requirement. We recommend that you use the latest version of FireFox or Chrome. an MBS mortgage loan serviced under the special servicing option. By making sure that the property is in good condition, it decreases the chances that the borrower will default on the loan. Appraisals reported on Form 1004 Hybrid must be completed in accordance with the UAD Specification. The servicer must pay the accumulated interest to the borrower once the repairs to the property have been completed, unless, the borrower requests an earlier disbursement of the interest, or. . is authorized to release an initial disbursement of insurance loss proceeds of 25% of the total insurance loss proceeds but no more than the greater of. 2. The property data may be collected through secondary data sources or by someone other than the appraiser. Ensure that the borrower is not involved in or party to litigation other than foreclosure or bankruptcy involving the subject property or mortgage loan. Disburse the insurance loss proceeds in accordance with this, Deposit any funds not disbursed into an interest-bearing account (see. 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 Maes lien. Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. A map showing the location of the subject property and the comparables that the appraiser used. feel free to email, the property is borrower/tenant occupied, and. Please refer to Supplement 20-14 to the Fannie Mae Multifamily Selling and Servicing Guide for additional detail. & Insights, Pricing & The servicer must follow the procedures in General Expense Reimbursement Requirements in they must conform to Fannie Mae's ARM requirements (see Resources). The table below provides references to recently issued Announcements that are related to this topic. & Insights, Pricing & It led off by maintaining its forecast of a modest recession beginning in the first half of the year, despite signs of economic strength at the of last year. McLean, Virginia, United States. & Technology, News & The original appraiser should complete the appraisal update; however, lenders may use substitute appraisers. 30UL Hna`@,v?,A
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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. Repairs to a property damaged as the result of a disaster (as defined by this Selling Guide) are not required prior to loan sale as long as the loan meets the applicable property insurance requirements.