Fannie Mae
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Fannie Mae & Freddie Mac QC and Rep & Warranty Framework
by: Anna DeSimoneNow that mortgage lenders are delivering loans to Fannie Mae and Freddie Mac commencing with January 2013 originations, I am providing a recap of three articles I published last fall when the Federal Housing Finance Agency (FHFA) announced the new representation and warranty framework. The FHFA ruling applies to conventional loans sold or […]
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Fannie Mae Introduces New Policies on Lender Incentives and Flood Insurance
by: Michelle PetersOn January 29, 2013 Fannie Mae announced two new policies. The first new policy is in regards to Lender Incentives for Borrower and the second new policy is in regards to Private Flood Insurance Policies. The scope of this announcement addresses lender inquiries regarding allowable incentives for borrowers to refinance their current mortgage […]
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Fannie Mae Announces Selling Guide Updates
by: Michelle PetersOn January 17, 2013 Fannie Mae announced Selling Guide updates that will affect the guidelines regarding: Selling Government Mortgage Loans to Fannie Mae, Refunding Borrowers for Overpayment of Fees and Charges, New Principal Curtailment Policy and InterVivos Revocable Trusts. All updates included in the announcement were effective immediately, unless otherwise stated; the announcement was […]
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Fannie Mae Issues Additional Information on Quality Control
by: Anna DeSimoneOn October 19, 2012 Fannie Mae issued Lender Letter LL-2012-07, Fannie Mae’s Quality Control Process – Additional Information, along with Selling Guide Announcement SEL-2012-08, New Lender Selling Representations and Warranties Framework. The announcements state that, at the direction of the Federal Housing Finance Agency (FHFA) and jointly with Freddie Mac, the Enterprise is […]
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FHFA, Fannie Mae and Freddie Mac Launch New Rep and Warranty Framework
by Anna DeSimonePresident In an effort to increase transparency and certainty for lenders, the Federal Housing Finance Agency (FHFA) announced on September 11, 2012 that Fannie Mae and Freddie Mac launched a new representation and warranty framework. The ruling applies to conventional loans sold or delivered on or after January 1, 2013. Please refer to my […]
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Fannie Mae Announces Updates to Refi Plus and DU Refi Plus
by Michelle PetersAssistant Vice President & Office ManagerOn September 14, 2012 Fannie Mae announced updates to the Refi Plus and DU Refi Plus mortgage loan programs. The scope of this announcement details the enhancements that will help lenders accommodate potential borrowers. All updates included in the announcement were effective immediately; the announcement was made in Fannie […]
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Fannie Mae Announces New Lender Framework and QC Process
by Anna DeSimonePresidentOn September 11, 2012 Fannie Mae issued Selling Guide Announcement SEL-2012-08, New Lender Selling Representations and Warranties Framework. Also on 9/11/12, the agency issued LL-2012-05: Fannie Mae’s Quality control Process. The announcements introduce a framework to provide lenders with relief from enforcement of remedies for breaches of certain representations and warranties on new […]
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Fannie Mae Updates Foreclosure Timelines and Compensatory Fees
by Nicole LegereAssociate Counsel Fannie Mae recently published an announcement intended to update and clarify foreclosure time frames and compensatory fees. These updates apply to all mortgage loans held in the Fannie Mae portfolio as well as mortgage backed security (MBS) loans guaranteed by Fannie Mae. COMPENSATORY FEES In order to avoid foreclosure delays, Fannie […]
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Fannie Mae Announces New Document Custodian Requirements
by Sarah LagattollaVice President On May 9, 2012 Fannie Mae announced the requirement for all lender-affiliated and independent document custodians to utilize third party QC audit services for an annual compliance audit to assess eligibility and operational compliance. Fannie Mae further announced the requirement for document custodians to establish a monthly quality control review process […]
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Fannie Mae Updates Servicers’ Payments of Homeowners Association & Condo Dues
by Carolyne MunyuiAssistant Vice President On April 11, 2012, Fannie Mae issued an Announcement (SVC-2012005) requiring servicers to protect the priority of the mortgage lien and to clear all liens for delinquent homeowners’ association (HOA) dues and condo assessments, on properties acquired through foreclosure or deed-in-lieu of foreclosure. The Policy changes specified in this Announcement […]