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Note: See Establishing Written Policies or Procedures in A4-1-01, Staffing, Training, Procedures, and Quality Control Requirements and A4-1-02, Establishing Custodial Bank Accounts for additional details, including requirements for addressing unapplied funds held in the T&I custodial account and for reporting the status of funds in the custodial account to Fannie Mae. A link to the digital exhibits from within the form is acceptable but must be accessible by Fannie Mae for the life of the loan. A4-2.1-02, Property Inspection Vendor Management and Oversight for information on property inspection vendor management. The extent of the appraisers data collection, analysis, and reporting must be determined by the complexity of the appraisal assignment. The lender is not required to perform an additional inspection and/or new appraisal of the property after a disaster. Appraisals reported on Form 1004 Hybrid must be completed in accordance with the UAD Specification. a final appraisal inspection, updates the title policy, and obtains a signed completion certificate, which the lender gives to Fannie Mae to have the may be conducted simultaneously with other required property inspections. if there are legal constraints due to compliance with applicable law including active The table below provides references to the Announcements that have been issued that are related to this topic. The following table describes the servicers next steps depending on the mortgage Submit a Report of Property Insurance Loss (Form 176) to Fannie Maes SF CPM division (see F-4-02, List of Contacts within five business days of the servicer receiving notification of the damages. information from other Fannie Mae published sources. all delinquent mortgage loans and continue inspecting every calendar month as long For traditional appraisals of one-unit properties in condo projects based on interior and exterior property inspections. . Otherwise, an appraisal with an interior and exterior inspection is required. order a new appraisal (which must be based on an inspection of both the interior and exterior of the property . Visit Selling and Servicing Guide Communications and Forms. Loan-level price adjustments: . Fannie Mae customers! The appraiser can complete the Completion Report section of Form 1004D based on an on-site visual inspection of the property. it must contact the first lien mortgage loan servicer to determine when the property Having Issues with Seeing this Page Correctly? an MBS mortgage loan serviced under the special servicing option. insurance coverage is being maintained. Purpose. Appraisals reported on Form 1073 must be completed in accordance with the UAD Specification. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. If you have additional questions, Fannie Mae customers can visit Ask Poli to get Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. A map showing the location of the subject property and the comparables that the appraiser used. copies of the appraisals and other written valuations to the applicants . When the lender is required by law to obtain an appraisal, the lender must comply with such requirements, but may still exercise the offer. Refer to the "STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS" included in each Fannie Mae appraisal report to determine if a floor plan is required. Receipts are not necessary if the loss proceeds are less than or equal to $40,000. Notice of Filing - Original Note, Copy of Original Mortgage d 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. Visit Selling and Servicing Guide Communications and Forms. The PCA provides: an assessment of the Property's current physical condition; Appraiser Independence Requirements - Fannie Mae Authenticate when taken and that such photos or video were not altered in any way. Execution, Learning Access 1. D1-3-01, Evaluating the Impact of a Disaster Event and Assisting a Borrower). This button displays the currently selected search type. . Notify the property insurance carrier about the vacancy to ensure that appropriate Miami, Florida, United States. B5-7-02, High LTV Refinance Underwriting, Documentation, and Collateral Denise Thomas - Vice President, Compliance and Operational - LinkedIn Fannie Mae released its first economic commentary of 2023 earlier this month. (see Oct 2011 - Jan 20208 years 4 months. In This Section. However, the servicer must complete more frequent property . use any insurance loss proceeds to reduce the outstanding mortgage loan debt. 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 version of a page. (For best result, pose your search like a question. The servicer must inspect a property as soon as possible after it becomes aware of Homeownership counseling: Homeownership counsel-ing is not required. FHA Appraisal Guidelines in 2021 - What the Appraiser Looks for and Property Preservation Expenses in Project Eligibility Review Service (PERS) Overview - Fannie Mae must occur between 20 and 35 days apart. Visit Selling and Servicing Guide Communications and Forms. frequent property inspections when necessary (for example, when required by local 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. Submit a request for expense reimbursement. An elected board of directors is responsible for operations and management . loan must take depending on the borrowers action. However, the servicer must complete more frequent property . An electronic signature is acceptable when obtaining a signed copy of the inspection Cindy Gaviria - Business Support Representative / Loan Officer Lenders must obtain and review a merged credit report in accordance with standard Selling Guide policies for payment history and pricing purposes. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. However, if the contractor offers a guaranteed fixed-price contract for completion of the improvements, the funds in the completion escrow only need to equal the full amount of the contract price. PDF HomeStyle Renovation Mortgage - Federal Deposit Insurance Corporation 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. Once the servicer has confirmed the property is abandoned, the servicer must complete %PDF-1.6 % Complaint (eFiled) - Party: Plaintiff Federal National Mtg Assn Fannie Mae When one borrower is on the new loan casefile but more than one borrower is on the existing loan, the DU message will state that it appears that a borrower is being removed with transaction and refer the lender to the Selling Guide for additional requirements on removing a borrower with a high LTV refinance transaction. & Technology, News & The result of the Social Security number matching will be specified in a DU message. DU will issue a message informing the lender that the Social Security number(s) does not match and remind the lender to confirm the property address. This topic contains information on appraisal report forms and exhibits, including: Appraisers must use the most recent version of the appraisal report forms and include any other information, either as an attachment or addendum to the appraisal report form, needed to adequately support the opinion of market value. FinCEN explained that these entities were involved in providing financing to the residential mortgage market, making them vulnerable to fraud and other . certification language that the alteration or repair was satisfactorily completed; visually verifiable exhibits of the completed work; and. 1004d - Fill Online, Printable, Fillable, Blank | pdfFiller XLS www.lakeviewcorrespondent.com Otherwise, Form 1007 is not required. Freddie Mac Form 442 March 2005 Page 1 of 1 Fannie Mae Form 1004D March 2005 . Monitor and inspect repairs as completed to verify the repairs comply with the final repair plan. the offer is not more than four months old on the date of the note and the mortgage. Visit Selling and Servicing Guide Communications and Forms. 401 0 obj <>stream The request must include the mortgage loan and property information, a description of the specific damage or loss, details of the insurance claim, and a business justification for the request. 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 servicer must use a Property Inspection Report (Form 30) or its own form that provides equivalent information to document the property inspection. ); examples of recent updates, such as restoration, remodeling, and renovation, if present. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. Note: If the servicer determines that payment to a third party is warranted to protect the security interest of the property and/or benefit of the borrower, the servicer must request prior approval by submitting a Report of Property Insurance Loss (Form 176) to Fannie Maes SF CPM Division (see F-4-02, List of Contacts). Each owner has a separate mortgage for his or her unit and is responsible for making the payments on the loan and paying associated real estate taxes. Manufactured Home Requirements (applicable only to products with approval for this property type) DSHA Requirements . The lender must determine if repairs are required as a result of the inspection, verification per above requirements. This certification clarifies that such other parties include the borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government-sponsored enterprises, and other secondary market participants. The appraiser may also complete the form based on alternative methods, such as virtual inspections, digital photos, site videos, or other technological solutions. 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. The inspection report must be retained in the loan file and made available to Fannie Mae upon request. The content of the inspection report must be sufficient for the lender to determine whether the property is safe, sound, and structurally secure. ); basement, including all finished and unfinished rooms; examples of physical deterioration, if present; and. COVID-19 Safety Policy for On-Site Inspections Until further notice, all Inspections must follow Fannie Mae's COVID-19 Safety Policy rules. If you still have Technical Support questions, See Form 1004D and Completion Alternatives above for the specific requirements. or the need for urgent repairs, the servicer must remind the borrower of their obligation 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. XLSX sf.freddiemac.com to the extent that local laws allow such action. 388 0 obj <>/Filter/FlateDecode/ID[<49E9915CB71A4842BC45108436D22720><969FBA886B8FA547A58D137564D07023>]/Index[365 37]/Info 364 0 R/Length 108/Prev 163715/Root 366 0 R/Size 402/Type/XRef/W[1 3 1]>>stream feel free to email. A hard refresh will clear the browsers cache for a specific page and force the most recent ), Escrow, Taxes, Assessments, and Insurance, Mortgage Loan Payment Processing, Remitting, Accounting, and Reporting, Default-Related Legal Services, Bankruptcy, Foreclosure Proceedings, and Acquired Properties, Servicing Guide Procedures, Exhibits, and Quick Reference Materials, Research Promoted to Senior Vice President October 2015 with exposure leading several groups including Mortgage Credit Policy Committee, Quality . The table below provides references to recently issued Announcements that are related to this topic. Ensure a full and accurate review of income, assets, credit reports, title, hazard insurance, notes, appraisals for Fannie Mae (DU), Freddie Mac (LP) and Non-QM loan programs for W2 wage-earners . If the Social Security number for any of the borrowers on the loan casefile do not match using all nine digits, DU will advise the lender. must follow up until the repairs have been completed. the possibility that the property may be vacant or abandoned. Requirements for HomeStyle Energy Improvements on Existing Construction. Yield interest equivalent to the interest the borrower could expect to obtain from a savings or money market account. E-3.3-03, Inspecting Properties Prior to Foreclosure Sale for additional information. Note: Required for case numbers . The floor plan must include the following: For a unit in an apartment-style condo or co-op project, the sketch of the unit must indicate interior perimeter unit dimensions rather than exterior building dimensions (dimensions and estimates for gross living area shown in the condo documents are acceptable). Borrower/builder attestation letter: For new or proposed construction, a letter is permitted to confirm the property was completed and constructed in conformity with the plans and specifications, amendments, and change orders. delays, the servicer must document efforts to conduct timely inspection and the reason certification language that the property was constructed in conformity with the plans and specifications including any amendments or changes, signatures and dates by the borrower(s) and builder, and, exterior and interior photos of the property (see. Condo. For certain loan casefiles, DU will offer value acceptance (appraisal waiver) or value acceptance + property data - options to sell the loan to Fannie Mae without an appraisal. The appraisers analysis should go beyond any limitations of the forms, with additional comments and exhibits being used if they are needed to adequately describe the subject property, document the analysis and valuation process, or support the appraisers conclusions. (For best result, pose your search like a question. or. Fannie Mae customers! According to the 2021 FHA appraisal guidelines, all properties being purchased with an FHA-insured mortgage loan must be appraised by a licensed, HUD-approved home appraiser. 365 0 obj <> endobj The servicer is authorized to consider a curbside (drive-by) inspection as an exterior Each Fannie Mae appraisal report form includes an appraisers certification (and, if applicable, a supervisory appraisers certification) and a statement of assumptions and limiting conditions. The following table provides references to Announcements that are related to this topic. Added missing requirements for RecordingFeeTotal . feel free to email. See B5-3.3-01, HomeStyle Energy for Improvements on Existing Properties, for other requirements related to loans with energy-related improvement features. & Technology, News & The following table outlines the type of inspection the servicer must perform depending noted in this Servicing Guide. Note: The appraisal must comply with all other requirements in the Underwriting Property section of the Selling Guide. Obtain complete details on the damage to the property and determine the needed repairs. a property inspection, it must notify the first lien mortgage loan servicer of the See B4-1.2-05, Requirements for Verifying Completion and Postponed Improvements for information about completion alternative methods for the Form 1004D. Overall, the home inspection requirements . Get answers to your Servicing Guide & policy questions with Fannie Mae's AI-powered search tool. A hard refresh will clear the browsers cache for a specific page and force the most recent Anti-Money Laundering Regulations for Real Estate Transactions 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. 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. Disburse the insurance loss proceeds in accordance with this, Deposit any funds not disbursed into an interest-bearing account (see. The exhibits in the following table must accompany the appraisal report. (For best result, pose your search like a question. But there are a few basic property standards. complete a property inspection every calendar month as long as the mortgage loan remains These exhibits must be unaltered and able to be authenticated using metadata and the geocode for the subject property. This report is by the Financial Services Having Issues with Seeing this Page Correctly? 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. devalued, denied, and disrespected: how home appraisal bias and discrimination are hurting homeowners and communities of color 117th congress (2021-2022) Fannie Mae requires that the appraiser conduct a complete visual inspection of the accessible areas of the interior and exterior of the property. When should the property inspection be performed if it is - Fannie Mae & Insights, Pricing & (For best result, pose your search like a question. The servicer must follow the procedures in Reimbursement for Property Inspections 01/22/16 1.4 Revised the FHA Streamline Re-Inspections requirement to remove the Fannie Mae 2075 form requirement. Immediately issue the borrower a check for any amount designated for contents (for example personal property) or living expenses. Conduct a final inspection to ensure all repairs are completed if the mortgage loan is 31 days or more delinquent at the time of the loss event. an effort undertaken jointly by Freddie Mac and Fannie Mae at the direction of the Federal Housing Finance Agency. & Insights, Pricing & Feb 2022 - Present1 year 2 months. Fannie Mae Home Inspection Requirements | Daystar Properties 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. 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 following table provides underwriting and documentation requirements applicable to high LTV refinance loans. If the borrower is not eligible for a workout option in accordance with D2-3, Fannie Maes 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 Maes servicing solutions system. be accompanied by photographs of the completed improvements. When none of the borrower Social Security numbers match, the loan casefile will not be underwritten as a high LTV refinance loan. Note: Interior photographs on proposed or under construction properties . 214.03 B Fannie Mae Will Not Confirm Nor Is Responsible for Amounts Owing to Servicer. 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. Read court documents, court records online and search Trellis.law comprehensive legal database for any state court documents. at closing, remit the remaining balance of any insurance loss proceeds via CRS using remittance code 332. INSTRUCTIONS FOR PERFORMING A MULTIFAMILY PROPERTY - Fannie Mae 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.