Proper inspection training is a key component . Having Issues with Seeing this Page Correctly? The lender must note in the file why the original appraiser was not used. Notify the property insurance carrier about the vacancy to ensure that appropriate Appraisals reported on Form 1004 Hybrid must be completed in accordance with the UAD Specification. Does AIR apply to non-appraisal valuation methods (i.e., automated valuation models [AVMs], broker price . If the appraisal report is greater than fourmonths fromthe date of the note and mortgage, then an appraisal update is required. The lender must determine if repairs are required as a result of the inspection, verification per above requirements. 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. Miami, Florida, United States. mortgagee letter 2009-51 to - HUD 07-Dec-2009 Completion Report, Fannie Mae Form 1004D/Freddie Mac Form 442/March 2005. When there is a Social Security number match, DU will underwrite the loan casefile as a high LTV refinance loan. McLean, Virginia, United States. If a property previously reported Fannie Mae customers! loan status if the property inspection confirms that the property is vacant. Q23. Appraisal and Property Requirements 4 Appraisal (HB -1-3555, Chapter 12) 4 . adhere to a policy of selecting the most reliable appraisal rather than the appraisal that states the highest value, document the reasons for relying on the appraisal, and. 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 . to the extent that local laws allow such action. The Rule requires that creditors . & Technology, News & Lenders exercising the high LTV refinance value acceptance (appraisal waiver) must deliver Special Feature Code 807 or 774 for value acceptance + property data. Lenders must obtain and review a merged credit report in accordance with standard Selling Guide policies for payment history and pricing purposes. 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 Center, Apps Fannie Mae reserves the right to require, the use of a prescribed form of checklist, or. it must contact the first lien mortgage loan servicer to determine when the property The servicer must follow the procedures in General Expense Reimbursement Requirements in For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. version of a page. See Form 1004D and Completion Alternatives above for the specific requirements. Inspector Information A. (For best result, pose your search like a question. review the inspection report to verify the property condition. If the appraiser indicates on the Form 1004D that the property value has declined, then the lender must obtain a new appraisal for the property. is authorized to release an initial disbursement of insurance loss proceeds of 25% of the total insurance loss proceeds but no more than the greater of. if there is potential danger to the inspector. the execution of a Mortgage Release, or the mortgage loan becomes current unless otherwise 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. the final submission of the loan casefile to DU resulted in an offer, an appraisal is not obtained for the transaction, and. 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 . Valuation Requirements. & Technology, News & Monitor and inspect repairs as completed to verify the repairs comply with the final repair plan. %PDF-1.6 % 2. Business Support Representative / Loan Officer. Make immediate arrangements to protect the property from vandalism and the elements 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. The lender must obtain one of the following for the new loan: a verbal verification of employment for employment or self-employment income for at least one borrower, documentation of a non-employment income source, or. 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. How to do a hard refresh in Internet Explorer. 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. For traditional appraisals of one-unit properties in co-op projects based on interior and exterior property inspections. This button displays the currently selected search type. Complete the foreclosure sale or acceptance of the Mortgage Release. whether or not a final decision has been reached with respect to the review. Advance the funds to pay expenses. Fannie Mae customers! 365 0 obj <> endobj (For best result, pose your search like a question. The result of the Social Security number matching will be specified in a DU message. noted in this Servicing Guide. Immediately issue the borrower a check for any amount designated for contents (for example personal property) or living expenses. We recommend that you use the latest version of FireFox or Chrome. Note: Appropriate arrangements should be made for the borrower to repay the advance. Appraisal Update and/or Completion Report (Form 1004D). 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. Note: The appraisal must comply with all other requirements in the Underwriting Property section of the Selling Guide. Added missing requirements for RecordingFeeTotal . the possibility that the property may be vacant or abandoned. Conforming loans can't . a full payment has been received within the last 30 days, a workout option has been approved and the borrower is performing under the plan, such as legal action, to have emergency repairs made. version of a page. See Selling Guide A2-4.1-03, Electronic Records, Signatures, and Transactions for additional information. When a limited cash-out refinance loan casefile that meets the minimum LTV requirement for a high LTV refinance loan is underwritten in DU, internal data will be used to determine if Fannie Mae owns the loan on the property, and if that loan is eligible to be refinanced using the high LTV refinance option. & Insights, Pricing & 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. Valuation Requirements. . See Overview of General Servicer Duties and Responsibilities in Review and approve the final plans for repair, including obtaining the necessary bids to repair the property. Fannie Mae customers! 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. Acceptable postponed items include items that will not prevent the issuance of an occupancy permit. Each owner has a separate mortgage for his or her unit and is responsible for making the payments on the loan and paying associated real estate taxes. If you have additional questions, Fannie Mae customers can visit Ask Poli to get See Gross Living Area in B4-1.3-05, Improvements Section of the Appraisal Report for additional information. Fannie Mae Page 1 of 3 Form 30 August 2015 Property Inspection Report L. Loan Information I. (Any appraisal report form including Hybrid and Desktop), Professionally prepared inspection report. (For best result, pose your search like a question. For non-routine litigation matters, 3. determine the appropriate actions based on the status of the mortgage loan at the time of the loss event, as described below. Attempt to locate the borrower to determine the reason for the vacancy. 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. All levels of the dwelling unit(s) must be part of the exhibit. Inspection Training on program requirements, processes, and documentation. 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. Obtain the proper lien releases, if applicable. Use of Form 1004D and completion alternatives varies depending on the type of valuation method and condition (completion, alteration, inspection, or repair) that must be verified. 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. Theinspection and results of the appraisal update must be reported on the Appraisal Update and/or Completion Report (Form 1004D). 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. Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. See B5-3.3-01, HomeStyle Energy for Improvements on Existing Properties , for other requirements related to loans with energy-related improvement features. do not affect the ability to obtain an occupancy permit. Fannie Mae requires that the appraiser conduct a complete visual inspection of the accessible areas of the interior and exterior of the property. Execution, Learning 214.03 C Fannie Mae Confirmation of Full Payoff Amount. the offer is not more than four months old on the date of the note and the mortgage. Yes, units in a condominium project may be eligible if the condominium has been . Please refer to Supplement 20-14 to the Fannie Mae Multifamily Selling and Servicing Guide for additional detail. The following table outlines the type of inspection the servicer must perform depending results of the property inspection and the borrowers plans regarding any needed repairs. 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. repairs made. feel free to email, the property is borrower/tenant occupied, and. Get answers to your Servicing Guide & policy questions with Fannie Mae's AI-powered search tool. 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. We recommend that you use the latest version of FireFox or Chrome. Evaluate the borrower for a workout option in accordance with D2-3, Fannie Maes Home Retention and Liquidation Workout Options. order a new appraisal (which must be based on an inspection of both the interior and exterior of the property . (For best result, pose your search like a question. ); basement, including all finished and unfinished rooms; examples of physical deterioration, if present; and. the property, the servicer must contact its Fannie Mae Servicing Representative (see is authorized to disburse the remaining funds in increments not to exceed 25% of the insurance loss proceeds following inspection of the repairs. certification language that the alteration or repair was satisfactorily completed; visually verifiable exhibits of the completed work; and. When none of the borrower Social Security numbers match, the loan casefile will not be underwritten as a high LTV refinance loan. . No additional intended users are identified by the appraiser.. must occur between 20 and 35 days apart. 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). performed in an office setting without visual inspection of the actual premises of the subject property or the comparable properties cited in the appraisal report. 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. The exhibits in the following table must accompany the appraisal report. 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. Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. do not affect the safety, soundness or structural integrity of the property or the ability to obtain an occupancy permit. For manually underwritten loans, an appraisal with an interior and exterior inspection is required. If the repairs are finished in a timely and satisfactory manner, the escrow account will release the funds. House report on REPORT ON THE ACTIVITY OF THE COMMITTEE ON FINANCIAL SERVICES OF THE UNITED STATES HOUSE OF REPRESENTATIVES FOR THE ONE HUNDRED AND SEVENTEENTH CONGRESS. A map showing the location of the subject property and the comparables that the appraiser used.
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