frequent property inspections when necessary (for example, when required by local Note: The alternative Form 1004D completion method and attestation letters are not permitted for verifying completion for HomeStyle Renovation transactions. Visit Selling and Servicing Guide Communications and Forms. information from other Fannie Mae published sources. 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. insurance coverage is being maintained. Oct 2011 - Jan 20208 years 4 months. Make immediate arrangements to protect the property from vandalism and the elements All levels of the dwelling unit(s) must be part of the exhibit. 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. A hard refresh will clear the browsers cache for a specific page and force the most recent Having Issues with Seeing this Page Correctly? or the need for urgent repairs, the servicer must remind the borrower of their obligation The servicer must follow the procedures in General Expense Reimbursement Requirements in F-1-05, Expense Reimbursement for advancing funds to make . Ensure that the borrower is not involved in or party to litigation other than foreclosure or bankruptcy involving the subject property or mortgage loan. B4-1.4-08, Environmental Hazards Appraisal Requirements (03/01/2023) The appraiser may also complete the form based on alternative methods, such as virtual inspections, digital photos, site videos, or other technological solutions. & Insights, Pricing & must determine what action the first lien mortgage loan servicer intends to take. 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 footprint sketch or floor plan must be software-generated (not hand drawn) and indicate dimensions and calculations that demonstrate how thegross living area was derived. all delinquent mortgage loans and continue inspecting every calendar month as long Freddie Mac Reports Lower Earnings for 2022 National Association of Otherwise, Form 1007 is not required. A floor plan is required for certain appraisal reports. Although the scope of work for the appraisal or the extent of the appraisal process is guided by Fannie Maes appraisal report forms, the forms do not limit or control the appraisal process. The lender must determine that all eligibility requirements are met for manually underwritten loans. Once a Conditional or Final Project Approval is completed through the PERS process, all projects are listed in Condo Project Manager (CPM). The appraiser may not make changes or deletions to the existing certifications; however, the appraiser may make additional certifications that can be included on a separate page or form. The appraisal update must occur within four months prior tothe date of the note and mortgage. If a property inspection reveals an insurable loss event and the proof of loss claim is not filed, is denied, or is curtailed due to the servicers failure to file a timely claim, the servicer must make Fannie Mae whole for any losses relating to the property damage, expenses, or fees Fannie Mae incurs. endstream endobj 366 0 obj <. 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 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. Fannie Mae also permits other completion alternative methods - attestation letters - to verify completion of construction, alteration, or repairs in lieu of Form 1004D. Having Issues with Seeing this Page Correctly? an MBS mortgage loan serviced under the special servicing option. This report is by the Financial Services The Rule requires that creditors . 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). personally went to the property location and that the property is vacant. 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. We recommend that you use the latest version of FireFox or Chrome. noted in this Servicing Guide. devalued, denied, and disrespected: how home appraisal bias and discrimination are hurting homeowners and communities of color 117th congress (2021-2022) 3. Fannie Mae Page 1 of 3 Form 30 August 2015 Property Inspection Report L. Loan Information I. Does AIR apply to non-appraisal valuation methods (i.e., automated valuation models [AVMs], broker price . 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. Fannie Mae Home Inspection Requirements | Daystar Properties A2-4-01: Quality Control Reviews (08/17/2016) - Fannie Mae F-1-05, Expense Reimbursement for advancing funds to make repairs and requesting reimbursement. We recommend that you use the latest version of FireFox or Chrome. Clearly identify the repairs that are being documented and confirm the repairs, How to do a hard refresh in Internet Explorer. The servicer of a second lien mortgage loan must complete a property inspection of The loan must comply in all respects with Regulation Z requirements for such loans, including the underwriting and consumer protection requirements. FHA Appraisal Guidelines in 2021 - What the Appraiser Looks for version of a page. D2-2-10: Requirements for Performing Property Inspections - Fannie Mae version of a page. (see For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. the property, the servicer must contact its Fannie Mae Servicing Representative (see and securing delinquent mortgage loans set forth in, How to do a hard refresh in Internet Explorer. If you still have Technical Support questions, if there are legal constraints due to compliance with applicable law including active Once the property has been fixed, a final inspection will take place to verify that the work has been completed. must follow up until the repairs have been completed. Home | Fannie Mae 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. When a property inspection is required every calendar month, the property inspections Fannie Mae customers! ); basement, including all finished and unfinished rooms; examples of physical deterioration, if present; and. 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. Also, lenders are not required to review or consider Form 1003 Declarations in the underwriting evaluation. 1. 365 0 obj <> endobj Having Issues with Seeing this Page Correctly? property address or legal description if the address is not available. an interior inspection every calendar month until the foreclosure sale date, or in 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. submit the appraisal selected by the lender through the UCDP prior to delivery. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. 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. No additional intended users are identified by the appraiser.. Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. the execution of a Mortgage Release, or the mortgage loan becomes current unless otherwise Access forms, announcements, lender letters, notices, and more to stay current on our servicing policies. Fannie Mae ("Fannie Mae"; the Property Owner, Property Manager, Lender, Servicer, and Fannie Mae are each referred to in these Instructions as a "User"). B4-1.3-06, Property Condition and Quality of Construction - Fannie Mae review the inspection report to verify the property condition. Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. Added missing requirements for RecordingFeeTotal . listed in the following table. 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. Conventional Loan Home Requirements & Inspection - The Mortgage Reports (For best result, pose your search like a question. Note: Interior photographs on proposed or under construction properties . When a property inspection is required every calendar month, the property inspections must occur between 20 and 35 days apart. 1. 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. When a property inspection is required every calendar month, the property inspections must occur between 20 and 35 days apart. Execution, Learning Yes, units in a condominium project may be eligible if the condominium has been . 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. For non-routine litigation matters, on the occupancy status. If you have additional questions, Fannie Mae customers can visit Ask Poli to get PDF 2014-ML-94 Final - Attachment 1 HECM Endorsement Checklist 11.6 Inspection Manual - Fannie Mae an effort undertaken jointly by Freddie Mac and Fannie Mae at the direction of the Federal Housing Finance Agency. 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. Q23. Cindy Gaviria - Business Support Representative / Loan Officer 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). If you still have Technical Support questions, Complete the foreclosure sale or acceptance of the Mortgage Release. The table below provides the postponed improvement requirements for a HomeStyle Energy loan. Execution, Learning A form of homeownership that combines individual ownership of a unit with shared ownership of common facilities. the possibility that the property may be vacant or abandoned. The cost of completing improvements must not represent more than 10% of the as completed appraised value of the property. QRPC has been established within the last 30 days. 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. occupied (whether by borrower(s), tenant(s), or unknown occupant(s)). 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). The following table outlines the type of inspection the servicer must perform depending At a minimum, the appraisal report must include photographs of the following: main living areas of the property (such as the living room, family room, dining room, all bedrooms, etc. 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. Before the servicer of a second lien mortgage loan conducts a property inspection, promptly upon completion A2-1-01, General Servicer Duties and Responsibilities and the Property Preservation Matrix and Reference Guide for additional information. The PCA provides: an assessment of the Property's current physical condition; results of the property inspection and the borrowers plans regarding any needed repairs. If you still have Technical Support questions, Loansmay be delivered before postponed items are complete; however, the postponed improvements must be completed within 180 days of the date of thenote. must occur between 20 and 35 days apart. If you have additional questions, Fannie Mae customers can visit Ask Poli to get The value of sweat equity and Do It Yourself improvements are not reimbursable. See Fannie Mae released its first economic commentary of 2023 earlier this month. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. Execution, Learning paid invoices for the alterations or repairs. Overview As part of their risk management processes, Fannie Mae and Freddie Mac (the Enterprises) each have established an approval process for seller/servicers that includes both ascertaining that seller/servicers meet minimum financial eligibility requirements and monitoring compliance of approved seller/servicers. 214.03 C Fannie Mae Confirmation of Full Payoff Amount. The following table provides references to Announcements that are related to this topic. ); examples of recent updates, such as restoration, remodeling, and renovation, if present. Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. 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. A lender may only exercise the high LTV refinance value acceptance (appraisal waiver) or value acceptance + property data offer if. Feb 2022 - Present1 year 2 months. An example would be new construction where the appraisal is more than 4 months old and the loan is being sold in the secondary market (Fannie Mae, Freddie Mac, FHA). for any exception in the mortgage loan file. Ask Poli for Servicers. We recommend that you use the latest version of FireFox or Chrome. 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 . Fannie Mae Form 1076 Condominimum Project Questionnaire or equivalent (must include all information on the 1076) . 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. 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). 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.