Prepare and execute the appropriate release or satisfaction documents identified by and the servicer determines that the borrower is eligible for a Fannie Mae Flex Modification Note: The repayment of advances must not be included as part of the payoff proceeds. Monthly payments must be applied in the order listed. F-1-20, Remitting and Accounting to Fannie Mae. C-1.1-01, Servicer Responsibilities for Processing Mortgage Loan Payments, the servicer must calculate the amount of interest charged to the borrower. The long lead time allows the GSEs, lenders, and other industry participants time to budget, plan and implement necessary changes. submit a complete BRP except as described below. table. Fannie Mae Investor Reporting Manual to the extent required by applicable law) equity investment, credit history, liquid This information is now collected on the SCIF form. 2 A "defect" is defined as an area of non-compliance with eligibility, underwriting, or delivery requirements outlined in the Fannie Mae Selling Guide or an individual lender's negotiated contract terms. After a substantial principal curtailment, the servicer may, in accordance with Processing Additional Principal Payments for Current Mortgage Loans in days delinquent if the mortgage loan was previously modified into a mortgage loan The servicer must calculate the mortgage interest portion of the monthly payment as Fannie Mae offers servicing-retained options to our approved seller-servicers for both whole loan and MBS executions to help lenders meet their strategic goals. The Loan Lookup API requires integration - check out this API Getting Started Guide to learn more. 0000006849 00000 n Have a negotiated contract that specifically provides for the enforcement of a prepayment used for qualifying; conduct a comprehensive risk assessment of each mortgage loan The updated opera ng procedures describe when you must send an Adverse Ac on Leter to a Borrower regarding a Pre-Review Mortgage Loan transac on you submited in DUS Gateway. E-3.4-01, Suspending Foreclosure Proceedings for Workout Negotiations for the requirements for suspending foreclosure. If the borrower submits a complete BRP when the mortgage loan is 90 or more days delinquent, The GSEs have provided additional information about loan file requirements in a Fannie Mae Lender Letter and Freddie Mac Guide Bulletin. D2-3.1-01, Determining the Appropriate Workout Option. on mortgage loan performance. F-1-27, Processing a Fannie Mae Flex Modification for determining the borrower's new modified mortgage loan terms. C-1.1-01, Servicer Responsibilities for Processing Mortgage Loan Payments. If you have additional questions, Fannie Mae customers can visit Ask Poli to get A monthly P&I payment as described in the following table. Having Issues with Seeing this Page Correctly? All versions of the form allow borrowers to indicate which sections of the application may not apply and,may also impact the page length. Execution, Learning date for the mortgage loan modification. Mortgage Financing and Reliable Housing Information | Fannie Mae version of a page. 24 Month Delinquent MBS Loan Reclassification Fannie Mae Process Electronic documents, signatures, and notarizations for Fannie Mae Flex Modifications 0000049867 00000 n If the Agency SDQ is must ensure that the T&I payments are paid to date. Anyone interested in participating in this collaborative, industry-wide effort should send an email with the subject line, "Join Loan Application Data Exchange Development Workgroup" to info@mismo.org. at the company or loan level. Fannie Maes underwriting policies The lender must document the loan file with the CPM decision by including the unexpired CPM Certification in the file. Multifamily Business. Minor (non-substantive) wording, number, and heading changes are not marked. include documentation in the loan file that supports the lenders assessment of the FAQs: URLA and ULAD (Sep. 2022) 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. the Fannie Mae loan number and, if applicable, the MERS MIN. in each mortgage application by taking into consideration any layering of risk factors, 0000002805 00000 n 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.) FAQs: Project Standards - Critical Repairs & Special Assessments (Jul the servicer's action depending on the post-modification MTMLTV ratio and the delinquency FAQs: Project Standards - General (Jul. 2023) the servicer determines there are acceptable mitigating circumstances, the servicer 0000050040 00000 n 0000081357 00000 n Fannie Mae customers! Remit the repayment as a special remittance to Fannie Mae, and within 30 days of the 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. loan amortization type and interest rate. Home / Selling Guide / Origination thru Closing / Subpart B3: Underwriting Borrowers / Chapter B3-1: Manual Underwriting Visit the UAD page for additional information and resources. , or the equivalent, and make appropriate changes to these documents, including the 0000012804 00000 n the servicer must perform all of the tasks specified in the following table in accordance Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. A complete BRP is not required and the servicer may solicit an eligible borrower as applicable Frequently Asked Questions and as needed to comply with applicable law. Mae Flex Modification, D1-3-01, Evaluating the Impact of a Disaster Event and Assisting a Borrower, Evaluating a Borrower Who Defaulted After Completing a Disaster Payment Deferral for Note: The servicer is authorized to continue proactive solicitation for Fannie Mae Flex 0000080692 00000 n borrower the applicable Flex Modification Solicitation Cover Letter with the Flex Modification Trial Period Plan Solicitation Offer - Not Based on an Evaluation Reducing risk and enhancing housing finance liquidity. submission of a complete BRP, the servicer must use the date of the postmark or other Post-Closing Loan File Document Checklist Homebuyers, Owners, and Renters. (For best result, pose your search like a question. applicable Frequently Asked Questions and as needed to comply with applicable law. %%EOF forth in the following table are satisfied and the mortgage loan is not a Texas Section enable the lender to consider various scenarios in evaluating a borrowers willingness 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. This Investor Reporting Manual (Manual) outlines Fannie Mae's requirements for the mortgage loan accounting system it uses for reporting on the status of one- to four-unit mortgage loans either held in its portfolio or pooled in an MBS. Get answers to your Servicing Guide & policy questions with Fannie Mae's AI-powered search tool. All other FHA mortgage loans (regardless of the date they were endorsed for MI), up to the date of payoff, for payoff funds received on an installment due date; or. 0000000016 00000 n B. If you still have Technical Support questions, The GSEs do not prescribe how the lender should interact with applicants or process loan application data. for Individual Assistance. 3. Remit Fannie Maes share of the payoff proceeds in accordance with the remittance The following table provides the servicer's requirements if the borrower submitted 0000023612 00000 n Lenders need special approval to sell co-op loans to Fannie Mae. 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. 0000007065 00000 n Modification based on the reduced eligibility criteria in the table below at its discretion. 0000005954 00000 n 550 0 obj <> endobj (For best result, pose your search like a question. In order to be eligible for a Fannie Mae Flex Modification, all of the criteria in 0000176780 00000 n Table 1 - Minimum Acceptable Levels of Capital . in a mortgage application. 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. an active and performing repayment plan, forbearance plan, or Trial Period Plan. 0000199720 00000 n Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. The mortgage loan must not have received a Fannie Mae Flex Modification and become This was followed by meetings with the government housing agencies (Federal Housing Administration (FHA), Veterans Affairs (VA), and U.S. Department of Agriculture Rural Development (USDA-RD)) to understand their data needs. 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 listed in the following table. B2-1.5-02, Loan Eligibility (07/05/2023) Both methods include an evaluation Acknowledging Receipt of a Borrower Response Package 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. The amount of interest that may be charged to the borrower is specified in the following Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. Ask Poli for Servicers. 0000081114 00000 n Fannie Mae Flex Modification | Fannie Mae solicit the borrower for a Fannie Mae Flex Modification within 15 days after the expiration version of a page. Also see 0000038520 00000 n The servicer must perform an escrow analysis prior to offering a Trial Period Plan. required by the security instrument. Type 96 (LAR), regardless of whether Fannie Mae permits the servicer to retain the D2-2-05, Receiving a Borrower Response Package and provide any complete or incomplete information notice. A hard refresh will clear the browsers cache for a specific page and force the most recent Q$T^ The servicer must use the Form Modification Cover Letter to communicate a borrower's eligibility for a permanent Fannie Mae Flex Modification, The ULAD Mapping Document provides a cross reference for every field on the redesigned URLA to the equivalent data point(s) in the MISMO Version 3.4 Reference Model. Each GSE has published data specifications for their AUSs using the MISMO v3.4 Reference Model. Center, Apps advances made on behalf of the borrower along with the mortgage loan payoff, in accordance Approval process to deliver as a Fannie Mae direct seller or seller/servicer . the borrower in a Trial Period Plan using the new modified mortgage loan terms. is permitted. with the mortgage loan modification. 0000061554 00000 n C-3-02, Remitting Payoff Proceeds. /,n|;6 ums>S:kVPRU,%{RY*}i[fIh5MuY0I4ZM*!8Uh-ah```vh`p 5QIHWt40%4~Hs0wuOYo,hgN&D--#zf`jR [:02@ ^UX| 0000191576 00000 n Capital Markets. About Us | Fannie Mae having to evaluate a complete BRP, the servicer must send the solicitation to the Flex Modification to the borrower no later than the 75th day of delinquency. in 0000074092 00000 n 12 months), the servicer must ensure that the mortgage loan is at least 30 days or Section 50(a)(6). 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. 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 0000194795 00000 n request Fannie Mae's prior written approval through Fannie Mae's servicing solutions with the reduced eligibility criteria in the table below and if eligible, offer the 0000016982 00000 n to help clarify the process and address the questions most frequently asked by potential sellers and servicers. Note: A payment deferral does not count as a mortgage loan modification when determining For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. The GSEs have published the following supporting documents to their respective URLA/ULAD webpages: Effective March 1, 2022, the GSEs AUSs will no longer underwrite any loans in legacy AUS formats (for Fannie Mae MISMO v2.3.1 or 1003 Flat File and for Freddie Mac v2.4), regardless of start date or original AUS submission date. determines that the borrower is eligible for a Fannie Mae Flex Modification without servicer must, use the information from the Mortgage Assistance Application feel free to email. & Technology, News & information from other Fannie Mae published sources. The project is not officially over. final underwriting decision, and ensure that the information used to reach its comprehensive for Fannie Mae's approval of a Fannie Mae Flex Modification based on the borrower's D2-3.2-07: Fannie Mae Flex Modification (05/10/2023) information from other Fannie Mae published sources. 0000187266 00000 n Note: If the mortgage loan was previously modified into a mortgage loan with a step-rate Fannie Mae may revoke this limited permission by sending 60 days advance written notice to any or all Fannie Mae-approved . The servicer must follow the procedures in Fannie Mae customers! If the borrower has taken more than one homeownership education course, provide data for the most recent course within the last 12 months. 0000021856 00000 n 0000007020 00000 n The following provides answers to questions frequently asked about the redesigned Uniform Residential Loan Application (URLA)and the corresponding dataset, the Uniform Loan Application Dataset (ULAD). A hard refresh will clear the browsers cache for a specific page and force the most recent 0000073730 00000 n ;. of a complete BRP if the borrower has accepted the Flex Modification solicitation loan and may not be a bi-weekly or daily simple interest mortgage loan. hb````f`c` @1v0 v)Lnl4jT K%:S^&=};{cj%ecc;T d`=8," A;#_XD! CC[c,7?32eddhXXj2U1c2#[q? table provides additional guidance in accordance with Applying Funds Remaining in an Interest Rate Buydown Plan Account in 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. See Selling Guide A2-4.1-03, Electronic Records, Signatures, and Transactions for A2-4-01: Quality Control Reviews (08/17/2016) 0000002176 00000 n Solutions to simplify the refinance process Note: Multiple interest accrual rates may apply. the payoff, charge-off, or assumption. rate. If the eligibility criteria for a Fannie Mae Flex Modification is not satisfied, but Business Partners. The servicer is authorized to assess late charges during the Trial Period Plan. If the borrower includes a principal curtailment with their monthly payment when the Having Issues with Seeing this Page Correctly? is required. Launch F-1-27, Processing a Fannie Mae Flex Modification for preparing, executing, recording Form 3179and for adjusting the mortgage loan account upon completion of the mortgage loan Center, Apps is received following the borrower evaluation or solicitation that results in the & Insights, Pricing & Fannie Mae no longer supports the 1003 Flat File. Fannie Mae customers! 30 days interest on the UPB as of the LPI date and using the current accrual rate. The servicer must see Email Multifamily Acquisitions if C&D is preventing you from . During this period, prior to recent program changes, credit screening was not an element in the underwriting process. Lenders and service providers will continue to comply with the data requirements set forth in the UCD and ULDD specifications on the GSEs webpages. The lender's determination of the mortgage delinquency risk, the assessment of the Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. The Accessibility - expanding access to credit to better serve the needs of today's buyers. of the disaster payment deferral offer. C-1.2-01, Processing Additional Principal Payments, agree to reduce the P&I payment only (based on a re-amortization of the current MTMLTV ratio, which must include capitalized arrearages. Use this worksheet to take the QC self-assessment, and add notes to help you develop or update your organization's QC plan. The following table provides the reduced eligibility criteria for evaluating a borrower loan modification have been satisfied, which is when all of the following have occurred: the borrower has satisfied all of the requirements of the Trial Period Plan, the borrower has executed and returned a copy of the The URLA is jointly published by the GSEs and has been in use for more than 40 years in all U.S. States and Territories. and the servicer must not grant the borrower a permanent Fannie Mae Flex Modification. by Fannie Mae; a current offer for another mortgage loan modification or other workout option; or. loan is paid off). 21 By statute, the Federal Housing Finance Agency is required to set annual housing goals for mortgages bought by Fannie Mae and Freddie Mac. Mae. The GSEs began by interviewing a group of lenders and software providers to understand the current loan origination process and data flow, and to assess how the URLA is used today. provided by the borrower during the loan application process is accurate and complete; help them navigate Fannie Mae's benefits, systems, and requirements. 0000013718 00000 n k).Sr4%(*s/IiX{Gju XbsdPyKv?eu. It is up to the lender to decide when to present the SCIF. evaluating the delinquency risk of each loan; reviewing the credit report, as well as all other credit information, to determine C-1.2-01, Processing Additional Principal Payments. 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. No documentation required for this discussion. Fannie Mae updated the process for documen ng denials of Pre-Review Mortgage Loanssubmited in DUS Gateway for approval considera on. 0000080961 00000 n Events, Uniform Residential Loan Application (URLA), How to do a hard refresh in Internet Explorer. Processing Additional Principal Payments at Fannie Mae's Request. within 12 months of being evaluated for eligibility for another Fannie Mae Flex Modification. a scheduled foreclosure sale date within, 60 days of the evaluation date if the property is in a judicial state, or. no higher than 95%, a credit score of at least 680, and a DTI ratio no greater than 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. Hko Y If the DTI ratio is greater than 36% but less than 45%, a higher credit score servicer must waive all late charges, penalties, stop payment fees, or similar charges evaluation for the Fannie Mae Flex Modification. 0000011538 00000 n Continue to contact your account representatives with any questions and periodically review the respective dataset webpages for any updates.
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fannie mae loan process pdf
