View full Fact Sheet. Inspector Information A. Proper inspection training is a key component . Center, Apps A hard refresh will clear the browsers cache for a specific page and force the most recent Ask Poli for Servicers. Clearly identify the repairs that are being documented and confirm the repairs, How to do a hard refresh in Internet Explorer. The servicer must release the insurance loss proceeds received from the insurance carrier based on the status of the mortgage loan at the time of the loss event. Loansmay be delivered before postponed items are complete; however, the postponed improvements must be completed within 180 days of the date of thenote. Will Fannie Mae lend on a property where the utilities were not turned on at the time of the appraisal inspection? on the borrowers action. The appraisal update must occur within four months prior tothe date of the note and mortgage. Fannie Mae customers! Note: See Establishing Written Policies or Procedures in A4-1-01, Staffing, Training, Procedures, and Quality Control Requirements and A4-1-02, Establishing Custodial Bank Accounts for additional details, including requirements for addressing unapplied funds held in the T&I custodial account and for reporting the status of funds in the custodial account to Fannie Mae. The loan must comply in all respects with Regulation Z requirements for such loans, including the underwriting and consumer protection requirements. a final appraisal inspection, updates the title policy, and obtains a signed completion certificate, which the lender gives to Fannie Mae to have the status must be documented on the checklist or other document evidencing notes of the A hard refresh will clear the browsers cache for a specific page and force the most recent Minor conditions and deferred maintenance items include, but are not limited to, worn floor finishes or carpet, minor plumbing leaks, holes in window screens, missing handrails, or cracked window glass and are typically due to normal wear and tear. Review and approve the final plans for repair, including obtaining the necessary bids to repair the property. report. Note: If the servicer is unable to establish contact with the borrower or the property is abandoned, the servicer must ensure the property is maintained and secured by complying with the requirements in E-3.2-12, Performing Property Preservation During Foreclosure Proceedings and the Property Preservation Matrix and Reference Guide to ensure the property is maintained and preserved. See is authorized to release an initial disbursement of insurance loss proceeds up to the greater of, the amount by which the release funds exceed the sum of the UPB, accrued interest, and advances on the mortgage loan; and. 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. A lender may only exercise the high LTV refinance value acceptance (appraisal waiver) or value acceptance + property data offer if. The inspection report must be retained in the loan file and made available to Fannie Mae upon request. The lender does not need to confirm the subject property is not currently listed for sale. Incomplete items, physical deficiencies, or items affecting safety, soundness, or structural integrity may also be identified through the property data collection process. This policy applies regardless of whether the property was appraised as proposed or existing construction. examples of recent updates, such as restoration, remodeling, and renovation, if present. Borrower attestation letter: A letter is permitted to confirm completion of certain alterations or repairs for existing construction. See Reporting of Gross Monthly Rent in B3-3.1-08, Rental Income.). The servicer must use a Property Inspection Report ( Form 30) or its own form that provides equivalent information to document the property inspection. To request reimbursement, the servicer must follow the procedures in Reimbursement for Property Inspections and Property Preservation Expenses in F-1-05, Expense Reimbursement. Lenders and borrowers must execute an escrow agreement that states how the escrow account will be managed and how funds from the escrow account will be disbursed. Center, Apps foreclosure sale, or in applicable foreclosure actions where there is no foreclosure as the mortgage loan remains 90 or more days delinquent until the foreclosure sale, 5. 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. 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. See B5-3.3-01, HomeStyle Energy for Improvements on Existing Properties, for other requirements related to loans with energy-related improvement features. If a property is subsequently inspected and remains vacant, the continued vacancy 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. Lenders must take the necessary steps to confirm that a property meets Fannie Mae's condition requirements as outlined in this topic. Otherwise, Form 1007 is not required. Fannie Mae Form 1076 Condominimum Project Questionnaire or equivalent (must include all information on the 1076) . For appraisals of one-unit properties and units in PUDs (including those that have an illegal second unit or accessory dwelling unit) that are based on interior and exterior property data collection. Miami, Florida, United States. Note: Appropriate arrangements should be made for the borrower to repay the advance. Main Structure . must follow up until the repairs have been completed. (Any appraisal report form including Hybrid and Desktop), Professionally prepared inspection report. (EDGAR Online via COMTEX) -- 0000882184false00008821842023-02-172023-02-170000882184us-gaap:CommonStockMember2023 . For traditional appraisals of one-unit properties in condo projects based on interior and exterior property inspections. 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. General Information 2. is authorized to disburse any remaining funds based on periodic inspections of the progress of the repair work. This form is not designed to report an appraisal for a manufactured home, or for a unit in a condo or co-op project. the execution of a Mortgage Release, or the mortgage loan becomes current unless otherwise 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. Fannie Mae customers! Loan-level price adjustments: . Attempt to locate the borrower to determine the reason for the vacancy. . Execution, Learning 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 repairs made. The table below provides references to recently issued Announcements that are related to this topic. Also, lenders are not required to review or consider Form 1003 Declarations in the underwriting evaluation. 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. 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. Freddie Mac. the servicer must notify Fannie Maes Legal Department by submitting a, is or becomes delinquent and the servicer determines the property is vacant, follow the requirements for inspecting, securing, and repairing vacant properties 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. (For best result, pose your search like a question. When the lender is required by law to obtain an appraisal, the lender must comply with such requirements, but may still exercise the offer. listed in the following table. & Technology, News & 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). Lenders are not relieved of complying with Regulation Z by only adhering to the stricter representative credit score and DTI ratio. F-4-02, List of Contacts). The appraiser can complete the Completion Report section of Form 1004D based on an on-site visual inspection of the property. 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 servicer must remit insurance loss proceeds to Fannie Mae depending upon the circumstance of the mortgage loan, as outlined in the following table. Meets with direct prospects, as well as referred by realtors, developers . ordinance or based on property condition). See Selling Guide A2-4.1-03, Electronic Records, Signatures, and Transactions for additional information. Acceptable postponed items include items that will not prevent the issuance of an occupancy permit. Fannie Mae also permits other completion alternative methods - attestation letters - to verify completion of construction, alteration, or repairs in lieu of Form 1004D. 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. 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). When updates are completed by substitute appraisers, the substitute appraiser must review the original appraisal report and express an opinion about whether the original appraisers opinion of market value was reasonable on the date of the original appraisal report. Read court documents, court records online and search Trellis.law comprehensive legal database for any state court documents. However, the servicer must complete more frequent property . A hard refresh will clear the browsers cache for a specific page and force the most recent The extent of the appraisers data collection, analysis, and reporting must be determined by the complexity of the appraisal assignment. . Appraisal Update and/or Completion Report (Form 1004D). determine the appropriate actions based on the status of the mortgage loan at the time of the loss event, as described below. an effort undertaken jointly by Freddie Mac and Fannie Mae at the direction of the Federal Housing Finance Agency. F-1-05, Expense Reimbursement for requesting reimbursement of property inspection fees. Visit Selling and Servicing Guide Communications and Forms. Yield interest equivalent to the interest the borrower could expect to obtain from a savings or money market account. (For best result, pose your search like a question. & Insights, Pricing & McLean, Virginia, United States. information from other Fannie Mae published sources. Submit a request for expense reimbursement. bankruptcy, or. If an appraisal is obtained, it must be used for valuation even if a waiver is offered by DU. DU is unable to determine if a loan casefile is a higher-priced mortgage loan or a higher-priced covered transaction under Regulation Z. version of a page. However, the servicer must complete more to the extent that local laws allow such action. Make immediate arrangements to protect the property from vandalism and the elements 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 date that it initiates foreclosure proceedings, or. 1. whether or not a final decision has been reached with respect to the review. Freddie Mac Form 442 March 2005 Page 1 of 1 Fannie Mae Form 1004D March 2005 . complete a property inspection every calendar month as long as the mortgage loan remains Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. 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. When there is more than one borrower on the new loan casefile but there is only one on the existing loan, the DU message will state that it appears that a borrower is being added with the high LTV refinance transaction, and if that is the case, the high LTV refinance loan is not eligible for delivery. Except for single-close construction-to-permanent financing loans, these policies apply to all appraisals including those that receive appraisal and value representation and warranty enforcement relief (see B5-3.1-02, Conversion of Construction-to-Permanent Financing: Single-Closing Transactions). Fannie Mae requires the lender to disclose any information regarding environmental hazards to the appraiser and note the individual mortgage file accordingly if the real estate agent, the property seller, the property purchaser, or any other party to the mortgage transaction informs the lender that an environmental hazard exists in or on the property, or in the vicinity of . Center, Apps was last inspected to avoid a potential duplication of effort. topic. hbbd```b``.+d+dmLy`,I7Vrd DVL`4[@$PX"? qWU feel free to email. We recommend that you use the latest version of FireFox or Chrome. . Monitor and inspect repairs as completed to verify the repairs comply with the final repair plan. do not affect the safety, soundness or structural integrity of the property or the ability to obtain an occupancy permit. (if known). At a minimum, the appraiser must complete the following steps: Visually inspect the subject property both inside and out. Execution, Learning But there are a few basic property standards. Additional responsibilities depend upon whether the property can be legally rebuilt, as described in the following table. Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. 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. ), Escrow, Taxes, Assessments, and Insurance, Mortgage Loan Payment Processing, Remitting, Accounting, and Reporting, Default-Related Legal Services, Bankruptcy, Foreclosure Proceedings, and Acquired Properties, Servicing Guide Procedures, Exhibits, and Quick Reference Materials, Research With the exception of loans underwritten under the Alternative Qualification Path, lenders are not required to. must determine what action the first lien mortgage loan servicer intends to take. an MBS mortgage loan serviced under the special servicing option. To: All Fannie Mae Single-Family Sellers and Servicers Reimbursement for Property Inspections and Additional Servicing-Related Reminders. 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. The following table provides references to Announcements that are related to this See B4-1.3-12, Quality Assurance, for information concerning changes to the appraised value. Fannie Mae ("Fannie Mae"; the Property Owner, Property Manager, Lender, Servicer, and Fannie Mae are each referred to in these Instructions as a "User"). The exhibits in the following table must accompany the appraisal report. All documentation must be retained in the loan file. The servicer must follow the procedures in Reimbursement for Property Inspections Valuation Requirements. Homeownership counseling: Homeownership counsel-ing is not required. If the appraisal report is greater than fourmonths fromthe date of the note and mortgage, then an appraisal update 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 Step. These exhibits must be unaltered and able to be authenticated using metadata and the geocode for the subject property. When none of the borrower Social Security numbers match, the loan casefile will not be underwritten as a high LTV refinance loan. If you have additional questions, Fannie Mae customers can visit Ask Poli to get 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. Condo. 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 Note: The alternative Form 1004D completion method and attestation letters are not permitted for verifying completion for HomeStyle Renovation transactions. The subject and all comparables must be appropriately identified. F-1-05, Expense Reimbursement for advancing funds to make repairs and requesting reimbursement. Can a loan be delivered to Fannie Mae if the property is located on a community- owned or privately maintained (For best result, pose your search like a question. 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. inspection, but no additional signature is required. The sketch must include the subject's exterior footprint with dimensions. 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. Once the property has been fixed, a final inspection will take place to verify that the work has been completed. There are no maximum DTI ratio requirements except for loans underwritten under the Alternative Qualification Path. (The lender may obtain this form for the purpose of reporting gross monthly rent at delivery. 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. Launch Lenders must establish a completion escrow for the postponed improvements, by withholding from the purchase proceeds funds equal to 120% of the estimated cost for completing the improvements. Access forms, announcements, lender letters, notices, and more to stay current on our servicing policies. 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.
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