Fannie Mae
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Fannie Mae Announces DU Changes for Government Loans
By Anna DeSimoneJuly 23, 2015 Fannie Mae published DU Release Notes: DU for Government Loans Release Notes September 2015. The announcement is reproduced below: During the weekend of September 12, 2015, Desktop Underwriter for government loans will be updated to include the changes below: Implementation of the October 2014 changes Changes to comply with FHA’s […]
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Fannie Mae Announces Guide Updates and TRID Disclosure Policy
By Anna DeSimone June 30, 2015, Fannie Mae issued Ann. SEL-2015-07, Selling Guide and Other Updates. Key highlights of the Announcement are provided below. The Selling Guide has been updated for the following: Conversion of Principal Residence Requirements No Longer Apply Stocks, Bonds, and Mutual Funds Unreimbursed Employee Business Expenses Tip Income Use of IRS […]
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Agencies Issue Final Flood Insurance Rule
By Anna DeSimoneJune 22, 2015, five federal regulatory agencies announced the approval of a joint final rule that modifies regulations that apply to loans secured by properties located in special flood hazard areas. Announcement NR-2015-89 was issued by Board of Governors of the Federal Reserve System, Farm Credit Administration, Federal Deposit Insurance Corporation, National Credit […]
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Fannie Mae Updates Servicing Guide
By Anna DeSimone June 10, 2015, Fannie Mae issued Ann. SVC-2015-09: Servicing Guide Updates. The Servicing Guide has been updated to include the following: Introduction to New Fannie Mae Custodial Document Reconciliation Requirements Updates to Requirements Related to Adverse Action Updates to Fannie Mae’s Investor Reporting Manual Extension of Fannie Mae HAMP/2MP and Elimination of […]
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Fannie Mae Updates Prior to Closing Debt Payoff, Clarifies Asset Verification and Other Rules
May 26, 2015, Fannie Mae issued Ann. SEL-2015-06: Selling Guide and Other Updates. The Selling Guide has been updated for the following: • Payoff of Revolving Debt At or Prior to Closing • Extension of DU Refi Plus™ and Refi Plus™ • Manufactured Housing Affidavit of Affixture • Clarification of CLTV and HCLTV Ratio Requirements for Project Reviews on […]
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Fannie Mae Amends Servicing Policies
April 15, 2015, Fannie Mae issued Ann. SVC-2015-06: Miscellaneous Servicing Policy Changes. Fannie Mae is amending its policies and requirements related to the following: • Processing Additional Principal Payments for Delinquent Mortgage Loans• Accepting Funds from Hardest-Hit Fund (HHF) Programs and Housing Finance Agencies (HFA)• Processing a Partial Reinstatement During Foreclosure Policy Change Effective DateThe servicer is […]
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Mortgage Servicing and Regulatory Compliance
by Margaret Wright, J.D.Mortgage servicing is becoming solidified as an area of major regulatory importance. The Consumer Financial Protection Bureau’s more recent entry into the mortgage servicing rulemaking arena has resulted in updated and new servicing regulatory requirements. Additionally, the current servicing market has shown that although delinquencies are down overall, servicing income and employment […]
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Fannie Mae Clarifies Self Employed Income Policy
By Anna DeSimone March 24, 2015 Fannie Mae issued a Notice that clarified its recently-updated Self Employed Income Policy. On December 16, 2014, Fannie Mae issued Selling Guide Announcement SEL-2014-16, listing a number of topics that were updated in the Selling Guide, including Self Employed Income. The updates were originally to take effect April […]
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Fannie Mae Issues Loan Level Pricing Adjustment Update
March 17, 2015 Fannie Mae released Selling Notice: LLPA Matrices Update. The information contained on the notice is provided below:On November 10, 2014, Fannie Mae released Announcement SEL-2014-13, Selling Guide Updates, and announced changes to the policy that pertains to how loan-level price adjustments (LLPAs) are applied to mortgage loans with more than one borrower, […]
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Fannie Mae Updates Rules for Condos and Borrowers Without Credit Scores
February 24, 2015 Fannie Mae released Ann. SEL-2015-02, Selling Guide Update. The Selling Guide has been updated to include changes to the following:• Clarifications of Project Standards Policies • Reorganization of Co-op Topics • Updated Effective Dates for Pricing and Credit Score Delivery in Announcement SEL-2014-13• Lender Breach of Contract Miscellaneous Selling Guide UpdatesEach of the updates is described […]