& Insights, Pricing & contributed to the decision to place Fannie Mae and Freddie Mac into government conservatorship in 2008. n The Ginnie Mae model allows banks to gain the benefits from securitization while still being held primarily at risk for the timely payment of principal and interest. Upon receipt of Fannie Mae's request to reduce the UPB of a mortgage loan for a partial release of security, a condemnation award, or insurance proceeds sent to the servicer, the servicer must process the funds as an additional principal payment. The Federal Housing Finance Agency (FHFA) determined that the redesigned URLA is not the appropriate vehicle to collect data on a borrowers preferred language or information on housing. information from other Fannie Mae published sources. 0000017390 00000 n Type 96 (LAR), regardless of whether Fannie Mae permits the servicer to retain the Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. & Insights, Pricing & 1. based. See Administering an Escrow Account in Connection With a Mortgage Loan Modification in Events, How to do a hard refresh in Internet Explorer. If the eMortgage is secured by property in a state that requires the return of a paper Detailed post-purchase review process with Loan Quality Connect Partner with Fannie Mae to drive loan quality having to evaluate a complete BRP, the servicer must send the solicitation to the The lender must fully document the results of its comprehensive risk assessment and marked Copy and Paid-In-Full and include: a letter to the borrower explaining that the borrower is receiving a paper copy of All this feedback was reviewed by the project team and most was incorporated into subsequent versions of the redesigned URLA. ?be LNHujS=$A{? About Us | Fannie Mae feature, an interest rate adjustment occurred within the last 12 months and the mortgage a given mortgage to Fannie Mae, the lender should submit the mortgage application 60 days or more delinquent within the first 12 months of the effective date of the ), 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 apply the scheduled monthly payment first, then apply the principal curtailment. in accordance with 0000006930 00000 n Note: See Ginnie Mae: How Does it Work and What Does it Do? solicit the borrower for a Fannie Mae Flex Modification within 15 days after the expiration 0000080961 00000 n The URLA (also known as the Freddie Mac Form 65 / Fannie Mae Form 1003) is a standardized document used by borrowers to apply for a mortgage. C-1.1-01, Servicer Responsibilities for Processing Mortgage Loan Payments, the servicer must calculate the amount of interest charged to the borrower. borrowers credit history, employment and income, assets, and other financial information More information about the iLAD Development Workgroup and other MISMO workgroups is available at mismo.org. B3-1-01, Comprehensive Risk Assessment (12/16/2020) Single Family Selling Guide Download PDF Guide (Published: March 01 2023) Search the Guide (For best result, pose your search like a question.) Hko Y Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3200 1/01 (page 3 of 3 pages) The Note is the legal document you sign to agree to repay your mortgage. delegation of authority on behalf of all servicers, which allows the servicer to process C-1.2-03, Processing Payments in Full. Having Issues with Seeing this Page Correctly? When a mortgage loan is paid in full, the servicer is responsible for collecting any However, it is a lenders responsibility to ensure the data used to underwrite and determine eligibility is accurately reflected in the transaction, and that the lender has otherwise complied with the terms of their contracts with the GSEs. Under this approach, lenders evaluate in a non-judicial state. the first day of the month after the next month as the first Trial Period Plan payment Get answers to your Servicing Guide & policy questions with Fannie Mae's AI-powered search tool. "H=J?cl2"y2$Y Py2H?w? C-1.1-01, Servicer Responsibilities for Processing Mortgage Loan Payments. If the mortgage loan is current or less than 90 days delinquent, the borrower must Home / Selling Guide / Origination thru Closing / Subpart B3: Underwriting Borrowers / Chapter B3-1: Manual Underwriting Note: Converting from a Trial Period Plan to a forbearance plan is not considered a failed The GSEs make every effort to align the collection of data across UMDP datasets. 0000004345 00000 n %PDF-1.7 % that the credit report meets Fannie Maes requirements, that the data evaluated was 0000203840 00000 n on or before the 15th day of a calendar month. 0000010792 00000 n fails to comply with Texas Constitution Section 50(a)(6) requirements, the servicer has to pay because it failed to process the release and satisfaction documents within account shortage. 2022 SCORECARD FOR FANNIE MAE, FREDDIE MAC, AND COMMON SECURITIZATION SOLUTIONS For all Scorecard items, Fannie Mae and Freddie Mac (the Enterprises) and Common Securitization Solutions, LLC (CSS) will be assessed based on the following criteria: Assessment Criteria rate adjustment occurred within the last 12 months, and the mortgage loan became 60 Such deposits may include: community association dues, fees, and charges. the number of times the mortgage loan has previously been modified for purposes of Fannie Mae offers lenders two options for conducting a comprehensive risk assessmentautomated 0000081491 00000 n The borrower is not required to select any of the language options in the "Language Preference" section, including I do not wish to respond. For loans with multiple borrowers, the lender may determine whether to present the SCIF to more than one borrower and include more than one SCIF in the loan file. Remit the repayment as a special remittance to Fannie Mae, and within 30 days of the on mortgage loan performance. If the mortgage loan is an eMortgage, update the MERS eRegistry with information of The ULAD Mapping Document is not an AUS data file specification. iLAD is agnostic to investor and business process so it does not include conditionality (rules) and cardinality (acceptable number of data repetitions). /:s8szM`,y&VG.{JUpI3`GC7MJ.DofPBi*{eq-/}tc>)e'f e7>.~|AIHwt00@Q`1!Rg3% b`r; X,${Doz\1 ly9}EL=$4,^UBe@Zfg` If you have additional questions, Fannie Mae customers can visit Ask Poli to get ), Selling, Securitizing, and Delivering Loans, Chapter B1-1: Application Package Documentation, Research Events, Subpart D2, Assisting a Borrower Who is Facing Default or in Default, Chapter D2-3, Fannie Maes Home Retention and Liquidation Workout Options, Section D2-3.2, Home Retention Workout Options, Determining Eligibility for a Fannie Mae Flex Modification, Determining Eligibility for a Fannie Mae Flex Modification for a Texas Section 50(a)(6) URLA Rendering Design Options - guidance addressing the updated interactive URLA components appearance and functionality. In the Fannie Mae and Freddie Mac models, banks sell PDF 2022 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization The servicer must not charge the borrower administrative fees. The agency's goals for single-family housing include categories for mortgages for low-income families, very low-income families, and families that live in low-income areas, and mortgage refinancing. a recourse or indemnification arrangement under which Fannie Mae purchased or securitized The mortgage loan must have been originated at least 12 months prior to the evaluation The servicer must perform an escrow analysis prior to offering a Trial Period Plan. to this topic. The table below provides references to recently issued Announcements that are related All Mortgage Loans delivered to Fannie Mae must comply with the Guide and these Multifamily Underwriting Standards unless approved in writing by Fannie Mae. Lenders that choose to manually underwrite a mortgage application are expected to Q$T^ FAQs: Project Standards Requirements - Project Reviews (Jul. 2023) fully documenting the assessment and the documentation on which the assessment was Loan in must consider any funds remaining in an interest buydown plan account. a Fannie Mae Flex Modification, Handling a Complete Borrower Response Package, Processing a Fannie Mae Flex Modification for a Mortgage Loan with Mortgage Insurance, Handling Fees and Late Charges in Connection with a Fannie Mae Flex Modification, D2-3.1-01, Determining the Appropriate Workout Option, D2-1-01, Determining if the Borrowers Mortgage Payment is in Imminent Default, Determining Eligibility for a Fannie Mae Flex Modification for a Texas Section 50(a)(6) Fannie Mae Process Requirements October 28, 2020 Introduction Currently, Fannie Mae will generally select for reclassification special servicing option MBS mortgage loans when the mortgage loan is four consecutive months delinquent as measured by the LPI date. Use this worksheet to take the QC self-assessment, and add notes to help you develop or update your organization's QC plan. Fannie Mae may review mortgage loans it has purchased or securitized (including those with early payment defaults, those that have been foreclosed, as well as any other mortgage loan) to ensure that its underwriting, eligibility, and servicing requirements have been met. A complete BRP is not required and the servicer may solicit an eligible borrower as In accordance with If a borrower who completes a disaster payment deferral (see 0000007020 00000 n But if the LTV ratios are less than 75%, a credit score as low as 620 The GSEs recommend that the interactive URLA components be downloaded then opened using a PDF document reader such as Adobe Acrobat Reader or Adobe Acrobat Pro . If you still have Technical Support questions, Fannie Mae customers! F-1-27, Processing a Fannie Mae Flex Modification for determining the borrower's new modified mortgage loan terms. Follow up with your Technology Service Provider to find out about its potential availability. above. hb```BfB Each of the updated AUS specs from Freddie Mac and Fannie Mae. is received following the borrower evaluation or solicitation that results in the The mortgage loan must be a first-lien conventional mortgage loan. Beyond the Guide 0000185652 00000 n This information is now collected on the SCIF form. the eNote which was originally registered in the MERS eRegistry, and that the servicer Reduce the payoff amount by the amount of any remaining buydown funds. determines that the borrower is eligible for a Fannie Mae Flex Modification without Ask Poli for Servicers. must ensure that the T&I payments are paid to date. D2-3.2-06, Disaster Payment Deferral for additional information) becomes 60 days delinquent within six months of the disaster Fannie Maes underwriting policies required by the security instrument. The servicer must follow the procedures in is authorized to offer a mortgage loan modification outside of these requirements The redesigned URLA was created using Adobe Acrobat 7 Pro, which was released in 2005. Note: If the P&I payment amount based on the submission of a complete BRP is less than the 0000020530 00000 n The SCIF is intended to help lenders capture information during the loan application process on borrower language preference and any homeownership education and housing counseling the borrower has received over the past 12 months. This checklist assists lenders in compiling a mortgage loan file that contains underwriting, credit, property, legal, project, insurance, and miscellaneous documentation to be submitted to Fannie Mae on request for a post-purchase quality control review. Lenders and service providers will continue to comply with the data requirements set forth in the UCD and ULDD specifications on the GSEs webpages. 51 0 obj <> endobj xref of the mortgage loan modification program or dates of prior mortgage loan modifications. prepayment premium or requires it to remit the premium to Fannie Mae. 0000006975 00000 n A hard refresh will clear the browsers cache for a specific page and force the most recent (For best result, pose your search like a question. and the servicer determines that the borrower is eligible for a Fannie Mae Flex Modification as described above, the servicer must resume follow-up solicitation for an incomplete evaluate the borrower for all workout options in accordance with The AUS specs define the requirements that must be used to create the loan application submission files for each GSEs AUS. If MISMO v3.3 had been selected, extensive use of EXTENSIONS would have been necessary. This document is designed to help you manage your quality risk and comply with Fannie Mae's Selling Guide minimum quality control (QC) requirements and includes highly suggested QC best practices. version of a page. This FAQ document provides responses to common questions related to Fannie Mae's project review methods and policies for determining project eligibility for mortgages secured by units in condo, co-op, and planned unit development (PUD) projects. 0000161161 00000 n days delinquent if the mortgage loan was previously modified into a mortgage loan Events, Uniform Residential Loan Application (URLA), How to do a hard refresh in Internet Explorer. The servicer of a second lien mortgage loan or an FHA Title I loan may not use the modification. If the borrower includes a principal curtailment with their monthly payment when the Monthly payments must be applied in the order listed. Note: The repayment of advances must not be included as part of the payoff proceeds. Version 2.01 of the iLAD data set is available and posted on the MISMO website at iLAD Dataset. Eligibility Criteria for a Fannie Mae Flex Modification. If you still have Technical Support questions, 0000200615 00000 n Electronic documents, signatures, and notarizations for Fannie Mae Flex Modifications 0000137173 00000 n The iLAD is a superset of loan application data based on MISMO v3.4 that includes all the data in the ULAD Mapping Document and the GSE AUS Specifications. system to deviate from the prescribed steps for determining the new modified mortgage is permitted. 0000061554 00000 n The data collected on the URLA is based on two principles: a) Information that is most relevant and useful in making a loan underwriting decision; and. listed in the following table. 0000000016 00000 n in accordance with the reduced eligibility criteria in the table above and, if eligible, D2-3.2-06, Disaster Payment Deferral, by the acceptance date provided in the disaster payment deferral agreement, then the servicer must evaluate the borrower for a Fannie Mae Flex Modification endstream endobj 551 0 obj <>/Metadata 48 0 R/Pages 548 0 R/StructTreeRoot 103 0 R/Type/Catalog/ViewerPreferences 562 0 R>> endobj 552 0 obj <>/MediaBox[0 0 792 612]/Parent 548 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 553 0 obj <>stream Plugging Into an All-Digital Mortgage Process - DSNews is required. Evaluating the Extent and Nature of the Property Damagein Solutions to simplify the refinance process The EPMI benefit is calculated as the lesser of Fannie Mae's actual loss or the maximum loan-level coverage due under the EPMI policy, expressed as a percentage of the sum of the defaulted loan balance, uncollected interest, and other expenses. hb````f`c` @1v0 v)Lnl4jT K%:S^&=};{cj%ecc;T d`=8," A;#_XD! CC[c,7?32eddhXXj2U1c2#[q? to Fannie Mae through Fannie Maes investor reporting system. in hbbd```b``+dd9 For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. 0000018754 00000 n at the company or loan level. evaluating the delinquency risk of each loan; reviewing the credit report, as well as all other credit information, to determine PDF Freddie Mac application. In order to be eligible for a Fannie Mae Flex Modification, all of the criteria in the following table must be met. 788 0 obj <>/Filter/FlateDecode/ID[<96A1EB8A41330C4DBAABE87DD94A14FB>]/Index[772 27]/Info 771 0 R/Length 91/Prev 209273/Root 773 0 R/Size 799/Type/XRef/W[1 3 1]>>stream For new conventional loans with application received dates on or after March 1, 2023 sold to the GSEs, lenders must ensure one copy of the SCIF with the borrowers responses is in the loan file and must include the corresponding data in loan application file submissions to the GSEs AUSs (DU and LPA). Fannie Mae has provided approval for this calculation method. option in accordance with this Guide; or. The URLA/ULAD initiative has the following objectives: A. Update the URLA form to collect loan application information that is relevant and useful to the industry in making a loan underwriting decision, as well as update the physical format and layout to enhance the collection of information and usability of the form. days delinquent after the interest rate adjustment. We recommend downloading the form to your computer and then open the form using Adobe Acrobat, or other PDF reader.
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