Fannie Mae
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Fannie Mae Launches Collateral Underwriter and Appraiser Quality Monitoring
By Anna DeSimone February 4, 2015, Fannie Mae published Lender Letter LL-2015-02: Appraisal Tools, Processes and Policies. The purpose of the Lender Letter is to provide clarifications and additional information regarding Fannie Mae’s valuation-related tools and policy updates announced within the past 12 to 18 months. These include Collateral Underwriter™ (CU™), Appraiser Quality Monitoring (AQM), […]
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Fannie Mae Updates Appraisal Underwriting Rules
By Anna DeSimoneFebruary 4, 2015, Fannie Mae published Lender Letter LL-2015-02: Appraisal Tools, Processes and Policies. The purpose of the Lender Letter is to provide clarifications and additional information regarding Fannie Mae’s valuation-related tools and policy updates announced within the past 12 to 18 months. These include Collateral Underwriter™ (CU™), Appraiser Quality Monitoring (AQM), and […]
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Fannie Mae Updates Underwriting Rules for Self-Employed Income
By Anna DeSimone, President December16, 2014, Fannie Mae issued Selling Guide Announcement SEL-2014-16. The Selling Guide has been updated to include changes to the following: Self-Employed Income Servicing Execution Tool Solar Panels Adjustments to Comparable Sales Flood Insurance for Nonresidential Detached Structures Cure Provision for Points and Fees Payment Calculation for Student Loans Nonstandard Repayment […]
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Fannie Mae Updates Selling Reps Framework and Compliance with Laws
By Anna DeSimone, PresidentOn November 20, 2014, Fannie Mae issued Selling Guide Announcement SEL-2014-14. With this Announcement, Fannie Mae, jointly with Freddie Mac and at the direction of the Federal Housing Finance Agency (FHFA), is announcing a number of significant enhancements to the selling representations and warranties framework introduced in Announcement SEL-2012-08, New Lender Selling […]
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Fannie Mae Publishes New Servicing Guide
by Anna DeSimone, President November 12, 2014, Fannie Mae released the announcement: SVC-2014-20: Introducing the New Single-Family Servicing Guide. The new guide will replace the 2012 Servicing Guide (as updated by Announcements) in its entirety. Goals of the New Servicing GuideFannie Mae’s goals in creating the newly restructured and rewritten Servicing Guide were to make […]
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Fannie Mae Updates Selling Guide
by Anna DeSimone, President On November 10, 2014 Fannie Mae issued SEL-2014-13. Outlined below is the complete announcement published by Fannie Mae. The Selling Guide has been updated to include changes to the following: • Project Standards Policy Updates • Fidelity/Crime and Liability Insurance for Certain Projects• Cash-Out Refinance Transactions – Maximum LTV, CLTV, and […]
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Fannie Mae Announces 97 Percent LTV Option for First Time Homebuyers
by Anna DeSimone, President December 8, 2014, Fannie Mae announced an option for qualified first-time homebuyers that will allow for a down payment as low as three percent. Building upon Fannie Mae’s successful lower down payment program offered through state Housing Finance Agencies, the 97 percent loan-to-value ratio (LTV) option will expand access to credit […]
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Fannie Mae Updates and Clarifies Quality Control Requirements
by: Anna DeSimone July 29, 2014 Fannie Mae issued SEL-2014-10, “Selling Guide” updates. The update included changes to the following: Significant Derogatory Credit Events Property Insurance Requirements Lender Quality Control Policy Updates and Clarifications Notification Requirements for Misrepresentation or Breach of Selling Warranty and Fraud MBS Buyup and Buydown Ratio Grids Incorporation of Announcement SEL-2014-08, Fannie […]
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Fannie Mae Updates Borrower Credit and Property Insurance Requirement
by: Anna DeSimone July 29, 2014 Fannie Mae issued SEL-2014-10, “Selling Guide” updates. The update included changes to the following: Significant Derogatory Credit Events Property Insurance Requirements Lender Quality Control Policy Updates and Clarifications Notification Requirements for Misrepresentation or Breach of Selling Warranty and Fraud MBS Buyup and Buydown Ratio Grids Incorporation of Announcement SEL-2014-08, Fannie […]
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Fannie Mae Implements Anti-Money Laundering Requirements
by: Anna DeSimone July 1, 2014, Fannie Mae issued Ann. SEL-2014-09: Anti-Money Laundering Requirements. Lenders are required to implement the policies in this Announcement no later than August 25, 2014. Pursuant to the Financial Crimes Enforcement Network’s (FinCEN) Final Rule effective April 28, 2014, Fannie Mae is defined as a “financial institution” under the Bank Secrecy Act […]