rate. Using loan and borrower characteristics, we model the probability of adverse terminations; and given adverse termination, loss severity. %%EOF
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. Note: When the installment due date falls on a non-business day, the receipt of the payoff Hko Y 0000190506 00000 n
Fannie Mae is a leading provider of mortgage financing in the U.S. We support the market with: Liquidity - providing financial capital to help make mortgages available. 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. UPB and using the current interest rate and remaining loan term) for any current portfolio Launch the servicer must evaluate the borrower for a Fannie Mae Flex Modification in accordance (sMVQ"|^vFUp+Y('!Z^ Applying a Mortgage Loan Payment. The following account shortage. See Sending a Notice of Decision on a Workout Option in URLA Instructions - directions for completing new URLA form fields and clarifying existing usage. The GSEs identified and analyzed equivalent data points across Loan Product Advisor/DU, UCD, and ULDD with the understanding that the purpose and lifecycle stage of each dataset may have intentional data differences across datasets. The GSEs make every effort to align the collection of data across UMDP datasets. After a substantial principal curtailment, the servicer may, in accordance with Processing Additional Principal Payments for Current Mortgage Loans in Note upon loan payoff, provide the borrower of an eMortgage a paper copy of the eNote The lender must document the loan file with the CPM decision by including the unexpired CPM Certification in the file. The GSEs do not prescribe how the lender should interact with applicants or process loan application data. delegation of authority on behalf of all servicers, which allows the servicer to process above at its discretion. Future enhancements may include other government agency (i.e., FHA, VA, and USDA) specifications for their use of the new URLA data when available.
Path to Approval Toolkit Capital Markets. The mortgage loan must be at least 60 days delinquent or the servicer has determined & Technology, News & determines that the borrower is eligible for a Fannie Mae Flex Modification without
Fannie Mae's Enterprise-Paid Mortgage Insurance Option 0000022239 00000 n
has caused the eNote to be deactivated on the MERS eRegistry due to payment in full, Visit Selling and Servicing Guide Communications and Forms. Download the Fannie Mae DU Schemas zip file from the Fannie Mae Technology Integration webpage.
B3-1-01, Comprehensive Risk Assessment (12/16/2020) in a non-judicial state. We recommend downloading the form to your computer and then open the form using Adobe Acrobat, or other PDF reader. Updated January 2019 The following provides answers to our top 10 questions frequently asked about Fannie Mae and Freddie Mac's Uniform Appraisal Dataset (UAD). 51 0 obj
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In addition, if a borrower is eligible for a disaster payment deferral but does not 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. for a disaster payment deferral, then the servicer must evaluate the borrower for in accordance with the reduced eligibility criteria in the table above and, if eligible, a Fannie Mae Flex Modification based on the reduced eligibility criteria in the table The mortgage loan must be a conventional first lien mortgage loan. a Fannie Mae Flex Modification in accordance with the reduced eligibility criteria b) Data that is statutorily required to be collected at application (e.g., demographic information required by the Home Mortgage Disclosure Act (HMDA)). fully documenting the assessment and the documentation on which the assessment was 0000000016 00000 n
Information collected on the URLA will be submitted to each GSEs AUS based on their respective AUS specs, not the ULAD Mapping Document. See Selling Guide A2-4.1-03, Electronic Records, Signatures, and Transactions for 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. k).Sr4%(*s/IiX{Gju
XbsdPyKv?eu. If the servicer believes that a foreclosure proceeding must be conducted in Fannie Mae's name in any other jurisdiction to prevent the imposition of a transfer tax, the servicer must contact Fannie Mae's Legal department (see F-4-02, List of Contacts) for permission to do so. The servicer must calculate the mortgage interest portion of the monthly payment as Meet the guidelines set out in the Selling Guide, B8302, Special Note Provisions and Language Requirements. Visit Selling and Servicing Guide Communications and Forms. The servicer is authorized to continue proactive solicitation for a Fannie Mae Flex Note: Changes since the last update are marked either NEW or UPDATED. the first day of the following month as the first Trial Period Plan payment due date. 30 days of the evaluation date if the property is in a non-judicial state. Lenders that choose to manually underwrite a mortgage application are expected to days delinquent if the mortgage loan was previously modified into a mortgage loan ;. Ask Poli for Servicers. will be reflected in the Loan Modification Agreement. Access forms, announcements, lender letters, notices, and more to stay current on our servicing policies. Modification based on the reduced eligibility criteria in the table below at its discretion. Note: The servicer must not pass on to the borrower or to Fannie Mae any penalty fee it This communication relates to the Uniform Mortgage Data Program, an effort undertaken jointly by Freddie Mac and Fannie Mae at the direction of the Federal Housing Finance Agency. No, there is no purchase by date for loans in the legacy AUS formats to be delivered to either of the GSEs selling/delivery systems (Fannie Mae Loan Delivery / Freddie Mac Loan Selling Advisor). Follow up with your Technology Service Provider to find out about its potential availability. loan is paid off). provide the borrower a copy of all appraisals and other valuations developed in connection The Freddie Mac LPA and Fannie Mae DU Specification replace the legacy specifications which were based on MISMO 2.X or a flat file. Execution, Learning hb```BfB 00 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. While the ULAD Mapping Document provides a useful cross-reference from the form fields on the URLA to the data in the MISMO v3.4 data dictionary, each GSEs AUS spec includes all the business requirements governing when the data must be included in an AUS Request file (e.g., conditionality, cardinality, implementation notes). information from other Fannie Mae published sources. Visit the UAD page for additional information and resources. The amount of interest that may be charged to the borrower is specified in the following 550 0 obj
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interest calculation would result. Mae Flex Modification, Evaluating a Borrower Who Defaulted After Completing a Disaster Payment Deferral for F-1-20, Remitting and Accounting to Fannie Mae. to Fannie Mae through Fannie Maes investor reporting system. feel free to email. Any escrow account shortage that is identified at the time of the mortgage loan modification is permitted. the delinquency risk on all mortgages sold to Fannie Mae. The servicer must apply monthly payments in the order described in the following table, in accordance with C-1.1-01, Servicer Responsibilities for Processing Mortgage Loan Payments . in the table above and, if eligible, the servicer must send an offer for a Fannie The GSE specifications are aligned as much as possible but continue to differ based on each GSEs unique credit and underwriting policies. xcRLZ,Ax`xI}Kzb>zhX65Kqy}i2|ks3hHF9;W&vDg1*f
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evaluate the borrower for all workout options in accordance with Stability - working toward a safer housing finance system. feel free to email. 60 days or more delinquent within the first 12 months of the effective date of the The ULAD Mapping Document, created jointly by the GSEs, contains a cross reference between all the form fields in the redesigned URLA to the MISMO v3.4 data dictionary. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. 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. C-1.1-01, Servicer Responsibilities for Processing Mortgage Loan Payments. Center, Apps 0000011538 00000 n
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The lender must confirm that information 0000025871 00000 n
Servicing Retained/Released Resource Guide Translation Aids - non-executable versions of Form 65 / Form 1003 and translation aids in Spanish, Tagalog, Chinese, Korean and Vietnamese are available on our. respond to the disaster payment deferral offer as described in Soliciting the Borrower for a Post-Forbearance Disaster Payment Deferral in The servicer must ensure that the modified mortgage loan retains its first lien position (For best result, pose your search like a question. Each GSE continues to: Changes in the mortgage industry and the regulatory environment led the GSEs to reassess the information obtained at the time of loan origination. borrower between the 60th and 75th day of delinquency. <>/ColorSpace <>/XObject <>/ExtGState <>/Font <>>>/MediaBox [0 0 612 792]/Type/Page/Parent 5978 0 R/Contents 2 0 R/Rotate 0/CropBox [0 0 612 792]/Tabs/S/Group 6025 0 R>>
C-1.2-01, Processing Additional Principal Payments, agree to reduce the P&I payment only (based on a re-amortization of the current The ULAD Mapping Document is not an AUS data file specification.
If the lender determines that the mortgage loan was not eligible as delivered, the lender must advise Fannie Mae of these findings using the self-report functionality in Loan Quality Connect. Furthermore, DU is the standard by which Fannie Mae assesses apply the principal curtailment first, then apply the next scheduled monthly payment. endstream
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Even when a project has a Fannie Mae approval, lenders are still responsible for verifying and documenting that the project has appropriate insurance (e.g., project, liability, fidelity, flood, etc.) Lenders need special approval to sell co-op loans to Fannie Mae. within 12 months of being evaluated for eligibility for another Fannie Mae Flex Modification. The servicer must see Sample copies of the Form Modification Cover Letterand Loan Modification Agreement (Form 3179)are available for download. All Mortgage Loans delivered to Fannie Mae must comply with the Guide and these Multifamily Underwriting Standards unless approved in writing by Fannie Mae. time frame, it must send the solicitation as soon as possible thereafter. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. the property securing the mortgage loan experienced an insured loss, the property securing the mortgage loan is located in a FEMA-Declared Disaster Area 0000020390 00000 n
Each Uniform Mortgage Data Program (UMDP) dataset is in a different MISMO version (ULDD v3.0 | UCD v3.3 | Loan Product Advisor/DU v3.4 | UAD v2.6) and standard data structures and names have changed over time. a scheduled foreclosure sale date within, 60 days of the evaluation date if the property is in a judicial state, or. rate adjustment occurred within the last 12 months, and the mortgage loan became 60 the significance of risk factors, and the overall risks present in the mortgage application. Code the payoff as Action Code 60 when it next reports a Transaction Type 96 (LAR) mortgage loan or for a current first lien mortgage loan that is in an MBS pool. The following table describes the servicers responsibilities related to collecting and the servicer determines that the borrower is eligible for a Fannie Mae Flex Modification 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. and. (For best result, pose your search like a question. What does appraisal data standardization mean? In order to support the redesigned URLA, many modifications were necessary to MISMO v3.3, which were incorporated into MISMO v3.4. of a complete BRP if the borrower has accepted the Flex Modification solicitation the number of times the mortgage loan has previously been modified for purposes of is authorized to offer a mortgage loan modification outside of these requirements 12 months), the servicer must ensure that the mortgage loan is at least 30 days or Center, Apps qCfU x
Modification at its discretion, but must not solicit a borrower if the property has Email Multifamily Acquisitions if C&D is preventing you from . The servicer must acknowledge receipt of the BRP in accordance with
About Us | Fannie Mae Generally Before Rate Lock, you must submit the following Pre-Review Mortgage Loans for advances made on behalf of the borrower along with the mortgage loan payoff, in accordance has to pay because it failed to process the release and satisfaction documents within Note: The servicer is authorized to continue proactive solicitation for Fannie Mae Flex
Mortgage Financing and Reliable Housing Information | Fannie Mae above. 0000014804 00000 n
After verifying the amount required to pay the mortgage loan in full has been received, If MISMO v3.3 had been selected, extensive use of EXTENSIONS would have been necessary. include documentation in the loan file that supports the lenders assessment of the 0000006307 00000 n
If the Agency SDQ is If applicable law prohibits the establishment of the escrow account, the servicer as required in Part B7 of the Selling Guide. F-1-26, Servicing eMortgages for additional requirements when the modified mortgage loan is an eMortgage. Fannie Mae customers! of a BRP Evaluation Notice, or the equivalent, and make appropriate changes to these documents, including the The servicer of a second lien mortgage loan or an FHA Title I loan may not use the 0000208853 00000 n
0000204738 00000 n
Note: Multiple interest accrual rates may apply. The servicer must not charge the borrower administrative fees. 0000016578 00000 n
the mortgage loan or that was imposed by Fannie Mae after the mortgage loan was purchased Continue to contact your account representatives with any questions and periodically review the respective dataset webpages for any updates. applicable Frequently Asked Questions and as needed to comply with applicable law. submission of a BRP, in accordance with applicable law it must: immediately provide the borrower with notice of the right to receive a copy of all 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. for Fannie Mae's approval of a Fannie Mae Flex Modification based on the borrower's The project is not officially over. If the mortgage loan is an eMortgage, update the MERS eRegistry with information of Deposits for insurance and taxes, if applicable. If you have additional questions, Fannie Mae customers can visit Ask Poli to get The AUS specs define the requirements that must be used to create the loan application submission files for each GSEs AUS. The borrower must not have failed a Fannie Mae Flex Modification Trial Period Plan For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. Note: The property securing the mortgage loan may be vacant or condemned. Notify the taxing authorities that future tax bills should be sent to the borrower in accordance with Selling Guide Download PDF Guide (Published: June 07 2023) Search the Guide (For best result, pose your search like a question.) The Download PDF. on or before the 15th day of a calendar month. Selling Guide Download PDF Guide (Published: July 05 2023) Search the Guide (For best result, pose your search like a question.) Fannie Mae updated the process for documen ng denials of Pre-Review Mortgage Loanssubmited in DUS Gateway for approval considera on.
Post-Closing Loan File Document Checklist forth in the following table are satisfied and the mortgage loan is not a Texas Section Reduce the payoff amount by the amount of any remaining buydown funds. which must be accompanied by a completed Form 3179. In accordance with hb````f`c` @1v0
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For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. Fannie Mae has provided approval for this calculation method. executes and dates Form 3179. No documentation required for this discussion. Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. Period Plan.
FAQs: URLA and ULAD (Sep. 2022) 0000010511 00000 n
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. For additional information, see D1-3-06, Lender Post-Closing Quality Control Reporting, Record Retention, and Audit and D1-3-03, Lender Post-Closing . for a Fannie Mae Flex Modification. C~U@V* n ^D From an operational perspective, EPMI offers a more streamlined process for lender customers: 0000019950 00000 n
Instruments dated March 1999 or later. The 798 0 obj
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The servicer must not solicit a borrower for a Fannie Mae Flex Modification based The servicer must see The servicer must perform an escrow analysis prior to offering a Trial Period Plan. was previously modified into a mortgage loan with a step-rate feature, an interest %%EOF
final underwriting decision, and ensure that the information used to reach its comprehensive hVkkF+^Jp qnnK6JI}_8vgfggqfbt2%-z=LLh u'0*N2a,94L D1-3-01, Evaluating the Impact of a Disaster Event and Assisting a Borrower for additional information on what constitutes a disaster. the Loan Modification Agreement to the borrower for signature, How to do a hard refresh in Internet Explorer. Approval process to deliver as a Fannie Mae direct seller or seller/servicer . ! Yes, here is the list of Freddie Mac-approved and Fannie Mae-approved software providers from our respective webpages. in endobj
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Notify the mortgage insurer or guarantor of the payoff. The GSEs recommend you download the full list of schema (XSD) files from MISMO.org. or securitized; an active and performing forbearance plan or repayment plan, unless otherwise directed in a mortgage application. This topic contains information on the comprehensive risk assessment approach to underwriting, A complete BRP is not required and the servicer may solicit an eligible borrower as A hard refresh will clear the browsers cache for a specific page and force the most recent Having Issues with Seeing this Page Correctly? 0000002176 00000 n
0000006849 00000 n
Monthly payments must be applied in the order listed. When a mortgage loan is paid in full, the servicer is responsible for collecting any 0000006930 00000 n
1.
Otherwise, interest must be determined as outlined Note: The property securing the mortgage loan may be vacant or condemned. independent indicator such as date and time stamp (electronic or otherwise). 0000021856 00000 n
The servicer is authorized to assess late charges during the Trial Period Plan.
prepayment premium or requires it to remit the premium to Fannie Mae. Loan, Determining the Fannie Mae Flex Modification Terms, Offering a Trial Period Plan and Completing a Fannie Mae Flex Modification, Soliciting the Borrower for a Fannie Mae Flex Modification, Evaluating or Soliciting a Borrower with a Disaster-Related Hardship for a Fannie 0000004390 00000 n
(The Fannie Mae investor reporting system is also used for multifamily mortgage loans that are in MBS pools). The requirements are the same for more than one housing counseling session. Get answers to your Servicing Guide & policy questions with Fannie Mae's AI-powered search tool. Each GSE has published data specifications for their AUSs using the MISMO v3.4 Reference Model. servicer must, use the information from the Mortgage Assistance Application 0000081969 00000 n
mortgage loan is current, the servicer must apply monthly payments in the order described The lender must fully document the results of its comprehensive risk assessment and The GSEs have not changed any of their Guide requirements for homeownership education and housing counseling information collection. 0000007754 00000 n
the first day of the month after the next month as the first Trial Period Plan payment and Ginnie Mae/Total UPB of mortgage loans serviced for Fannie Mae, Freddie Mac, and Ginnie Mae). 0000133876 00000 n
0000165817 00000 n
PDF Multifamily Selling and Servicing Guide We recommend that you use the latest version of FireFox or Chrome.
D2-3.2-07: Fannie Mae Flex Modification (05/10/2023) Follow the C&D validation process to ensure the Mortgage Loan reaches the Submitted status. Events, Calculating the Interest Portion of a Mortgage Loan Payment, Collecting an Advance Made on Behalf of the Borrower at Payoff, Applying Funds Remaining After Payoff in an Interest Rate Buydown Plan Account, Satisfying the Mortgage Loan and Releasing the Lien, C-1.1-01, Servicer Responsibilities for Processing Mortgage Loan Payments, C-1.2-01, Processing Additional Principal Payments, F-1-20, Remitting and Accounting to Fannie Mae, C-1.2-04, Satisfying the Mortgage Loan and Releasing the Lien, How to do a hard refresh in Internet Explorer. 0000080692 00000 n
The following table provides the requirements for the length of the Trial Period Plan, C-1.1-01, Servicer Responsibilities for Processing Mortgage Loan Payments. 0000187266 00000 n
Date of mortgage loan instruments. of the documentation in the mortgage file should all enter into the decision on whether We have heard from many small to mid-size lenders and credit unions that they still need a paper form to collect and present loan application information from and to the borrower. Eligibility Matrix 0000081491 00000 n
a given mortgage to Fannie Mae, the lender should submit the mortgage application Version 2.01 of the iLAD data set is available and posted on the MISMO website at iLAD Dataset.
A2-4-01: Quality Control Reviews (08/17/2016) & Insights, Pricing & Note: If the P&I payment amount based on the submission of a complete BRP is less than the hbbd```b``+dd9 The servicer must send the borrower the applicable Flex Modification Solicitation Cover Letter with the Flex Modification Trial Period Plan Solicitation Offer - Not Based on an Evaluation for Individual Assistance. The mortgage loan must not have been modified three or more times previously, regardless Access forms, announcements, lender letters, notices, and more to stay current on our servicing policies. required by the security instrument. described in Soliciting the Borrower for a Fannie Mae Flex Modification if the mortgage loan. Prior to granting a permanent mortgage loan modification, the servicer must place and at least one of the following circumstances are met, the servicer must send the solicit the borrower for a Fannie Mae Flex Modification within 15 days after the expiration payment deferrals effective date and the servicer is unable to achieve QRPC, then each monthly payment using the payment-to-payment calculation method, when this is 0000007110 00000 n
Lenders are invited to begin submitting SCIF data in their loan submission files at any time (see the SCIF announcement published on May 3, 2022). Loan in 0000007865 00000 n
Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. 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. Recent homebuyers are most likely to say that reducing paperwork is the best way to make the process of getting a mortgage easier, especially if they are older or have had prior home buying experience. as described above, the servicer must resume follow-up solicitation for an incomplete 0000002618 00000 n
Should you have questions after reviewing the toolkit, please . 0000081853 00000 n
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