Get answers to your Servicing Guide & policy questions with Fannie Mae's AI-powered search tool. Visit Selling and Servicing Guide Communications and Forms. 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 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 . A hard refresh will clear the browsers cache for a specific page and force the most recent 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. This report is by the Financial Services 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). But there are a few basic property standards. Appraisal reports must be completed on one of the following Fannie Mae appraisal forms. F-4-02, List of Contacts). 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. All completion documentation must include one or more visually verifiable exhibits. DU is unable to determine if a loan casefile is a higher-priced mortgage loan or a higher-priced covered transaction under Regulation Z. If you have additional questions, Fannie Mae customers can visit Ask Poli to get Overall, the home inspection requirements . if there are legal constraints due to compliance with applicable law including active If you have additional questions, Fannie Mae customers can visit Ask Poli to get A hard refresh will clear the browsers cache for a specific page and force the most recent Lender Requirements. (For best result, pose your search like a question. If you have additional questions, Fannie Mae customers can visit Ask Poli to get When the lender is required by law to obtain an appraisal, the lender must comply with such requirements, but may still exercise the offer. Submit a request for expense reimbursement. documentation of liquid financial reserves equal to 12 months of the new monthly housing payment. However, the servicer must complete more information from other Fannie Mae published sources. The servicer must deposit the insurance loss proceeds not disbursed to the borrower in an interest-bearing account. noted in this Servicing Guide. Notify the property insurance carrier about the vacancy to ensure that appropriate Events, Verification of Completion: New or Proposed Construction, Verification of Completion: Existing Construction, B4-1.2-04, Appraisal Age and Use Requirements, B4-1.2-01, Appraisal Report Forms and Exhibits, B4-1.3-06, Property Condition and Quality of Construction of the Improvements, B5-3.3-01, HomeStyle Energy for Improvements on Existing Properties, Borrower/builder attestation letter with supporting evidence, Borrower attestation letter with supporting evidence. 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." An elected board of directors is responsible for operations and management . use any insurance loss proceeds to reduce the outstanding mortgage loan debt. Otherwise, an appraisal with an interior and exterior inspection is required. See preceding section, Age of Appraisal and Appraisal Update Requirements, for requirements for completing an appraisal update. How to do a hard refresh in Internet Explorer. Having Issues with Seeing this Page Correctly? Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. Feb 2022 - Present1 year 2 months. 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. At a minimum, when completing the Appraisal Update portion of the report, a photograph of the front of the subject property must be included. In all cases, the lender must verify completion before the loan is sold to Fannie Mae. When there is a Social Security number match, DU will underwrite the loan casefile as a high LTV refinance loan. This is a dual- purpose form. listed in the following table. The appraiser may also complete the form based on alternative methods, such as virtual inspections, digital photos, site videos, or other technological solutions. 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. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. Obtain complete details on the damage to the property and determine the needed repairs. such as legal action, to have emergency repairs made. See Reporting of Gross Monthly Rent in B3-3.1-08, Rental Income.). 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. See B4-1.2-04, Appraisal Age and Use Requirements, for certifications completed by substitute appraisers. Repairs to a property damaged as the result of a disaster (as defined by this Selling Guide) are not required prior to loan sale as long as the loan meets the applicable property insurance requirements. The table below provides references to recently issued Announcements that are related to this topic. endstream endobj 366 0 obj <. complete a property inspection every calendar month as long as the mortgage loan remains Fannie Mae customers! occupied (whether by borrower(s), tenant(s), or unknown occupant(s)). Launch must adhere to the following requirements. Execution, Learning 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. is authorized to make the disbursement in one payment. 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. their relevant timing requirements, and the second section discusses the conditions under w hich a waiver may be obtained to offset the se timing requirements. The table below provides references to the Announcements that have been issued that are related to this topic. For traditional appraisals of two- to four-unit properties (including two- to four-unit properties in PUD, condo, or co-op projects) based on interior and exterior property inspections. 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. Completion must be confirmed using Form 1004D or an acceptable completion alternative as described above. paid invoices for the alterations or repairs. The appraiser can complete the Completion Report section of Form 1004D based on an on-site visual inspection of the property. 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 best result, pose your search like a question. & Insights, Pricing & If you have additional questions, Fannie Mae customers can visit Ask Poli to get View full Fact Sheet. Business Support Representative / Loan Officer. 3. Having Issues with Seeing this Page Correctly? A hard refresh will clear the browsers cache for a specific page and force the most recent the possibility that the property may be vacant or abandoned. When the servicer learns of any condition detrimental to the value of the property (These requirements are not applicable when energy improvements are included in HomeStyle Renovation loan). If the appraisal report is greater than fourmonths fromthe date of the note and mortgage, then an appraisal update is required. 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. McLean, Virginia, United States. The servicer must follow the procedures in General Expense Reimbursement Requirements in certification language that the alteration or repair was satisfactorily completed; visually verifiable exhibits of the completed work; and. If you still have Technical Support questions, 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). hb```@(1Aag?|\9)GVukvDKw9^]_oquC_)/:PLa\Tr;pC{9&>``h``0 `A8 becomes vacant. Immediately issue the borrower a check for any amount designated for contents (for example personal property) or living expenses. 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. 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. Once the servicer has confirmed the property is abandoned, the servicer must complete These exhibits must be unaltered and able to be authenticated using metadata and the geocode for the subject property. delays, the servicer must document efforts to conduct timely inspection and the reason The age of the appraisal report mustbe lessthan 12 months from the notedate of the subsequent transaction. is current and/or the property is occupied, determine if inspections are necessary and whether it should pursue other actions, Receipts are not necessary if the loss proceeds are less than or equal to $40,000. 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. an interior inspection every calendar month until the foreclosure sale date, or in 5.3 (Typo . Events, Chapter B-5, Property and Flood Insurance Loss Events and Claim Settlements, Disbursing Insurance Loss Proceeds Based on the Mortgage Loan Status and the Borrower's Intent, Performing Remote Insured Loss Repair Inspections, Depositing the Insurance Loss Proceeds Not Disbursed, E-3.2-12, Performing Property Preservation During Foreclosure Proceedings, Property Preservation Matrix and Reference Guide, D2-3.1-01, Determining the Appropriate Workout Option, A4-1-01, Staffing, Training, Procedures, and Quality Control Requirements, A4-1-02, Establishing Custodial Bank Accounts. 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. is authorized to release the insurance loss proceeds in one payment. Fannie Mae is an Equal Opportunity Employer, which means we are committed to fostering a diverse and inclusive workplace. Main Structure . Fannie Mae does not require that the utilities that serve the property be turned on at the time of the inspection. A map showing the location of the subject property and the comparables that the appraiser used. Purpose. 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. Note: The appraisal must comply with all other requirements in the Underwriting Property section of the Selling Guide. 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. The following table provides references to Announcements that are related to this 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. and Property Preservation Expenses in Evaluate the borrower for a workout option in accordance with D2-3, Fannie Maes Home Retention and Liquidation Workout Options. In-depth home inspections are typically not required. %PDF-1.6 % 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). If you still have Technical Support questions, 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. Each borrower must complete and sign a separate IRS Form 4506-C at or before closing. Analyze, process and manage a variety of complex consent requests for structured financing products to include . Obtain the proper lien releases, if applicable. Access forms, announcements, lender letters, notices, and more to stay current on our servicing policies. (Any appraisal report form including Hybrid and Desktop), Professionally prepared inspection report. 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. & Insights, Pricing & Fannie Mae guidelines, eligible for the Guaranteed Loan Program? ), Selling, Securitizing, and Delivering Loans, Chapter B4-1: Property Assessment and Valuation, Research the property, the servicer must contact its Fannie Mae Servicing Representative (see Execution, Learning Evaluate the borrower's eligibility and cash contribution requirements, if any, based on the status of the mortgage loan at the time of the respective evaluation. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. The servicer must take the steps shown in the following table to obtain reimbursement of HOA assessments and related expenses. 1. Also, lenders are not required to review or consider Form 1003 Declarations in the underwriting evaluation. hbbd```b``.+d+dmLy`,I7Vrd DVL`4[@$PX"? qWU Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. 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. Disburse the insurance loss proceeds in accordance with this, Deposit any funds not disbursed into an interest-bearing account (see. version of a page. D1-3-01, Evaluating the Impact of a Disaster Event and Assisting a Borrower). Appraisals reported on Form 1073 must be completed in accordance with the UAD Specification. Apr 2020 - Present2 years 10 months. If you still have Technical Support questions, Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. Read court documents, court records online and search Trellis.law comprehensive legal database for any state court documents. (For best result, pose your search like a question. 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 . Step. 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. Form. Incomplete items, physical deficiencies, or items affecting safety, soundness, or structural integrity may also be identified through the property data collection process. Photo Requirements Use only clear, focused, color photos. 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. Condo. must occur between 20 and 35 days apart. Q23. copies of the appraisals and other written valuations to the applicants . The servicer must follow the procedures in Reimbursement for Property Inspections Fannie Mae customers! & Insights, Pricing & information from other Fannie Mae published sources. Visit Selling and Servicing Guide Communications and Forms. F-4-02, List of Contacts). When a property inspection is required every calendar month, the property inspections 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. version of a page. 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. The completion escrow may not adversely affect the mortgage insurance or title insurance. The following table provides references to Announcements that are related to this topic. Attempt to locate the borrower to determine the reason for the vacancy. must determine what action the first lien mortgage loan servicer intends to take. See on the occupancy status. If a property is subsequently inspected and remains vacant, the continued vacancy the execution of a Mortgage Release, or the mortgage loan becomes current unless otherwise F-1-05, Expense Reimbursement for requesting reimbursement of property inspection fees. 214.03 C Fannie Mae Confirmation of Full Payoff Amount. For traditional appraisals of one-unit properties in co-op projects based on interior and exterior property inspections. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. Photographs of comparable rentals utilized in the Small Income Residential Appraisal Report (Form 1025) are not required. The following table outlines the type of inspection the servicer must perform depending Fannie Mae Form 1076 Condominimum Project Questionnaire or equivalent (must include all information on the 1076) . ), Selling, Securitizing, and Delivering Loans, Chapter B4-1: Property Assessment and Valuation, Research 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. 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. 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. Discuss with the borrower any plans for repairing the property. insurance coverage is being maintained. provide. version of a page. In doing so, we are providing this Lender Letter with additional guidance and relief. Desktop Appraisals When the effective date of the original desktop appraisal report is more than four months from the date of the note and mortgage, a new appraisal is required. to determine the occupancy status of a property available to Fannie Mae upon request. We recommend that you use the latest version of FireFox or Chrome. feel free to email. It should be noted that, in addition to these requirements, the appraiser is expected to provide any additional attachments or addenda to the appraisal report necessary to provide an adequately supported opinion of market value. The PCA provides: an assessment of the Property's current physical condition; 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 appraiser is responsible for noting in his/her report any adverse conditions (such as, but not limited to, needed repairs; deterioration; or the presence of hazardous wastes, toxic substances, or . When the servicer determines the property is vacant, the servicer must take the actions We recommend that you use the latest version of FireFox or Chrome. Fannie Mae ("Fannie Mae"; the Property Owner, Property Manager, Lender, Servicer, and Fannie Mae are each referred to in these Instructions as a "User"). 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.