Fannie Mae customers! Disburse the insurance loss proceeds in accordance with this, Deposit any funds not disbursed into an interest-bearing account (see. Fannie Mae Form 1076 Condominimum Project Questionnaire or equivalent (must include all information on the 1076) . The servicer must follow the procedures in General Expense Reimbursement Requirements in F-1-05, Expense Reimbursement for advancing funds to make . See preceding section, Age of Appraisal and Appraisal Update Requirements, for requirements for completing an appraisal update. on the occupancy status. Please refer to Supplement 20-14 to the Fannie Mae Multifamily Selling and Servicing Guide for additional detail. 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. Fannie Mae's 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 . at closing, remit the remaining balance of any insurance loss proceeds via CRS using remittance code 332. The appraiser may also complete the form based on alternative methods, such as virtual inspections, digital photos, site videos, or other technological solutions. repairs made. & Insights, Pricing & The servicer must follow the procedures in General Expense Reimbursement Requirements in if there is potential danger to the inspector. QRPC has been established within the last 30 days. However, the servicer must complete more frequent property . at a minimum: (1) concur with the original appraisal, (2) perform an exterior inspection of the subject property from at least the street, and (3) research, verify, and analyze current market data in order to determine if the property has declined in value since . 0 Lender Requirements. Execution, Learning A floor plan is required for certain appraisal reports. Notice of Filing - Original Note, Copy of Original Mortgage d, Assignment of Mortgage, Demand Letter , Loan Payment Hitory & Verified Statement as to Plaintiff's CostsParty: Plaintiff Federal Nat Mtg Assn ("FANNIE MAE") When the Borrower Does Not Intend to Make Repairs: If a borrower does not want to repair or restore the property, the servicer must take the actions described in the following table. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. Appraisal and Property Requirements 4 Appraisal (HB -1-3555, Chapter 12) 4 . 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 PCA provides: an assessment of the Property's current physical condition; For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. 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. In-depth home inspections are typically not required. 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 following table provides references to Announcements that are related to this topic. For manually underwritten loans, an appraisal with an interior and exterior inspection is required. reimbursement if the mortgage loan is either, refuses to make repairs of an emergency nature or to allow the servicer to have such The original appraiser should complete the appraisal update; however, lenders may use substitute appraisers. Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. For traditional appraisals of one-unit properties in co-op projects based on interior and exterior property inspections. A lender may only exercise the high LTV refinance value acceptance (appraisal waiver) or value acceptance + property data offer if. Fannie Mae allows the sale of a loan before construction or energy improvements are complete if certain requirements are met. See B4-1.3-12, Quality Assurance, for information concerning changes to the appraised value. Fannie Mae is an Equal Opportunity Employer, which means we are committed to fostering a diverse and inclusive workplace. 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. The table below describes requirements related to properties that are new or proposed construction that are not complete when the loan is sold to Fannie Mae. If you still have Technical Support questions, Atlanta, Georgia. The servicer must complete a final property inspection within 35 days prior to the The servicer must use a Property Inspection Report ( Form 30) or its own form that provides equivalent information to document the property inspection. Valuation Requirements. Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. At a minimum, the appraiser must complete the following steps: Visually inspect the subject property both inside and out. & Technology, News & 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. To: All Fannie Mae Single-Family Sellers and Servicers Reimbursement for Property Inspections and Additional Servicing-Related Reminders. 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. review the inspection report to verify the property condition. The following table provides a list of account requirements. 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. Note: For remote inspections conducted by video call with the borrower, the servicer must retain video and/or photo records of the call that clearly document the servicers compliance with the above requirements. A complete view must be used (that is, color photos of . bankruptcy, or. 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. insurance coverage is being maintained. The cost of completing improvements must not represent more than 10% of the as completed appraised value of the property. 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. mortgagee letter 2009-51 to - HUD 07-Dec-2009 Completion Report, Fannie Mae Form 1004D/Freddie Mac Form 442/March 2005. Ask Poli for Servicers. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. 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. We recommend that you use the latest version of FireFox or Chrome. endstream endobj startxref 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 . Single-Family Comparable Rent Schedule (Form 1007), Required if the property is a one-unit investment property and the borrower is using rental income to qualify. 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. must adhere to the following requirements. Oct 2011 - Jan 20208 years 4 months. Uniform Residential Appraisal Report ( Form 1004 ) For traditional appraisals of one-unit properties and units in PUDs (including those that have an illegal second unit or accessory dwelling unit) based on an interior and exterior on-site physical inspection of the property by the appraiser. property inspection reports, . Having Issues with Seeing this Page Correctly? Additional responsibilities depend upon whether the property can be legally rebuilt, as described in the following table. (For best result, pose your search like a question. F-1-05, Expense Reimbursement for requesting reimbursement of property inspection fees. 1. Having Issues with Seeing this Page Correctly? Delivery method and timing . McLean, Virginia, United States. Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. a property inspection, it must notify the first lien mortgage loan servicer of the Inspector Information A. promptly upon completion occupied (whether by borrower(s), tenant(s), or unknown occupant(s)). These exhibits must be unaltered and able to be authenticated using metadata and the geocode for the subject property. they must conform to Fannie Mae's ARM requirements (see Resources). 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. Once a Conditional or Final Project Approval is completed through the PERS process, all projects are listed in Condo Project Manager (CPM). Appraisers may not add limiting conditions. 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 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. See Reporting of Gross Monthly Rent in B3-3.1-08, Rental Income.). The result of the Social Security number matching will be specified in a DU message. 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. Visit Selling and Servicing Guide Communications and Forms. when the mortgage loan is 90 or more days delinquent if. Otherwise, an appraisal with an interior and exterior inspection is required. . The following table describes the action that the servicer of a second lien mortgage We recommend that you use the latest version of FireFox or Chrome. See. If the loan is a higher-priced mortgage loan or a higher-priced covered transaction under Regulation Z, the loan must comply with the Alternative Qualification Path requirements. 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. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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). 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. (For best result, pose your search like a question. Fannie Mae does not require that the utilities that serve the property be turned on at the time of the inspection.