This Lender Letter provides advance notification to servicers of changes that will simplify and streamline the cash remittance and reconciliation process. The effective date for the changes in this Lender Letter is targeted for the second quarter of 2020; servicers will be notified once a specific effective date is determined.
Due to FHA maintenance, lenders may receive an error when submitting FHA cases through DU on Aug. 18 and Aug. 25.
FHFA has directed Fannie Mae and Freddie Mac to solicit applications for “Validation and Approval of Credit Score Models.”
Learn more about how Fannie Mae uses credit scores and credit score models … and what else our automated underwriting system considers.
FHFA has directed Fannie Mae and Freddie Mac to make specific modifications to the redesigned Uniform Residential Loan Application (URLA)/Form 1003. To allow time to make the necessary changes, deadlines for implementation of the redesigned Form 1003 and DU Specification will be postponed.
To increase operational efficiencies, several Message Manager As-Is and Fannie Mae Connect reports are moving to new locations. Please begin planning for these changes today. Review the full list of servicing reports that are affected by this change.
August updates implement changes to lender quality control requirements, introduce construction-to-permanent financing for manufactured homes, clarify appraisal waiver eligibility for refinance transactions, and more.
MBS Closing Statements and MBS Same Month Pooling reports will retire from Message Manager As-Is on October 31. Find them now in the Loan Delivery category of the Fannie Mae Connect Report Center. Stay tuned for more information on BU/BD Ratios.
For a summary of key updates in this Selling Guide announcement, view the executive overview by Malloy Evans, Chief Credit Officer for Single-Family.
This announcement provides more clarity to our lender quality control (QC) requirements. Updates relate to reverification of income and employment, QC function independence, QC staffing, and more.
Manufactured homes are now eligible for Construction-to-Permanent financing. Find more details on the C-to-P Financing page or New Manufactured Home Financing Matrix.
Read more about our second quarter financial results in our news release, Form 10-K, and credit supplement.
We have issued a Servicing Notice about the extended publishing of Cost of Funds Index (COFI).
The July 2019 Appraiser Quality Monitoring (AQM) list has been posted on the Appraiser Quality Monitoring page.
In an ongoing effort to simplify servicing and increase operational efficiencies, Fannie Mae is working to streamline and centralize key information and data from multiple reporting applications.
With Fannie Mae's innovative MH Advantage offering, designated manufactured homes (MH) designed with features similar to site-built homes are now eligible for financing terms more consistent with standard conventional loans. Join us for an overview of MH Advantage mortgages to see how our new offering fits into your portfolio.
The HomeReady income limit policies and Desktop Underwriter changes announced June 5, 2019, are now live.
The DU validation service will be unavailable between 9:00 p.m. Friday July 19 and 12:00 a.m. Saturday July 20. Lenders should submit casefiles to DU to validate income, employment and/or assets before or after this time period.
Several exciting updates are coming including an Exception Analysis which may identify opportunities for increased auto-approval and payment rates, as well as updates to the IRT and Excess Fees and Costs tabs. We’ll let you know when the enhanced dashboard is ready.
We have issued a Selling Notice in support of a SOFR ARM plan for newly originated ARM loans.
July updates simplify our escrow waiver policy, clarify requirements for compliance with Office of Foreign Assets Control (OFAC) regulations, and more.
Single-Family Chief Credit Officer, Malloy Evans, offers an executive overview of the latest Servicing Guide Announcement.
This Exhibit provides the new Fannie Mae Modification Interest Rate required for all Fannie Mae conventional mortgage loan modifications.
July updates implement changes related to HomeReady income limits, clarify requirements for compliance with Office of Foreign Assets Control Regulations, simplify requirements for signed IRS Form 4506-T, update our definition of relocation loans, remind lenders of our disaster policies, and more.
For a summary of key updates in this Selling Guide announcement, view the executive overview provided by Malloy Evans, Chief Credit Officer for Single-Family.
Watch our new video to find out differences between appraising properties with leased or owned solar panels, how to determine if the panels are real property or personal property, and more.
Freddie Mac and Fannie Mae (the GSEs) provide guidance on resubmission of UCD data when changes or corrections have been identified.
Effective June 22, 2019, the borrower name no longer needs to match the name on a prior appraisal for a refinance transaction to be eligible for an appraisal waiver offer. This policy change will be reflected in the next Selling Guide update in August.
The PPA Data Change Rules Matrix was updated on 6/18/2019. In this update, documentation requirements were streamlined for certain data attributes and new attributes were added for First Time Home Buyer and Monthly Housing Expense, including documentation requirements supporting those attributes. Reference the Post-Purchase Adjustments page for additional resources on PPAs.
At the direction of the Federal Housing Finance Agency, Fannie Mae and Freddie Mac are communicating that the optional use period for the redesigned Uniform Residential Loan Application (URLA) form and corresponding datasets will not begin on July 1, 2019, as previously scheduled.