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fannie mae selling guide updates 2020


MPF Xtra Selling Guide Updates. At the direction of the Federal Housing Finance Agency and in collaboration with Freddie Mac, we are modifying our seller/servicer eligibility standards related to minimum liquidity. Ask Poli features exclusive Q&As and more—plus official Selling & Servicing Guide content. Selling Guide. 2020 Fannie Mae Published anuary 2020 1 Quality Control . Ask Poli. The term “online loan application” refers to the DU user interface (or the lender’s loan origination system) where data is collected that is not on the Form 1003. Part B, Escrow, Taxes, Assessments, and Insurance. If you have additional questions, Fannie Mae customers can visit Ask Poli to get Retirement, government annuity, and pension income and employment-related assets as income: IRS Form 4506-C, IVES Request for Transcript of Tax Return: A4-1-01, Maintaining Seller/Servicer Eligibility, B7-3-02, General Property Insurance Coverage, B7-2-05, Title Exceptions and Impediments, How to do a hard refresh in Internet Explorer. Minimum loan term: B2-1.5-02, Loan Eligibility – added a minimum loan term of 85 months to align with whole loan committing and MBS policies. For best results, pose your search like a question. The Fannie Mae Selling Guide and Standard ARM Plan Matrix have been updated to include information regarding the SOFR 30-day Index and new SOFR ARM plan numbers. Given the impact to reverifications required for loans selected for QC, we encourage lenders to begin using IRS Form 4506-C immediately. Selling, Securitizing, and Delivering Loans. The following data elements must also be included in Loan Delivery: ConstructionMethodType (Sort ID 51): Manufactured Fannie Mae issued a release reviewing all Servicing Guide updates, all Selling Guide updates and Lender Letters from last year. MPF Xtra Selling Guide Updates . The document custody updates are effective January 4, 2021 (however, sellers are encouraged to implement the changes as soon as possible). Launch Updates include but are not limited to the following. This month there are some big changes that will help you do more business. version of a page. February 5, 2020 Announcement SEL-2020-01 – Selling Guide Updates February’s Selling Guide update revises our policies on liabilities related to rental housing payment and calculating monthly qualifying rental income; delays a previously announced policy change related to calculating monthly real estate tax payments; and more. Customers Recommend Ask Poli AskPoli. Updated the Selling Guide to implement the flexibilities for the use of remote online notarization introduced in … ManufacturedHomeWidthType (Sort ID 33): SingleWide, Effective: Loans secured by single-width manufactured homes can be delivered to us beginning February 1, 2021. If you have additional questions, Fannie Mae customers can visit Ask Poli to get As a result of this deadline, we have removed all references to LIBOR and the LIBOR ARM plan numbers from the Selling Guide and the Standard ARM Plan Matrix. Updates relating to electronic documentation are effective October 14, 2020. Delivery Requirements Later in 2021 or early 2022, we will update the Guide again to remove all references to the current Form 1003 and data that no applies. Servicing Guide ... lender letters, notices and more. be legally classified as real property and cannot include an accessory dwelling unit (ADU). Part D, Providing Solutions to a Borrower. Part C, Mortgage Loan Payment Processing, Remitting, Account. The unused, undesignated, and available portions of credit lines, including those for, or partially for, servicing advances, will no longer count as eligible liquidity toward meeting minimum eligibility requirements for non-depository seller/servicers. have a manufacture date of 10 years or less measured from the effective date of the appraisal. For best results, pose your search like a question. Clarified accessory dwelling unit property eligibility requirements and updated comparable sales requirements … For a detailed list of the Guide updates associated with this Bulletin and the topics with which they correspond, access the Bulletin 2020-48 (Selling) Guide Updates Spreadsheet via the Download drop-down available at https://guide.freddiemac.com/app/guide/bulletin/2020-48. We have updated the Selling Guide to reflect changes that are necessary as a result of the redesigned Form. be at least 12 feet wide and have a minimum of 400 sq. Guide Resources For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. notices and more. We have clarified that pro-rated real estate tax credits provided by the seller at closing in places where real estate taxes are paid in arrears cannot be considered when determining if the borrower has enough funds for the transaction. However, we have taken into account that the current Form 1003 (and related DU loan casefiles) will continue to be used for many months. September 2, 2020 Announcement SEL-2020-05 – Selling Guide Updates September’s Selling Guide update includes changes related to accessory dwelling units, the removal of references to refinanced or modified balloon loan policies, and clarifications regarding non-occupant borrowers. The Selling Guide has been updated to include changes to the following: With this update, we are expanding our property eligibility criteria to allow for the sale of loans secured by single-width manufactured home loans that meet all the following property eligibility requirements. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. As stated in Selling Guide A4-1-01, Maintaining Seller/Servicer Eligibility, the minimum liquidity requirement is equal to 0.035% of the unpaid principal balance (UPB) of mortgage loans serviced by a non-depository seller/servicer for Fannie Mae, Freddie Mac, and Ginnie Mae if the Agency SDQ rate is 6% or less. Title waivers: B7-2-05, Title Exceptions and Impediments – removed reference that states that requests for waivers of exceptions to title should be submitted to us in writing. Center, Apps For a comprehensive list of resources such as forms, announcements, lender letters, Effective: Lenders may take advantage of these policy changes immediately. Lenders should confirm with their preferred mortgage insurance provider(s) that coverage is available on loans secured by single-width manufactured homes. With this update that provides clearly defined guidelines, we are removing the prior policy that allowed for alternative documentation if the proceeds from the sale represented a minor percentage of the borrower’s overall financial contribution. This will facilitate lenders’ ability to obtain the required transcripts from the IRS without delay. The lender must continue to verify that the borrower has sufficient assets from the list of eligible sources contained in our Guide. F-1-14, Processing a Fannie Mae Mortgage Release (Deed-In-Lieu of Foreclosure) F-1-15, Processing a Fannie Mae Short Sale. Servicing Guide ... lender letters, notices and more. We updated our requirements related to the use of retirement, government annuity, and pension income. If the Agency SDQ rate is above 6%, the seller/servicer … You can also download the printable 1,200+ page PDF, which include links. The Special Feature Codes document has been updated to reflect these changes. Having Issues with Seeing this Page Correctly? Self-Assessment. COVID-19 UPDATE: Find out how Fannie Mae is responding. Where necessary for clarity, we have added specific references to fields in Form 1003 (7/05 rev.6/09) and Form 1003 (1/2021). Announcement SEL-2020-07 – Selling Guide Updates. Have guide questions? The December Selling Guide update expands eligibility to allow the sale of loans secured by single-width manufactured homes; updates requirements related to the use of retirement, government annuity, and pension income; modifies our seller/servicer eligibility standards related to minimum liquidity; updates our sale of personal assets documentation requirements; simplifies our eligibility requirements … Benchmark CPR Commentary – August ... Fannie Mae Prices $759 Million Multifamily DUS REMIC (FNA 2021-M1) Under Its GeMS Program January 8, 2021. Read this article to update your knowledge on this important market segment. Note: As a reminder, on March 1, 2021, all lenders are required to use the redesigned Form 1003 (and the MISMO v3.4 format for DU loan casefiles) for new loan applications. Along with the above policies, we have updated the manufactured housing appraisal requirements and standards. At the direction of the Federal Housing Finance Agency and in collaboration with Freddie Mac, we are modifying our seller/servicer eligibility standards related to minimum liquidity. removed the requirement to reduce the value of retirement assets consisting of stocks, bonds, and mutual funds by 30% when measuring the three-year continuance for retirement income, and for calculating net documented assets when employment-related assets are used as income. Benchmark CPR Commentary – September September 11, 2020. Benchmark CPR Commentary – October October 14, 2020. Grants are considered donations from others and no longer referred to as gifts. Published December 9, 2020. All other updates are effective immediately. Events. ft. of gross living area, Single-width manufactured homes are eligible for principal residence purchase and limited cash-out refinance transactions but are not eligible for cash-out refinance transactions or as second homes (or investment properties). If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. October’s Selling Guide update includes changes to remote online notarizations; clarifications to project standards requirements; the removal of validation of employment and income using manual verification reports from the Desktop Underwriter ® (DU ®) validation service; changes to how variances will reflect HomeReady ® eligibility; and updates … That is on the redesigned Form 1003, Mortgage Loan Payment Processing, Remitting, Account release ( Deed-In-Lieu Foreclosure. Will be updated in a future release to reflect this change more—plus official Selling Servicing. Highly suggested QC best practices and have a manufacture date of 10 years or less measured from the.! Been updated to reflect this change you use the latest version of a page selected for QC, have... 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