Fannie Mae
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FHFA Announces Overhaul of Fannie Mae and Freddie Mac Mortgage Insurance Master Policy Requirements
by: Anna DeSimoneDecember 2, 2013 the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac have completed the first major overhaul of mortgage insurance master policy requirements in many years. FHFA’s 2013 Conservatorship Scorecard calls for Fannie Mae and Freddie Mac to develop aligned requirements for master policies. Through this ongoing effort, […]
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Fannie Mae Addresses Ability to Repay, QC and Operational Controls
by: Anna DeSimoneOctober 1, 2013, Fannie Mae released Lender Letter #2013-07: Quality Control and Additional Information Related to the Ability to Repay and Qualified Mortgage Requirements. At the direction of the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac have worked together to formulate and align on certain requirements that address the Consumer […]
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Fannie Mae Announces Hardest-Hit Fund® Modification Assistance Programs and Updates Disaster Assistance
by: Michelle PetersOn July 1, 2013 Fannie Mae issued Announcement SVC-2013-14: Hardest-Hit Fund® Modification Assistance Programs. This announcement references Lender Letter LL-2012-08 which provides guidance regarding loan modification assistance programs for loans that fall within the Hardest-Hit Fund® guidelines. Within the announcement, servicers are notified that regardless of whether or not principal forbearance is required, […]
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Fannie Mae Revises Lender Quality Control Requirements
by: Anna DeSimoneJuly 30, 2013 Fannie Mae published SEL-2013-SEL-05 to announce changes to Lender Quality Control Requirements and miscellaneous Selling Guide Updates. The updates for quality control are summarized below. The Guide has been updated to describe the following key elements that Fannie Mae requires lenders to include in their QC programs and practices: […]
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Fannie Mae Publishes Additional Information Regarding ATR & QM
by: Anna DeSimoneJuly 2, 2013, Fannie Mae issued Lender letter 2013-06 to all Single-Family Sellers entitled “Additional Information about Ability to Repay and Qualified Mortgage Requirements”On May 6, 2013, Fannie Mae issued Lender Letter LL-2013-05, Qualified Mortgages, to address the Consumer Financial Protection Bureau’s (CFPB) final rule issued on January 10, 2013, that implemented the […]
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Fannie Mae Revises Rules for Age of Documents, SS Benefits, Clarifies 4506T and more
by: Michelle Peters On May 28, 2013, Fannie Mae issued Selling Guide updates with Announcement SEL-2013-04. The changes included in this most recent update include miscellaneous income and documentation requirements, single entity ownership within condominium projects, addition of 5-year adjustable program to the Texas Section 50(a)(6) mortgage option, real estate tax calculations as part of […]
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Fannie Mae & Freddie Mac Will Only Purchase Qualified Mortgages in 2014
by: Anna DeSimoneOn May 2, 2013, the Federal Housing Finance Agency (FHFA) directed Freddie Mac and Fannie Mae (“GSEs”) to limit future purchases to:Mortgages that are “qualified mortgages” under the final rule, including those meeting the special or temporary qualified mortgage requirements Mortgages that are exempt from the ability to repay requirements, such as investor […]
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Fannie Mae Issues Quality Control Self-Assessment Tool
by: Anna DeSimoneMay 9, 2013 Fannie Mae issued guidance for lenders to manage risk and comply with Fannie Mae’s Selling Guide requirements. The guidance includes highly suggested practices for quality control and includes an 8-page Quality Control Self-Assessment worksheet. With increased focus on QC during the manufacturing process, Fannie Mae has published additional guidance “Beyond […]
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Fannie Mae Announces Servicing Revisions for Execution of Legal Documents
by: Anna DeSimoneOn April 17, 3013 Fannie Mae issued Servicing Announcement 2013-09, Execution of Legal Documents. The agency is revising several aspects of its execution of legal documents policy. This Announcement addresses policy changes related to: Quitclaim deedsLimited power of attorneyExecution of assumptionsReleases of securityExecuting legal documents Effective Date: Servicers are required to implement the […]
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Fannie Mae Announces Servicing Rules for Delinquency Status Reporting
by: Anna DeSimoneOn April 10, 2013 Fannie Mae issued Servicing Announcement SVC-2013-08, Delinquency Status Reporting and Hierarchy. This Announcement provides new and updated policy requirements for the following: Introduction of a Delinquency Status Code Hierarchy, and Updates to Delinquency Status Code Definitions Effective Date: Servicers are encouraged to implement the new policies in this […]