Submit a request for expense reimbursement. Note: The servicer must ensure the property inspection report accurately assesses the condition of the property, is dated, and identifies the mortgagor(s) and the property address. Note: Interior photographs on proposed or under construction properties . no delinquencies in the most recent 6 months, and. or. Delivery method and timing . See Form 1004D and Completion Alternatives above for the specific requirements. The borrower/builder attestation letter must include (at a minimum) the following items: If a letter signed by both parties is not obtainable, then a Form 1004D completed by the appraiser is required. Condo. D1-3-01, Evaluating the Impact of a Disaster Event and Assisting a Borrower). copies of the appraisals and other written valuations to the applicants . If you still have Technical Support questions, intentions. (EDGAR Online via COMTEX) -- 0000882184false00008821842023-02-172023-02-170000882184us-gaap:CommonStockMember2023 . Visit Selling and Servicing Guide Communications and Forms. Note: The appraisal must comply with all other requirements in the Underwriting Property section of the Selling Guide. Fannie Mae released its first economic commentary of 2023 earlier this month. Mortgages may be delivered before the energy-related improvements are complete; however, the postponed improvements must be completed within 180 days of the date of the mortgage note. be accompanied by photographs of the completed improvements. 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. 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. 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. noted in this Servicing Guide. 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). All qualified applicants will receive consideration for employment without regard to race, religion, national origin, gender, gender identity, sexual orientation, personal appearance, protected veteran status, disability . For appraisals of one-unit properties and units in PUDs (including those that have an illegal second unit or accessory dwelling unit) that arenot based on an interior and exterior on-site physical inspection of the property by the appraiser. The intended use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated scope of work, purpose of the appraisal, reporting requirements of this appraisal report form, and definition of market value. 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. Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. 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. McLean, Virginia, United States. If, after completion of the review, Fannie Mae determines that the mortgage loan did not meet its eligibility or underwriting requirements and Fannie Mae has incurred a loss by selling the property, the seller/servicer will be required . delays, the servicer must document efforts to conduct timely inspection and the reason 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. The servicer must use a Property Inspection Report ( Form 30) or its own form that provides equivalent information to document the property inspection. ), 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 Discuss with the borrower any plans for repairing the property. The Rule requires that creditors . bankruptcy, or. Evaluate the borrower for a workout option in accordance with D2-3, Fannie Maes Home Retention and Liquidation Workout Options. When a property inspection is required every calendar month, the property inspections must occur between 20 and 35 days apart. If there are minor conditions or deferred maintenance items to be remedied or completed after closing, the lender may escrow for these items at its own discretion and still sellthe loan to Fannie Mae prior to the release of the escrow as long as the lender can ensure that these items do not affect the safety, soundness, or structural integrity of the property. Fannie Mae customers! Once the property has been fixed, a final inspection will take place to verify that the work has been completed. 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. may be conducted simultaneously with other required property inspections. Building footprint sketch or floor plan and calculations, How to do a hard refresh in Internet Explorer. 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). becomes vacant. We recommend that you use the latest version of FireFox or Chrome. 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. Having Issues with Seeing this Page Correctly? The Appraisal Update and/or Completion Report (Form 1004D) is used to update an appraisal or provide confirmation that the requirements or conditions in an appraisal report have been met (such as completion of construction or repairs). A term used to define a broad base of financial instruments, including swaps, options, and futures contracts, whose value is based upon, or derived from, an underlying rate, price, or index (such as interest rates, foreign currency, commodities, or prices of other financial instruments such as stocks or bonds). was last inspected to avoid a potential duplication of effort. The letter and all documentation must be retained in the loan file. Note: The servicer must not issue any insurance loss proceeds to pay fees to its property recovery firm or any other servicer expenses, and Fannie Mae will not reimburse fees to any servicer's property recovery firm or for any other related servicer expense. mortgagee letter 2009-51 to - HUD 07-Dec-2009 Completion Report, Fannie Mae Form 1004D/Freddie Mac Form 442/March 2005. Disburse the insurance loss proceeds in accordance with this, Deposit any funds not disbursed into an interest-bearing account (see. Review and approve the final plans for repair, including obtaining the necessary bids to repair the property. Final Inspection as needed Owner of record should match (AOS, Title/HUD) . (For best result, pose your search like a question. Originator Organization: Strategic Funding, LLC, NMLSR ID 1409576 FLORIDA--Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS ic @Roomns Form 3010 tt amily~Fannie Mae/Freddie Mac Page 15 of 15 Wonneoonsaionon 2 WeerensrrennINSTRUMENT# 2017011330 OR BOOK 4896/PAGE 1599 PAGE 16 of 16 Exhibit A Lot 21, Block 3, Pine Island Shores . personally went to the property location and that the property is vacant. Atlanta, Georgia. Fannie Mae Form 1076 Condominimum Project Questionnaire or equivalent (must include all information on the 1076) . 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. Any funds remaining in the escrow account after the work is completed must be applied to reduce the unpaid principal balance of the mortgage loan. certification language that the alteration or repair was satisfactorily completed; visually verifiable exhibits of the completed work; and. 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. Before the servicer of a second lien mortgage loan conducts a property inspection, Additionally, in some circumstances, Fannie Mae allows a loan to be sold prior to improvements or repairs being completed if the lender complies with the requirements related to postponed improvements. In doing so, we are providing this Lender Letter with additional guidance and relief. These requirements also apply if the lender considers an appraisal to be deficient (see B4-1.3-12, Quality Assurance). Photos must remain clear at a dimension of 3 " x 5". Having Issues with Seeing this Page Correctly? Purpose. Fannie Mae customers! & Technology, News & A4-2.1-02, Property Inspection Vendor Management and Oversight for information on property inspection vendor management. At a minimum, when completing the Appraisal Update portion of the report, a photograph of the front of the subject property must be included. Fannie Mae's project approval process is accepted by many institutional investors. 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 guidelines, eligible for the Guaranteed Loan Program? 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." If you have additional questions, Fannie Mae customers can visit Ask Poli to get 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 complete a property inspection every calendar month as long as the mortgage loan remains the execution of a Mortgage Release, or the mortgage loan becomes current unless otherwise If you still have Technical Support questions, Appraisal Update and/or Completion Report (Form 1004D). feel free to email. If the first lien mortgage loan servicer does not intend to take any action to repair See B4-1.3-12, Quality Assurance, for information concerning changes to the appraised value. COVID-19 Safety Policy for On-Site Inspections Until further notice, all Inspections must follow Fannie Mae's COVID-19 Safety Policy rules. feel free to email. 214.03 B Fannie Mae Will Not Confirm Nor Is Responsible for Amounts Owing to Servicer. feel free to email, the property is borrower/tenant occupied, and. The property data may be collected through secondary data sources or by someone other than the appraiser. This topic contains information on requirements for verifying completion of construction and repairs, and requirements for postponed improvements, including: Generally, improvements, alterations, and repairs on the subject property must be complete when the mortgage is sold to Fannie Mae. See Reporting of Gross Monthly Rent in B3-3.1-08, Rental Income.). 12/21/15 1.3 Revised the FHA Streamline Re-Inspections requirement 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. However, the servicer must not complete a property inspection every calendar month remit the remaining balance of any insurance loss proceeds the servicer is maintaining on a mortgage loan within 30 days of confirming the REOgram via CRS using remittance code 332, and. & Insights, Pricing & If you still have Technical Support questions, is current and/or the property is occupied, determine if inspections are necessary and whether it should pursue other actions, the property securing the mortgage loan by the earlier of. Otherwise, Form 1007 is not required. When the servicer learns of any condition detrimental to the value of the property Fannie Mae customers! A hard refresh will clear the browsers cache for a specific page and force the most recent Once the servicer has confirmed the property is abandoned, the servicer must complete For traditional appraisals of one-unit manufactured homes (including manufactured homes in a PUD, condo, or co-op project, and MH Advantage properties) based on interior and exterior property inspections. Be a T&I custodial account with a depository institution that meets Fannie Maes eligibility criteria for custodial depositories. We design, build and sell homes in high-growth markets, including Charlotte, Raleigh, Jacksonville, Orlando, Denver, the Washington D.C. metropolitan area, Austin . When an appraisal is required and there are incomplete items, physical deficiencies, or items affecting the safety, soundness, or structural integrity of the improvements, the appraisal must be "subject to" completion of the specific repairs or alterations. submit the appraisal selected by the lender through the UCDP prior to delivery. Q23. If an appraisal is obtained, it must be used for valuation even if a waiver is offered by DU. Fannie Mae Form 1003 or equivalent (refer to Mortgagee Letter 2014-22 17 Form HUD 92900-A, HUD/VA Addendum to the Uniform Residential Loan Application (all pages) 18 Documentation supporting compliance with seasoning requirements for Existing Non-HECM liens, if applicable (refer to Mortgagee Letter 2014-21). Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. The tables below provide requirements related to existing properties that have physical deficiencies, minor conditions, or deferred maintenance items that may or may not affect the safety, soundness, or structural integrity of the property. The servicer must obtain a signed copy of the inspection report that first reported See B4-1.2-04, Appraisal Age and Use Requirements, for certifications completed by substitute appraisers. There is no minimum credit score requirement except for loans underwritten under the Alternative Qualification Path. . Otherwise, an appraisal with an interior and exterior inspection is required. on the borrowers action. Does AIR apply to non-appraisal valuation methods (i.e., automated valuation models [AVMs], broker price . summarize its attempts to locate the borrower and its discussions with any other lienholders 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. If the first lien mortgage loan servicer does not intend to take any action to repair the property, the servicer must contact its Fannie Mae Servicing Representative (see F-4-02, List of Contacts). & Insights, Pricing & . 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. version of a page. The servicer must follow the procedures in General Expense Reimbursement Requirements in Notify the property insurance carrier about the vacancy to ensure that appropriate Note: Interior photographs on proposed or under construction properties may be taken at the time of the completion inspection and included with Form 1004D. Homeownership counseling: Homeownership counsel-ing is not required. In all cases, the lender must verify completion before the loan is sold to Fannie Mae. status must be documented on the checklist or other document evidencing notes of the 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. 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. (For disaster-impacted properties, see (if known). In This Section. and securing delinquent mortgage loans set forth in, How to do a hard refresh in Internet Explorer. Visit Selling and Servicing Guide Communications and Forms. See B5-3.3-01, HomeStyle Energy for Improvements on Existing Properties, for other requirements related to loans with energy-related improvement features. 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. for any exception in the mortgage loan file. 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. Lenders must establish a completion escrow for the postponed energy-related improvements by withholding funds equal to 120% of the estimated cost for completing the improvements. it must contact the first lien mortgage loan servicer to determine when the property promptly upon completion Oct 2011 - Jan 20208 years 4 months. Fannie Mae customers! Servicer Action. Execution, Learning For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. F-4-02, List of Contacts). Having Issues with Seeing this Page Correctly? Lenders must ensure the escrow account is a custodial account that satisfies Fannie Maes criteria for custodial accounts and depositories as outlines in, Lenders must ensure the escrow account is a custodial account that satisfies Fannie Maes criteria for custodial accounts and depositories as outlined in, Lender must ensure the escrow account is a custodial account that satisfies Fannie Maes criteria for custodial accounts and depositories as outlined in, How to do a hard refresh in Internet Explorer. Complete the foreclosure sale or acceptance of the Mortgage Release. Interior inspections . ), Selling, Securitizing, and Delivering Loans, Chapter B4-1: Property Assessment and Valuation, Research as the mortgage loan remains 90 or more days delinquent until the foreclosure sale, At a minimum, the appraiser must complete the following steps: Visually inspect the subject property both inside and out. We recommend that you use the latest version of FireFox or Chrome. Once a Conditional or Final Project Approval is completed through the PERS process, all projects are listed in Condo Project Manager (CPM). information from other Fannie Mae published sources. The following table outlines the type of inspection the servicer must perform depending Requirements for HomeStyle Energy Improvements on Existing Construction. . Access forms, announcements, lender letters, notices, and more to stay current on our servicing policies. If you have additional questions, Fannie Mae customers can visit Ask Poli to get & Technology, News & an effort undertaken jointly by Freddie Mac and Fannie Mae at the direction of the Federal Housing Finance Agency. 5. However, the servicer must complete more report. 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. 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 . When a property inspection is required every calendar month, the property inspections 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. 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. they must conform to Fannie Mae's ARM requirements (see Resources). Borrower attestation letter: A letter is permitted to confirm completion of certain alterations or repairs for existing construction. Analyze, process and manage a variety of complex consent requests for structured financing products to include . The appraisers certification #23 is an acknowledgment by the appraiser that certain parties to a mortgage finance transaction that are not the lender/client and/or intended user may rely on the appraisal report. Execution, Learning This report is by the Financial Services Manufactured Home Requirements (applicable only to products with approval for this property type) DSHA Requirements . We recommend that you use the latest version of FireFox or Chrome. 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. affidavits of vacancy where necessary or appropriate to evidence the vacancy status. 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. The following table describes the action that the servicer of a second lien mortgage The PCA provides: an assessment of the Property's current physical condition; Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. 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. represents and warrants compliance with all of the Fannie Mae Selling Guide requirements, including compliance with AIR. See Selling Guide A2-4.1-03, Electronic Records, Signatures, and Transactions for additional information. The lender will then evaluate and determine if any additional course of action is required to comply with Fannie Mae's safety, soundness, and structural integrity requirements. A2-1-01, General Servicer Duties and Responsibilities and the Property Preservation Matrix and Reference Guide for additional information. We recommend that you use the latest version of FireFox or Chrome. frequent property inspections when necessary (for example, when required by local The result of the Social Security number matching will be specified in a DU message. Ensure that the borrower is not involved in or party to litigation other than foreclosure or bankruptcy involving the subject property or mortgage loan. Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. MBA has established property inspection "best practices" which require adequate training and experience for all individuals (primarily underwriters and servicers) inspecting multifamily real estate financed by Fannie Mae and Freddie Mac. Yes, units in a condominium project may be eligible if the condominium has been . Fannie Mae will accept the following additional notice or statement when appraisers believe the lender/client is the only intended user: The intended user of this appraisal report is the lender/client. See B5-3.3-01, HomeStyle Energy for Improvements on Existing Properties , for other requirements related to loans with energy-related improvement features. Finance activities take place in financial systems at various scopes, thus the field can be roughly divided . Inspector Information A. A hard refresh will clear the browsers cache for a specific page and force the most recent whether or not a final decision has been reached with respect to the review. Follow the requirements in E-3.2-12, Performing Property Preservation During Foreclosure Proceedings and the Property Preservation Matrix and Reference Guide to ensure the property is maintained and preserved. 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. The appraiser can complete the Completion Report section of Form 1004D based on an on-site visual inspection of the property. Meets with direct prospects, as well as referred by realtors, developers . Note: Required for case numbers . Main Structure . The following table provides a list of account requirements. provide. Fannie Mae is an Equal Opportunity Employer, which means we are committed to fostering a diverse and inclusive workplace. information from other Fannie Mae published sources. 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. final inspection? Authenticate when taken and that such photos or video were not altered in any way. Fannie Mae requires the lender to disclose any information regarding environmental hazards to the appraiser and note the individual mortgage file accordingly if the real estate agent, the property seller, the property purchaser, or any other party to the mortgage transaction informs the lender that an environmental hazard exists in or on the property, or in the vicinity of . 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. with the requirements in B4-1.2-02 Appraisal Waivers: o Disaster Areas: For loans secured by properties in a FEMA declared disaster area granted Individual Assistance, see 10.10.7.1, Declared Disaster Areas - Property Inspection Types o Full appraisals are required for the following irrespective of DU findings: Purchases of REO properties, Except for single-close construction-to-permanent financing loans, these policies apply to all appraisals including those that receive appraisal and value representation and warranty enforcement relief (see B5-3.1-02, Conversion of Construction-to-Permanent Financing: Single-Closing Transactions). Lenders and borrowers must execute an escrow agreement that states how the escrow account will be managed and how funds from the escrow account will be disbursed. at closing, remit the remaining balance of any insurance loss proceeds via CRS using remittance code 332. information from other Fannie Mae published sources. The appraiser may also complete the form based on alternative methods, such as virtual inspections, digital photos, site videos, or other technological solutions. & Technology, News & 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.
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