Fannie Mae
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Fannie Mae Updates Compliance with Laws and Responsible Lending
June 24, 2014, Fannie Mae published Ann. SEL-2014-07: Selling Guide Updates. The Selling Guide has been updated to include changes to the following: HomePath® Properties Incorporate Announcement SEL-2014-05, Lender Selling Representations and Warranties Framework Updates Federal Home Loan Banks as Grant and Community Seconds® Providers 2014 Area Median Incomes Miscellaneous Selling Guide Update Two of the updates are described below. Please refer […]
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Fannie Mae Updates Rep Framework Underwriting Eligibility and QC Performance
by: Anna DeSimone June 24, 2014, Fannie Mae published Ann. SEL-2014-07: Selling Guide Updates. The Selling Guide has been updated to include changes to the following: HomePath® Properties Incorporate Announcement SEL-2014-05, Lender Selling Representations and Warranties Framework Updates Federal Home Loan Banks as Grant and Community Seconds® Providers 2014 Area Median Incomes Miscellaneous Selling Guide Update Two of the updates are described […]
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Fannie Mae Updates Various Underwriting Policies
by: Anna DeSimone May 27, 2014 Fannie Mae published Ann. SEL-2014-06: Selling Guide Update. The updates include changes to the following topics: Delayed Financing, Continuity of Obligation, and Multiple Financed Properties for the Same Borrower Large Deposit and Other Asset Policies Definitions for Retail, Correspondent, and Broker Origination Types Requirements for Use of a Power […]
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Fannie Mae Updates Lender Selling Representations and Warranties Framework
by: Anna DeSimoneMay 12, 2014, with the release of Ann. SEL-05, Fannie Mae, jointly with Freddie Mac and at the direction of the Federal Housing Finance Agency, announced a number of significant enhancements to the selling representations and warranties framework introduced in Announcement SEL-2012-08, New Lender Selling Representations and Warranties Framework. These changes are related […]
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Fannie Mae Updates its Quality Control Self-Assessment Tool
by: Anna DeSimoneApril 15, 2014 Fannie Mae announced in its Selling News that the Enterprise had updated its Quality Control Self Assessment Tool. The worksheet tool was first issued in May 2013 as guidance for lenders to manage risk and comply with Fannie Mae’s Selling Guide requirements. To view the earlier worksheet, please refer to […]
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Fannie Mae Issues Reminders for Loan Servicing Compliance – Recap of STAR Rating
by: Anna DeSimoneMarch 28, 2014 Fannie Mae issued Servicing Notice: Late or Inaccurate Mortgage Loan Reporting announcing that effective May 1, 2014, Fannie Mae will begin issuing warning letters to and assessing compensatory fees on servicers that submit late or inaccurate reports.Currently, Fannie Mae sends a Failed Business Rules Report to a servicer that fails […]
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Fannie Mae Updates Servicing Policy and Clarifies Quality Control
by: Anna DeSimoneMarch 14, 2014 Freddie Mac issued a Single Family Update regarding its quality control process. Changes apply to two areas: first, permitting sellers to submit missing and incomplete documents during performing loan (PL) reviews; and second, refinement of Freddie Mac’s targeted PL sampling methodology. The update encourages Seller/Servicers to refer to Industry Letter […]
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Fannie Mae Updates Servicing Policy and Clarifies Quality Control
by: Anna DeSimoneFebruary 14, 2014, Fannie Mae issued Ann. SVC-2014-04: Miscellaneous Servicing Policy Updates. This Announcement clarifies and updates policies regarding: Individual mortgage loan files Servicing quality control reviews Final requests for reimbursement Attorney expense Transfer of variances and waivers This article covers the information pertaining to Individual mortgage loan files and Quality Control. Please […]
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Quality Control Requirements: Recap of Fannie Mae Rules
by: Anna DeSimoneThis article was originally published by the Compliance Monitor on July 30, 2013. However, due to the majority of mortgage bankers drafting their QC policies for the year ahead, I thought it would be helpful to revisit this important information. Please email me directly at anna@bankersadvisory.com to obtain information on our recently updated quality […]
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Fannie Mae Updates Lender-placed Insurance Requirements
by: Emily RossFannie Mae recently released updates to its lender-placed insurance requirements. These updates must be implemented by June 1, 2014. Servicers must work with their lender-placed, or force-placed, insurance providers to implement these changes by the required change date, but are encouraged to do so before this date. Fannie Mae has adopted the definition […]