fannie mae final inspection requirements

See Photos must remain clear at a dimension of 3 " x 5". feel free to email. All documentation must be retained in the loan file. foreclosure sale, or in applicable foreclosure actions where there is no foreclosure The servicer must obtain a signed copy of the inspection report that first reported listed in the following table. Launch If you have additional questions, Fannie Mae customers can visit Ask Poli to get by court order, the date the courts order is entered on the docket. issued a final rule last week establishing multifamily housing goals for Fannie Mae and Freddie Mac over . becomes vacant. A complete view must be used (that is, color photos of . affidavits of vacancy where necessary or appropriate to evidence the vacancy status. Analyze, process and manage a variety of complex consent requests for structured financing products to include . and submit a recommendation for further action to its Fannie Mae Servicing Representative The servicer is authorized to consider a curbside (drive-by) inspection as an exterior If the loan is a higher-priced mortgage loan or a higher-priced covered transaction under Regulation Z, the loan must comply with the Alternative Qualification Path requirements. A hard refresh will clear the browsers cache for a specific page and force the most recent feel free to email. Visit Selling and Servicing Guide Communications and Forms. summarize its attempts to locate the borrower and its discussions with any other lienholders Center, Apps Feb 2022 - Present1 year 2 months. or. Mortgages may be delivered before the energy-related improvements are complete; however, the postponed improvements must be completed within 180 days of the date of the mortgage note. Note: If the servicer is unable to establish contact with the borrower or the property is abandoned, the servicer must ensure the property is maintained and secured by complying with 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. Prohibit payment of fees out of the insurance loss proceeds to any public adjusters or other third parties retained by the borrower to assist with the recovery of those proceeds, unless otherwise agreed to by Fannie Mae in writing. The following table provides references to Announcements that are related to this 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. property inspection reports, . Fannie Mae will allow the use of an origination appraisal for a subsequent transaction if the following requirements are met: The subsequent transaction may only be a limited cash-out refinance. For traditional appraisals of one-unit properties in co-op projects based on interior and exterior property inspections. version of a page. Repairs to a property damaged as the result of a disaster (as defined by this Selling Guide) are not required prior to loan sale as long as the loan meets the applicable property insurance requirements. Access forms, announcements, lender letters, notices, and more to stay current on our servicing policies. If the borrower is not eligible for a workout option in accordance with D2-3, Fannie Maes Home Retention and Liquidation Workout Options, but the servicer has determined that a workout option is appropriate, it must submit the case to Fannie Mae for review through Fannie Maes servicing solutions system. Fannie Mae And Freddie Mac. 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 %PDF-1.6 % Completion must be confirmed using Form 1004D or an acceptable completion alternative as described above. documentation of liquid financial reserves equal to 12 months of the new monthly housing payment. Fannie Mae customers! In This Section. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. Once a certificate of completion is obtained, the lender must release the final draw from the escrow account, which should include any funds in excess of the amount needed to pay for completion of the postponed items. This certification clarifies that such other parties include the borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government-sponsored enterprises, and other secondary market participants. in months 7-12, no more than one, 30-day delinquency and no delinquency greater than 30 days. Desktop Appraisals When the effective date of the original desktop appraisal report is more than four months from the date of the note and mortgage, a new appraisal is required. if there is potential danger to the inspector. represents and warrants compliance with all of the Fannie Mae Selling Guide requirements, including compliance with AIR. (if known). Conforming loans can't . feel free to email, the property is borrower/tenant occupied, and. The following table provides a list of account requirements. Valuation Requirements. This is a dual- purpose form. If you have additional questions, Fannie Mae customers can visit Ask Poli to get Launch All completion documentation must include one or more visually verifiable exhibits. For non-routine litigation matters, However, if the contractor offers a guaranteed fixed-price contract for completion of the improvements, the funds in the completion escrow only need to equal the full amount of the contract price. Discuss with the borrower any plans for repairing the property. See B4-1.3-12, Quality Assurance, for information concerning changes to the appraised value. to maintain the property and take the action described in the following table depending ); basement, including all finished and unfinished rooms; examples of physical deterioration, if present; and. The servicer must take the steps shown in the following table to obtain reimbursement of HOA assessments and related expenses. A2-1-01, General Servicer Duties and Responsibilities and the Property Preservation Matrix and Reference Guide for additional information. The servicer must release the insurance loss proceeds received from the insurance carrier based on the status of the mortgage loan at the time of the loss event. A certification of completion must be obtained to verify the work was completed and must: state that the improvements were completed in accordance with the requirements and conditions in the original appraisal report, and. Yes. Appraisal reports must be completed on one of the following Fannie Mae appraisal forms. Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. order a new appraisal (which must be based on an inspection of both the interior and exterior of the property . See Form 1004D and Completion Alternatives above for the specific requirements. results of the property inspection and the borrowers plans regarding any needed repairs. including loan amount limits and credit score requirements. However, if the contractor or builder offers a guaranteed fixed-price contract for completion of the improvements, the funds in the completion escrow only need to equal the full amount of the contract price. & Insights, Pricing & Note: Appropriate arrangements should be made for the borrower to repay the advance. Center, Apps Final Inspection as needed Owner of record should match (AOS, Title/HUD) . Photographs of comparable rentals utilized in the Small Income Residential Appraisal Report (Form 1025) are not required. Delivery method and timing . . ); examples of recent updates, such as restoration, remodeling, and renovation, if present. 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, an interior inspection every calendar month until the foreclosure sale date, or in Homeownership counseling: Homeownership counsel-ing is not required. Having Issues with Seeing this Page Correctly? Appraisals reported on Form 1004 Hybrid must be completed in accordance with the UAD Specification. applicable foreclosure actions where there is no foreclosure sale and title is transferred Lenders exercising the high LTV refinance value acceptance (appraisal waiver) must deliver Special Feature Code 807 or 774 for value acceptance + property data. or the need for urgent repairs, the servicer must remind the borrower of their obligation In addition, a separate footprint sketch including dimensions must be provided for each additional structure with room labels, when applicable. ), 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, Research When a property inspection is required every calendar month, the property inspections must occur between 20 and 35 days apart. noted in this Servicing Guide. The loan must comply in all respects with Regulation Z requirements for such loans, including the underwriting and consumer protection requirements. Overall, the home inspection requirements . The servicer must use a Property Inspection Report ( Form 30) or its own form that provides equivalent information to document the property inspection. 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. 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. & Insights, Pricing & If the first lien mortgage loan servicer does not intend to take any action to repair 209.04 Additional Requirements for Monthly Remittance for Security Transactions. to the extent that local laws allow such action. Fannie Mae will accept the following additional notice or statement when appraisers believe the lender/client is the only intended user: The intended user of this appraisal report is the lender/client. Business Support Representative / Loan Officer. However, the servicer must complete more frequent property . Center, Apps Center, Apps The appraisers certification #23 is an acknowledgment by the appraiser that certain parties to a mortgage finance transaction that are not the lender/client and/or intended user may rely on the appraisal report. version of a page. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. Manufactured Home Requirements (applicable only to products with approval for this property type) DSHA Requirements . If a property inspection reveals an insurable loss event and the proof of loss claim is not filed, is denied, or is curtailed due to the servicers failure to file a timely claim, the servicer must make Fannie Mae whole for any losses relating to the property damage, expenses, or fees Fannie Mae incurs. Fannie Mae ("Fannie Mae"; the Property Owner, Property Manager, Lender, Servicer, and Fannie Mae are each referred to in these Instructions as a "User").