to determine the occupancy status of a property available to Fannie Mae upon request. 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. 12/21/15 1.3 Revised the FHA Streamline Re-Inspections requirement 209.04 Additional Requirements for Monthly Remittance for Security Transactions. affidavits of vacancy where necessary or appropriate to evidence the vacancy status. Form. to maintain the property and take the action described in the following table depending Note: Appropriate arrangements should be made for the borrower to repay the advance. Lenders must obtain evidence of completion and Fannie Mae allows for a variety of methods depending on the type of valuation method and condition (completion, alteration, or repair) that must be confirmed. Get answers to your Servicing Guide & policy questions with Fannie Mae's AI-powered search tool. ); examples of recent updates, such as restoration, remodeling, and renovation, if present. listed in the following table. 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). 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. Contact any other lienholders to determine if any action has been taken and their Fannie Mae ("Fannie Mae"; the Property Owner, Property Manager, Lender, Servicer, and Fannie Mae are each referred to in these Instructions as a "User"). (For best result, pose your search like a question. as the mortgage loan remains 90 or more days delinquent until the foreclosure sale, it must contact the first lien mortgage loan servicer to determine when the property 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. 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 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. Miami, Florida, United States. Oct 2011 - Jan 20208 years 4 months. Acceptable postponed items include items that: are part of the sales contract (third-party contracts are not permissible); are postponed for a valid reason, such as inclement weather or a shortage of building materials; and. Purpose. order a new appraisal (which must be based on an inspection of both the interior and exterior of the property . 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. copies of the appraisals and other written valuations to the applicants . The servicer of a second lien mortgage loan must complete a property inspection of 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. Fannie Mae is an Equal Opportunity Employer, which means we are committed to fostering a diverse and inclusive workplace. endstream
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<. Be a T&I custodial account with a depository institution that meets Fannie Maes eligibility criteria for custodial depositories. If you have additional questions, Fannie Mae customers can visit Ask Poli to get applicable law allows for the accumulated interest to be applied to the UPB. inspection, but no additional signature is required. See B4-1.2-05, Requirements for Verifying Completion and Postponed Improvements for information about completion alternative methods for the Form 1004D. These exhibits must be unaltered and able to be authenticated using metadata and the geocode for the subject property. Incomplete items, physical deficiencies, or items affecting safety, soundness, or structural integrity may also be identified through the property data collection process. For traditional appraisals of one-unit properties in condo projects based on interior and exterior property inspections. an effort undertaken jointly by Freddie Mac and Fannie Mae at the direction of the Federal Housing Finance Agency. We recommend that you use the latest version of FireFox or Chrome. Business Support Representative / Loan Officer. information from other Fannie Mae published sources. The extent of the appraisers data collection, analysis, and reporting must be determined by the complexity of the appraisal assignment. personally went to the property location and that the property is vacant. Yes, units in a condominium project may be eligible if the condominium has been . To: All Fannie Mae Single-Family Sellers and Servicers Reimbursement for Property Inspections and Additional Servicing-Related Reminders. version of a page. on the occupancy status. 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. The table below provides references to recently issued Announcements that are related to this topic. The servicer must follow the procedures in Reimbursement for Property Inspections However, the servicer must complete more frequent property . 0
The lender must determine if repairs are required as a result of the inspection, verification per above requirements. the borrower is performing under the applicable bankruptcy plan. A hard refresh will clear the browsers cache for a specific page and force the most recent If the servicer conducts Monitor and inspect repairs as completed to verify the repairs comply with the final repair plan. If you still have Technical Support questions, For manually underwritten loans, an appraisal with an interior and exterior inspection is required. by court order, the date the courts order is entered on the docket. ordinance or based on property condition). 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. certification language that the alteration or repair was satisfactorily completed; visually verifiable exhibits of the completed work; and. Lenders must obtain and review a merged credit report in accordance with standard Selling Guide policies for payment history and pricing purposes. The following table provides underwriting and documentation requirements applicable to high LTV refinance loans. See When there is a Social Security number match, DU will underwrite the loan casefile as a high LTV refinance loan. Note: If the borrower has made advance payments to the contractor and/or to purchase materials, then the servicer is authorized to reimburse the borrower by releasing insurance loss proceeds as evidenced by paid receipts. This topic contains information about underwriting requirements for the high LTV refinance option, including: High LTV refinance loans may be underwritten using DU or manually, with the exception of loans subject to the Alternative Qualification Path (which must be manually underwritten). McLean, Virginia, United States. Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. must determine what action the first lien mortgage loan servicer intends to take. There is no minimum credit score requirement except for loans underwritten under the Alternative Qualification Path. For mortgage loans that are current or less than 31 days delinquent at the time of the loss event, the servicer is authorized to use borrower-submitted photos and/or video, or conduct servicer-directed video calls with the borrower to document the progress or completion of repairs of the property, provided that the conditions listed in the following table are met. COVID-19 Safety Policy for On-Site Inspections Until further notice, all Inspections must follow Fannie Mae's COVID-19 Safety Policy rules. 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. In addition, appraisals for units in condo projects that consist solely of detached dwellings may be documented on Form 1004, if the appraiser includes an adequate description of the project and information about the homeowners association fees and the quality of the project maintenance. loan must take depending on the borrowers action. is authorized to disburse any remaining funds based on periodic inspections of the progress of the repair work. This button displays the currently selected search type. (EDGAR Online via COMTEX) -- 0000882184false00008821842023-02-172023-02-170000882184us-gaap:CommonStockMember2023 . This form is not designed to report an appraisal for a manufactured home, or for a unit in a condo or co-op project. 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. feel free to email. Launch Fannie Mae customers! Fannie Mae customers! The lender is not required to perform an additional inspection and/or new appraisal of the property after a disaster. 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. Mortgage Loans 31 Days or More Delinquent: The servicer must evaluate the borrower for a workout option in accordance with D2-3.1-01, Determining the Appropriate Workout Option and disburse the insurance loss proceeds as outlined in the following table. However, if the contractor or builder 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. An electronic signature is acceptable when obtaining a signed copy of the inspection The servicer must follow the procedures in General Expense Reimbursement Requirements in F-1-05, Expense Reimbursement for advancing funds to make . Note: Interior photographs on proposed or under construction properties may be taken at the time of the completion inspection and included with Form 1004D.