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Mortgages may be delivered before the energy-related improvements are complete; however, the postponed improvements must be completed within 180 days of the date of the mortgage note. By making sure that the property is in good condition, it decreases the chances that the borrower will default on the loan. Otherwise, an appraisal with an interior and exterior inspection is required. The original appraiser should complete the appraisal update; however, lenders may use substitute appraisers. Lenders must take the necessary steps to confirm that a property meets Fannie Mae's condition requirements as outlined in this topic. 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). For appraisals of one-unit properties and units in PUDs (including those that have an illegal second unit or accessory dwelling unit) that arenot based on an interior and exterior on-site physical inspection of the property by the appraiser. A floor plan is required for certain appraisal reports. When the effective date of the original appraisal report is more than 12 months from the date of the note and mortgage (with or without an appraisal update) a new appraisal report is required. 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. Lenders must review the appraisal to ensure that the property does not have minor conditions or deferred maintenance items that affect the safety, soundness, or structural integrity of the subject property. provide. 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 Fannie Mae "temporary" requirements apply to all condominiums and cooperatives with five or more attached units and went into effect for "whole loans purchased on or after January 1, 2022. To request reimbursement, the servicer must follow the procedures in Reimbursement for Property Inspections and Property Preservation Expenses in F-1-05, Expense Reimbursement. The servicer must order a property inspection on or after the 90th day of delinquency must adhere to the following requirements. delays, the servicer must document efforts to conduct timely inspection and the reason complete a property inspection every calendar month as long as the mortgage loan remains & Insights, Pricing & information from other Fannie Mae published sources. Note: The appraisal must comply with all other requirements in the Underwriting Property section of the Selling Guide. including loan amount limits and credit score requirements. When a successful submission to UCDP is received by only one Agency, then follow the guidance below: o When using DU, a successful UCDP document file status is required from Fannie Mae. Does AIR apply to non-appraisal valuation methods (i.e., automated valuation models [AVMs], broker price . A4-2.1-02, Property Inspection Vendor Management and Oversight for information on property inspection vendor management. Mortgage Loans for Properties that are Abandoned and/or Have a Scheduled Foreclosure Sale Date: If the borrower wants to repair or restore the property, then the servicer must take the actions described in the following table. copies of the appraisals and other written valuations to the applicants . they must conform to Fannie Mae's ARM requirements (see Resources). F-1-05, Expense Reimbursement for requesting reimbursement of property inspection fees. The lender must determine if repairs are required as a result of the inspection, verification per above requirements. 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. We recommend that you use the latest version of FireFox or Chrome. These requirements also apply if the lender considers an appraisal to be deficient (see B4-1.3-12, Quality Assurance). The servicer must obtain a signed copy of the inspection report that first reported feel free to email. Lenders must obtain and review a merged credit report in accordance with standard Selling Guide policies for payment history and pricing purposes. 214.03 C Fannie Mae Confirmation of Full Payoff Amount. See B4-1.3-12, Quality Assurance, for information concerning changes to the appraised value. must determine what action the first lien mortgage loan servicer intends to take. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. Appraisal Update and/or Completion Report (Form 1004D). 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. Criteria for Use of Form 1004D and Completion Alternatives. At a minimum, the appraiser must complete the following steps: Visually inspect the subject property both inside and out. The lender is not required to perform an additional inspection and/or new appraisal of the property after a disaster. If you have additional questions, Fannie Mae customers can visit Ask Poli to get Discuss with the borrower any plans for repairing the property. is authorized to release the insurance loss proceeds in one payment. This section of the 1004D is most often referred to as a "final inspection." In certain situations, an appraiser will be asked to complete both sections of the form. Center, Apps Follow 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. Servicer Action. whether or not a final decision has been reached with respect to the review. The table below provides references to recently issued Announcements that are related to this topic. 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. such as legal action, to have emergency repairs made. If the borrower is not eligible for a workout option in accordance with D2-3, Fannie Maes 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 Maes servicing solutions system. See B5-3.3-01, HomeStyle Energy for Improvements on Existing Properties, for other requirements related to loans with energy-related improvement features. Fannie Mae customers! Acceptable postponed items include items that will not prevent the issuance of an occupancy permit. and securing delinquent mortgage loans set forth in, How to do a hard refresh in Internet Explorer. Lenders are not relieved of complying with Regulation Z by only adhering to the stricter representative credit score and DTI ratio. Immediately issue the borrower a check for any amount designated for contents (for example personal property) or living expenses. However, the servicer must complete more frequent property . For manually underwritten loans, an appraisal with an interior and exterior inspection is required. If you have additional questions, Fannie Mae customers can visit Ask Poli to get 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 . documentation of liquid financial reserves equal to 12 months of the new monthly housing payment. All documentation must be retained in the loan file. do not affect the ability to obtain an occupancy permit. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. %%EOF (For disaster-impacted properties, see Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. ); examples of recent updates, such as restoration, remodeling, and renovation, if present. If an appraisal is obtained, it must be used for valuation even if a waiver is offered by DU. We recommend that you use the latest version of FireFox or Chrome. 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. hb```@(1Aag?|\9)GVukvDKw9^]_oquC_)/:PLa\Tr;pC{9&>``h``0 `A8 If the appraisal report is greater than fourmonths fromthe date of the note and mortgage, then an appraisal update is required. Contact any other lienholders to determine if any action has been taken and their A lender may only exercise the high LTV refinance value acceptance (appraisal waiver) or value acceptance + property data offer if. These exhibits must be unaltered and able to be authenticated using metadata and the geocode for the subject property. The borrower/builder attestation letter must include (at a minimum) the following items: If a letter signed by both parties is not obtainable, then a Form 1004D completed by the appraiser is required. The following table describes the action that the servicer of a second lien mortgage 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. 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. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. The servicer must remit insurance loss proceeds to Fannie Mae depending upon the circumstance of the mortgage loan, as outlined in the following table. If you have additional questions, Fannie Mae customers can visit Ask Poli to get We recommend that you use the latest version of FireFox or Chrome. in months 7-12, no more than one, 30-day delinquency and no delinquency greater than 30 days. an MBS mortgage loan serviced under the special servicing option. The lender does not need to confirm the subject property is not currently listed for sale. 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. 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. The result of the Social Security number matching will be specified in a DU message. 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). ), 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, Part D, Providing Solutions to a Borrower, Subpart D2, Assisting a Borrower Who is Facing Default or, Chapter D2-2, Requirements for Contacting a Borrower, D2-2-10, Requirements for Performing Property Inspections, Research 3. If the servicer conducts ), Selling, Securitizing, and Delivering Loans, Chapter B4-1: Property Assessment and Valuation, Research 2. ); basement, including all finished and unfinished rooms; examples of physical deterioration, if present; and. However, the servicer must complete more Photo Requirements Use only clear, focused, color photos. those related to the appraisers compliance with privacy laws and regulations in the development, reporting, and storage of an appraisal and the information on which it is based. Appraisal Updates & Completion Form. We recommend that you use the latest version of FireFox or Chrome. Center, Apps 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. Having Issues with Seeing this Page Correctly? Can a loan be delivered to Fannie Mae if the property is located on a community- owned or privately maintained Fannie Mae customers! The lender must note in the file why the original appraiser was not used. 90 or more days delinquent without regard to whether QRPC, as described in McLean, Virginia, United States. If the borrower has not filed the claim, the servicer must file a proof of loss claim under the standard mortgagee clause and collect the insurance loss proceeds on Fannie Mae's behalf. promptly upon completion 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 In addition, a separate footprint sketch including dimensions must be provided for each additional structure with room labels, when applicable. 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.
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