Lender Letter 2013-01
Announces the approval of National Mortgage Insurance Corporation as a new mortgage insurer to provide mortgage insurance
for conventional first mortgage loans.
UCDP January 26 Release Reminder
On Jan. 26, 2014, Fannie Mae and Freddie Mac (the GSEs) will be implementing the second phase of the conversion of current
Uniform Appraisal Dataset (UAD) compliance warning edits to fatal UAD edits in the Uniform Collateral Data Portal (UCDP).
A number of topics have been updated in the Selling Guide related to the use of a power of attorney, eligibility criterion
for DU Refi Plus and Refi Plus loans, and master hazard insurance policies for multiple unaffiliated projects. An updated
version of FAQs for Project Insurance Requirements.
Updated Selling Guide policies including miscellaneous income and documentation requirements, single entity ownership in a
project, 5-year ARMs as Texas Section 50(a)(6) mortgages, the calculation of real estate taxes for housing expense, and the
measurement of various waiting periods.
Fannie Mae has issued a lender letter focusing on appraiser selection, data quality issues, and new processes for appraiser
monitoring, and has added messages in UCDP related to appraisals from specific appraisers.
GSEs Publish UCD MISMO-Mapping Document to Support CFPB’s Closing Disclosure
Fannie Mae and Freddie Mac (the GSEs) have published the Uniform Closing Dataset’s (UCD) MISMO-mapping document, Appendix
B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model. The purpose of this document is to provide the industry with
a common dataset to implement the Consumer Financial Protection Bureau’s (CFPB) Closing Disclosure.
IRS Form 4506-T Tips for Underwriters
Provides tips regarding use of the IRS Form 4506-T, including what information is available, what to request from the IRS,
and how to review the results when underwriting a borrower for a mortgage loan.