Fannie Mae
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Fannie Mae Reschedules DU 10.0 and Credit Trending Data to September 24, 2016
On June 20, 2016, Fannie Mae issued a statement with their DU Release Notes that Desktop Underwriter® (DU®) Version 10.0 release has been rescheduled for the weekend of September 24, 2016. The information contained in the Release Notes that is specific to trended credit data is provided below: Trended Credit Data Credit reports currently used […]
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Fannie Mae Updates Credit Data Trending and Other Guide Topics
By Anna DeSimone May 31, 2016, Fannie Mae issued Ann. SEL-2016-04: Selling Guide Updates. The complete announcement has been reproduced below: The Selling Guide has been updated to include changes to the following: Modifications of Single-Closing Conversion of Construction-to-Permanent Loans DU Version 10.0 Risk Factors and Credit Data Changes Lender Self-Report Obligations Related to Compliance […]
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FHFA, Fannie Mae, and Freddie Mac Announce Independent Dispute Resolution Program
By Anna DeSimone February 2, 2016, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac have implemented an independent dispute resolution (IDR) process for resolving repurchase disputes. The IDR process is the final piece of the Representation and Warranty Framework for Lenders and is available on loans delivered to Fannie Mae […]
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Fannie Mae Updates Selling Guide and QC Requirements
By Anna DeSimoneDecember 15, 2015 Fannie Mae issued Ann. SEL-2015-13. The Selling Guide has been updated to include changes to the following: Loans with Age-Related Resale Restrictions Manufactured Housing and RD-Guaranteed Section 502 Mortgage Loans Lender Quality Control Updates Pledge of Servicing Custody of eMortgages Early Delinquency Counseling Posting of Buyup/Buydown Grids Miscellaneous Selling Guide […]
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Fannie Mae Updates Rules for Condos, Co-ops and HomeReady Mortgages
By Anna DeSimone November 3, 2015, Fannie Mae released Selling Guide Announcement SEL-2015-12. The Selling Guide has been updated to include changes to the following: Refund of Loan-Level Price Adjustments Co-op Project Review Policy Update Project Eligibility Review Service for Established Condo Projects Updates to HomeReady Incorporation of Announcement SEL-2015-11 Delivery of Loans with More […]
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Fannie Mae Updates Servicing Rules and Foreclosure Timelines
By Anna DeSimoneOctober 14, 2015, Fannie Mae Issued Ann. SVC-2015-13: Servicing Guide Updates (Revised). Key topics of the announcement are highlighted below. The Servicing Guide has been updated to include the following: Updates to Short Sale Access Requirements Updates to Property Inspection Frequency Updates to Lender-Placed Insurance Requirements Revisions to Breach/Acceleration Letter Content Requirements Clarifications […]
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Fannie Mae and Freddie Mac Issue TRID Advisories
By Anna DeSimone October 6, 2015, Fannie Mae issued LL-2015-06: Information Related to Know Before You Owe TILA-RESPA Integrated Disclosures. The letter was sent to all Single Family Sellers at the direction of the Federal Housing Finance Agency. Also on this date and at the direction of the FHFA, Freddie Mac issued an Industry Letter […]
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Fannie Mae Updates HomeReady Mortgage and other Selling Guide Topics
By Anna DeSimone September 29, 2015, Fannie Mae issued SEL-2015-10: Selling Guide Updates. The Selling Guide has been updated to include changes to the following: HomeReady™ Mortgage Homeownership Education and Housing Counseling High-Balance Mortgage Loan Eligibility Non-Occupant Borrower Policies in Desktop Underwriter® Miscellaneous Selling Guide Updates Key highlights of the update are reproduced from the […]
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Fannie Mae Updates Self-Employment Income and Other Rules
August 25, 2015 Fannie Mae released Ann. SEL-2015-09: Selling Guide Updates. Below is the complete content from the announcement. Selling Guide Updates The Selling Guide has been updated to include changes to the following: Self-Employed Income Project Eligibility Review for Attached Planned Unit Developments HomeStyle® Renovation Cash Back Pair-offs on Mandatory Whole Loan Commitments Miscellaneous […]
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Fannie Mae Announces Improved Affordable Lending Product
August 25, 2015, Fannie Mae announced HomeReady™ mortgage, an innovative lending option aimed at helping creditworthy borrowers with lower and moderate incomes have access to an affordable, sustainable mortgage. HomeReady will replace Fannie Mae’s MyCommunityMortgage®. HomeReady features new functionality for lenders through Desktop Underwriter® to automatically flag potentially eligible loans and fully leverage Fannie Mae’s […]