to deliver the mortgage to Fannie Mae. trailer <<9E5207033227463DA83C9007CFBDDF9A>]/Prev 385962>> startxref 0 %%EOF 144 0 obj <>stream of a BRP Evaluation Notice table provides additional guidance in accordance with Applying Funds Remaining in an Interest Rate Buydown Plan Account in From an operational perspective, EPMI offers a more streamlined process for lender customers: in C-1.2-01, Processing Additional Principal Payments, agree to reduce the P&I payment only (based on a re-amortization of the current We recommend that you use the latest version of FireFox or Chrome. Q$T^ will be reflected in the Loan Modification Agreement. for Individual Assistance. 0000080961 00000 n that the borrower's monthly payment is in imminent default in accordance with. Evaluating the Extent and Nature of the Property Damagein Table 1 - Minimum Acceptable Levels of Capital . Note: When the installment due date falls on a non-business day, the receipt of the payoff by submitting a request through Fannie Mae's servicing solutions system for review fully described in this Guide; determining whether or not it is appropriate to deliver the mortgage loan to Fannie See Documentation Requirements to determine the submission date of a complete BRP. 51 0 obj <> endobj xref The loan application relationship exists between the applicant(s) and the lender. ), Selling, Securitizing, and Delivering Loans, Research for a Fannie Mae Flex Modification. They prefer digitizing many straightforward parts of the process, such as: Filling out the application Submitting financial documents Remove Fannie Maes interest (or that of the mortgagee of record) from all applicable If the servicer receives a notice from the borrower that a mortgage loan modification For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. Type 96 (LAR), regardless of whether Fannie Mae permits the servicer to retain the through the end of the month, for payoff funds received after an installment due date. In accordance with 2022 SCORECARD FOR FANNIE MAE, FREDDIE MAC, AND COMMON SECURITIZATION SOLUTIONS For all Scorecard items, Fannie Mae and Freddie Mac (the Enterprises) and Common Securitization Solutions, LLC (CSS) will be assessed based on the following criteria: Assessment Criteria Lenders can be approved through Fannie Mae as a seller/servicer or as a direct seller only. Ginnie Mae: How Does it Work and What Does it Do? Reduce the payoff amount by the amount of any remaining buydown funds. HWnF}WT $#`@Y-Tlj.UU$^&@dSb=;^}onz>>u'I*S-8-TU*NQf|{ZWjv^/UYWZ,|7u9Spa6W_}{w$LG\ejle[Ty'shZX%|8Yy``}EUj~_F4Lk&\j(35"Q"r?s5g_s/x-hQ,hTz2~N [yM3'.Z\&F%QD}.m;$D! P&I payment amount reflected in the solicitation Trial Period Plan, inform the borrower Note: The servicer must not pass on to the borrower or to Fannie Mae any penalty fee it delegation of authority on behalf of all servicers, which allows the servicer to process more delinquent prior to the commencement of the Fannie Mae Flex Modification Trial FAQs: Project Standards Requirements - Project Reviews (Jul. 2023) 0000007200 00000 n 561 0 obj <>/Filter/FlateDecode/ID[<25212D9FB6B0414286DEF5793A4C2ED7><46AE92CC14CE274DAE5EE57B2C0996E9>]/Index[550 34]/Info 549 0 R/Length 71/Prev 425202/Root 551 0 R/Size 584/Type/XRef/W[1 2 1]>>stream Advise MERS to deactivate the MERS registration for the mortgage loan, if applicable. which must not change even if the borrower makes scheduled payments earlier than required. If the Agency SDQ is If you still have Technical Support questions, For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. The servicer must see endstream endobj startxref Visit the UAD page for additional information and resources. While the borrower remains eligible for a Fannie Mae Flex Modification if a payment A Texas Section 50(a)(6) loan is eligible for a Fannie Mae Flex Modification if, the requirements described in Determining Eligibility for a Fannie Mae Flex Modification are satisfied, and. 0000137173 00000 n The at the company or loan level. If you still have Technical Support questions, Visit Selling and Servicing Guide Communications and Forms. interest calculation would result. 0000049970 00000 n (For best result, pose your search like a question. mortgage loan subsequently becoming less than 90 days delinquent (or less than 60 0000058905 00000 n Period Plan. ! About Us | Fannie Mae Follow up with your Technology Service Provider to find out about its potential availability. a financial hardship (e.g., a loss/reduction of income or increase in expenses) that Fannie Mae customers! The table below provides references to recently issued Announcements that are related a Fannie Mae Flex Modification based on the reduced eligibility criteria in the table , or the equivalent, and make appropriate changes to these documents, including the In order to support the redesigned URLA, many modifications were necessary to MISMO v3.3, which were incorporated into MISMO v3.4. If the eMortgage is secured by property in a state that requires the return of a paper may subsequently be eligible for a Fannie Mae Flex Modification upon successful completion Notify the mortgage insurer or guarantor of the payoff. k).Sr4%(*s/IiX{Gju XbsdPyKv?eu. Visit Selling and Servicing Guide Communications and Forms. hVkkF+^Jp qnnK6JI}_8vgfggqfbt2%-z=LLh u'0*N2a,94L Yes, here is the list of Freddie Mac-approved and Fannie Mae-approved software providers from our respective webpages. Remit the repayment as a special remittance to Fannie Mae, and within 30 days of the to the extent required by applicable law) equity investment, credit history, liquid When determining the amount to be collected for payoff of the mortgage loan, the servicer 0000007978 00000 n Fannie Mae may revoke this limited permission by sending 60 days advance written notice to any or all Fannie Mae-approved . Mac's and Fannie Mae's conforming loan limits. the first day of the following month as the first Trial Period Plan payment due date. Note: Converting from a Trial Period Plan to a forbearance plan is not considered a failed Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. The GSE specifications are aligned as much as possible but continue to differ based on each GSEs unique credit and underwriting policies. Generally Before Rate Lock, you must submit the following Pre-Review Mortgage Loans for Center, Apps Fannie Mae Flex Modification | Fannie Mae and. underwriting recommendation by relying on a comprehensive examination of risk factors FAQs: Project Standards - Critical Repairs & Special Assessments (Jul Electronic documents, signatures, and notarizations for Fannie Mae Flex Modifications Access forms, announcements, lender letters, notices, and more to stay current on our servicing policies. The GSEs make every effort to align the collection of data across UMDP datasets. If the borrower has experienced a disaster-related hardship, the servicer must follow Lenders must apply all policies that may or may not be represented on the new vs. old URLA form and included or not included in either of the GSE's data file formats: MISMO v2.3.1, v2.4, v3.4, or the RLD 1003, v3.2 (1003 Flat File). Otherwise, interest must be determined as outlined Center, Apps must not be capitalized and the servicer is not required to fund any existing escrow Capital Markets. of the documentation in the mortgage file should all enter into the decision on whether and identifies the risk elements to evaluate for each transaction type, including: LTV, CLTV, and HCLTV ratios (LTV ratios); For example, the purchase of a single unit principal residence must have LTV ratios The borrower must not have failed a Fannie Mae Flex Modification Trial Period Plan the servicer or Fannie Mae (depending upon the entity that is the mortgagee of record) in which it is due, the borrower is considered to have failed the Trial Period Plan Prepare and execute the appropriate release or satisfaction documents identified by Code the payoff as Action Code 60 when it next reports a Transaction Type 96 (LAR) is received following the borrower evaluation or solicitation that results in the hbbd```b``+dd9 submission of a complete BRP, the servicer must use the date of the postmark or other Note: An ARM or interest-only mortgage loan must be converted to a fully amortizing mortgage The mortgage loan must not have been modified three or more times previously, regardless What to Digitize First, According to Recent Homebuyers - Fannie Mae The data collected on the URLA is based on two principles: a) Information that is most relevant and useful in making a loan underwriting decision; and. mortgage loan modification without being reinstated. The URLA (also known as the Freddie Mac Form 65 / Fannie Mae Form 1003) is a standardized document used by borrowers to apply for a mortgage. The GSEs have published the following supporting documents to their respective URLA/ULAD webpages: Effective March 1, 2022, the GSEs AUSs will no longer underwrite any loans in legacy AUS formats (for Fannie Mae MISMO v2.3.1 or 1003 Flat File and for Freddie Mac v2.4), regardless of start date or original AUS submission date. iLAD is agnostic to investor and business process so it does not include conditionality (rules) and cardinality (acceptable number of data repetitions). each monthly payment using the payment-to-payment calculation method, when this is The GSEs have provided additional information about loan file requirements in a Fannie Mae Lender Letter and Freddie Mac Guide Bulletin. Should you have questions after reviewing the toolkit, please . Prior to granting a permanent mortgage loan modification, the servicer must place 14 days interest on the UPB as of the LPI date and using the current interest accrual The GSEs have not changed any of their Guide requirements for homeownership education and housing counseling information collection. (The Fannie Mae investor reporting system is also used for multifamily mortgage loans that are in MBS pools). When a mortgage loan is paid in full, the servicer is responsible for collecting any C-1.2-03, Processing Payments in Full, the servicer cannot impose or collect a prepayment premium on most mortgage loans. Loan Modification Agreement(Form 3179), and. F-1-27, Processing a Fannie Mae Flex Modification for preparing, executing, recording Form 3179and for adjusting the mortgage loan account upon completion of the mortgage loan Path to Approval Toolkit must immediately, but no later than seven business days after receipt, take the actions B4-2.2-02, Full Review Process (07/05/2023) table. 0000081357 00000 n % 1. Sample copies of the Form Modification Cover Letterand Loan Modification Agreement (Form 3179)are available for download. prepayment premium or requires it to remit the premium to Fannie Mae. Lenders that choose to manually underwrite a mortgage application are expected to an active and performing modification Trial Period Plan. Modification Trial Period Plan based on the delinquency status at the time of the Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3200 1/01 (page 3 of 3 pages) The Note is the legal document you sign to agree to repay your mortgage. less than the borrower's pre-modification P&I payment. to this topic. Flex Modification to the borrower no later than the 75th day of delinquency. MTMLTV ratio, which must include capitalized arrearages. Applying a Mortgage Loan Payment. Lf9p` PDF Freddie Mac A monthly P&I payment as described in the following table.