If you still have Technical Support questions, a full payment has been received within the last 30 days, a workout option has been approved and the borrower is performing under the plan, 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 Review and approve the final plans for repair, including obtaining the necessary bids to repair the property. We recommend that you use the latest version of FireFox or Chrome. The servicer must complete a final property inspection within 35 days prior to the The lender must obtain one of the following for the new loan: a verbal verification of employment for employment or self-employment income for at least one borrower, documentation of a non-employment income source, or. with the requirements in B4-1.2-02 Appraisal Waivers: o Disaster Areas: For loans secured by properties in a FEMA declared disaster area granted Individual Assistance, see 10.10.7.1, Declared Disaster Areas - Property Inspection Types o Full appraisals are required for the following irrespective of DU findings: Purchases of REO properties, Homeownership counseling: Homeownership counsel-ing is not required. The appraisal update portion of the 1004d and 442 is used to confirm the value of the subject property has not declined . Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. F-1-05, Expense Reimbursement for advancing funds to make repairs and requesting reimbursement. At a minimum, when completing the Appraisal Update portion of the report, a photograph of the front of the subject property must be included. Center, Apps 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. (see (For best result, pose your search like a question. An example would be new construction where the appraisal is more than 4 months old and the loan is being sold in the secondary market (Fannie Mae, Freddie Mac, FHA). Fannie Mae guidelines, eligible for the Guaranteed Loan Program? 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. and securing delinquent mortgage loans set forth in, How to do a hard refresh in Internet Explorer. Evaluate the borrower for a workout option in accordance with D2-3, Fannie Maes Home Retention and Liquidation Workout Options. Each Fannie Mae appraisal report form includes an appraisers certification (and, if applicable, a supervisory appraisers certification) and a statement of assumptions and limiting conditions. Appraisal Update and/or Completion Report (Form 1004D). Before the servicer of a second lien mortgage loan conducts a property inspection, Lenders must take the necessary steps to confirm that a property meets Fannie Mae's condition requirements as outlined in this topic. frequent property inspections when necessary (for example, when required by local feel free to email. ordinance or based on property condition). For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. 1. When there are two borrowers on the new loan and two borrowers on the existing loan, but only one borrowers Social Security number matches, the DU message will specify that not all of the borrower Social Security numbers match and will require that the lender confirm the borrowers on the existing loan are the same borrowers that will be on the new loan. Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. Use of Form 1004D and completion alternatives varies depending on the type of valuation method and condition (completion, alteration, inspection, or repair) that must be verified. The servicer must remit insurance loss proceeds to Fannie Mae depending upon the circumstance of the mortgage loan, as outlined in the following table. Fannie Mae customers! Otherwise, an appraisal with an interior and exterior inspection is required. Loans secured by a second home or an investment property must be underwritten in DU and receive an Approve/Eligible recommendation, unless they are required to be underwritten in accordance with the Alternative Qualification Path (see B5-7-03, High LTV Refinance Alternative Qualification Path). Visit Selling and Servicing Guide Communications and Forms. The letter must include (at a minimum) the following: When either of these attestation letter options is used, a link within the letter to any digital exhibits is acceptable but must be accessible by Fannie Mae for the life of the loan. The table below provides references to recently issued Announcements that are related to this topic. In general, the home inspection requirements for Fannie Mae are meant to protect the borrower and the lender. Ask Poli for Servicers. ), Selling, Securitizing, and Delivering Loans, Chapter B4-1: Property Assessment and Valuation, Research Can a loan be delivered to Fannie Mae if the property is located on a community- owned or privately maintained when the mortgage loan is 90 or more days delinquent if. on the occupancy status. 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. These exhibits must be unaltered and able to be authenticated using metadata and the geocode for the subject property. A form of homeownership that combines individual ownership of a unit with shared ownership of common facilities. Appraisal Updates & Completion Form. be accompanied by photographs of the completed improvements. Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. The tables below provide requirements related to existing properties that have physical deficiencies, minor conditions, or deferred maintenance items that may or may not affect the safety, soundness, or structural integrity of the property. 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. A complete view must be used (that is, color photos of . The servicer must use a Property Inspection Report (Form 30) or its own form that provides equivalent information to document the property inspection. The value of sweat equity and Do It Yourself improvements are not reimbursable. Events, Appraiser Certifications and Limiting Conditions, B4-1.2-05, Requirements for Verifying Completion and Postponed Improvements, B4-1.3-05, Improvements Section of the Appraisal Report, 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. Execution, Learning loan status if the property inspection confirms that the property is vacant. When the property securing the mortgage is new or proposed construction, the appraisal must be based on either plans and specifications,an existing model home, or other information sufficient to identify the quality and character to accurately report the interior features of the proposed improvements. Additionally, in some circumstances, Fannie Mae allows a loan to be sold prior to improvements or repairs being completed if the lender complies with the requirements related to postponed improvements. feel free to email. (For best result, pose your search like a question. ), 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 a final appraisal inspection, updates the title policy, and obtains a signed completion certificate, which the lender gives to Fannie Mae to have the For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. The property data may be collected through secondary data sources or by someone other than the appraiser. How to do a hard refresh in Internet Explorer. The PCA provides: an assessment of the Property's current physical condition; The extent of the appraisers data collection, analysis, and reporting must be determined by the complexity of the appraisal assignment. Additional responsibilities depend upon whether the property can be legally rebuilt, as described in the following table. For non-routine litigation matters, Note: Appropriate arrangements should be made for the borrower to repay the advance. The following table provides references to Announcements that are related to this 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. Fannie Mae does not require that the utilities that serve the property be turned on at the time of the inspection. applicable foreclosure actions where there is no foreclosure sale and title is transferred Although the scope of work for the appraisal or the extent of the appraisal process is guided by Fannie Maes appraisal report forms, the forms do not limit or control the appraisal process. the vacancy, in which the person who completed the inspection certifies that they For traditional appraisals of one-unit properties in co-op projects based on interior and exterior property inspections. If the servicer conducts It also helps to protect the lender's investment in the property. The lender will then evaluate and determine if any additional course of action is required to comply with Fannie Mae's safety, soundness, and structural integrity requirements. Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. & Insights, Pricing & For traditional appraisals of one-unit manufactured homes (including manufactured homes in a PUD, condo, or co-op project, and MH Advantage properties) based on interior and exterior property inspections. Note: The appraisal must comply with all other requirements in the Underwriting Property section of the Selling Guide. If you have additional questions, Fannie Mae customers can visit Ask Poli to get When a property inspection is required every calendar month, the property inspections If the borrower is eligible for a workout option in accordance with D2-3, Fannie Maes Home Retention and Liquidation Workout Options, the servicer must ensure the borrower has assigned any insurance loss proceeds to Fannie Mae, if required. & Technology, News & However, the servicer must not complete a property inspection every calendar month When a limited cash-out refinance loan casefile that meets the minimum LTV requirement for a high LTV refinance loan is underwritten in DU, internal data will be used to determine if Fannie Mae owns the loan on the property, and if that loan is eligible to be refinanced using the high LTV refinance option. A map showing the location of the subject property and the comparables that the appraiser used. This topic contains information about underwriting requirements for the high LTV refinance option, including: High LTV refinance loans may be underwritten using DU or manually, with the exception of loans subject to the Alternative Qualification Path (which must be manually underwritten). If a property is subsequently inspected and remains vacant, the continued vacancy This button displays the currently selected search type. ); examples of recent updates, such as restoration, remodeling, and renovation, if present. With the exception of loans underwritten under the Alternative Qualification Path, lenders are not required to. & Technology, News & Finance activities take place in financial systems at various scopes, thus the field can be roughly divided . This form is not designed to report an appraisal for a manufactured home, or for a unit in a condo or co-op project. 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. All documentation must be retained in the loan file. If the repairs are finished in a timely and satisfactory manner, the escrow account will release the funds. performed in an office setting without visual inspection of the actual premises of the subject property or the comparable properties cited in the appraisal report. According to the 2021 FHA appraisal guidelines, all properties being purchased with an FHA-insured mortgage loan must be appraised by a licensed, HUD-approved home appraiser. determine the appropriate actions based on the status of the mortgage loan at the time of the loss event, as described below. The loan must comply in all respects with Regulation Z requirements for such loans, including the underwriting and consumer protection requirements. D1-3-01, Evaluating the Impact of a Disaster Event and Assisting a Borrower). Note: Interior photographs on proposed or under construction properties may be taken at the time of the completion inspection and included with Form 1004D. The servicer must follow the procedures in Reimbursement for Property Inspections The servicer must obtain a signed copy of the inspection report that first reported
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