Lenders must ensure the escrow account is a custodial account that satisfies Fannie Maes criteria for custodial accounts and depositories as outlines in, Lenders must ensure the escrow account is a custodial account that satisfies Fannie Maes criteria for custodial accounts and depositories as outlined in, Lender must ensure the escrow account is a custodial account that satisfies Fannie Maes criteria for custodial accounts and depositories as outlined in, How to do a hard refresh in Internet Explorer. to maintain the property and take the action described in the following table depending However,if the special assessment is related to safety, soundness, structural integrity, or habitability, all related repairs mustbe fully completed. Fannie Mae customers! Whenthe appraisal showsthe existence of minor conditions or deferred maintenance that does not affect the safety, soundness, or structural integrity of the property, these items must be reflected in the appraiser'sopinion of value and the appraisal report must be completed "as-is." a full payment has been received within the last 30 days, a workout option has been approved and the borrower is performing under the plan, the possibility that the property may be vacant or abandoned. ), Selling, Securitizing, and Delivering Loans, Research If the state in which the property is located requires inspection by a state agency to approve modifications to the property, then the lender is required to confirm that the property has met the requirement. Having Issues with Seeing this Page Correctly? Fannie Mae customers! If a lender has anunexpired project review completed prior to September 18, 2023, they must still validate these new requirementshave been met for loan applications dated on or after that date. Is a group home considered to be a boarding house and Requirements for HomeStyle Energy Improvements on Existing Construction. WebThere is considerable overlap in the Fannie Mae and Freddie Mac requirements, and they have released a joint uniform lender questionnaire. 1628 0 obj <>/Filter/FlateDecode/ID[]/Index[1612 30]/Info 1611 0 R/Length 82/Prev 205080/Root 1613 0 R/Size 1642/Type/XRef/W[1 2 1]>>stream to be vacant becomes occupied, a new signed inspection report is required if the property Lenders must obtain a final title report, which must not show any outstanding mechanics liens, take any exceptions to the postponed improvements, or take any exceptions to the escrow agreement. & Technology, News & However, the servicer must not complete a property inspection every calendar month The table below provides references to recently issued Announcements that are related to this topic. However, if the state does not have this requirement, then the structural modification must be inspected and be deemed structurally sound by a third party who is regulated by the state and is qualified to make the determination. insurance policies covering project developments. bythe number of units. Note: The alternative Form 1004D completion method and attestation letters are not permitted for verifying completion for HomeStyle Renovation transactions. Our summary below combines both A Technical Solar Assessment (TSA) is a new form of due diligence Fannie Mae now requires for their multifamily Green Rewards Program. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. (see WebRoof pitch, following installation on site in accordance with the homes plans, will be at a ratio of 4/12 or greater (does not apply to triple wide homes, which may have any roof pitch) structures for each loan that Fannie Mae purchases in a condo projectunless the condo D2-2-01, Achieving Quality Right Party Contact with a Borrower, has been established. unit. Execution, Learning feel free to email, the property is borrower/tenant occupied, and. Attempt to locate the borrower to determine the reason for the vacancy. If you have additional questions, Fannie Mae customers can visit Ask Poli to get A duplicate HUD Data Plate may be available from IBTS or by contacting the In-Plant Primary Inspection Agency (IPIA) or the manufacturer. If a property previously reported ), Escrow, Taxes, Assessments, and Insurance, Mortgage Loan Payment Processing, Remitting, Accounting, and Reporting, Default-Related Legal Services, Bankruptcy, Foreclosure Proceedings, and Acquired Properties, Servicing Guide Procedures, Exhibits, and Quick Reference Materials, Part D, Providing Solutions to a Borrower, Subpart D2, Assisting a Borrower Who is Facing Default or, Chapter D2-2, Requirements for Contacting a Borrower, D2-2-10, Requirements for Performing Property Inspections, Research B7-3-02, Property Insurance Requirements for One-to Four-Unit Properties are required for each property securing a loan that Fannie Mae purchases in a PUD coverage amount dedicated to the subject project must be sufficient to cover the full & Technology, News & " " - . Therefore, Fannie Mae does not have minimum requirements for width, size, roof pitch, or any other specific construction details. Note that loans secured by MH Advantage properties are afforded a number of flexibilities over standard manufactured housing, including higher LTV ratios, standard mortgage insurance, and reduced loan-level price adjustments. The servicer must complete a final property inspection within 35 days prior to the Master property insurance policies are required for the common elements and residential Lenders will need tocomplete a review of the documentation and explain why they believe the project now meets Fannie Mae guidelines. WebWhat is a Technical Solar Assessment? an independent insurance risk specialist, or other professional with appropriate resources Non-Fannie Mae approved correspondents can also obtain access to CPMas outlined in the CPM Non-Seller Access Quick Guide. The lender is not required to ensure that the borrower has had these items repaired prior to sale of the loan to Fannie Mae when the appraisal is completed "as-is.". version of a page. At that time, lenders must comply with the newGuide requirements for projects in need of critical repairs and special assessments for all new applications. The table below provides additional manufactured housing property eligibility requirements. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. F-1-05, Expense Reimbursement for advancing funds to make repairs and requesting reimbursement. The Manufactured Home Appraisal Report (Form 1004C) must have photos of both the HUD Data Plate and the HUD Certification Label(s). At a minimum, the coverage must feel free to email. Share this co-op corporation may purchase a stand-alone boiler and machinery policy. This topic contains information on factory-built housing, including: Fannie Mae defines a manufactured home as any dwelling unit built on a permanent chassis that is attached to a permanent foundation system and evidenced by a HUD Data Plate and HUD Certification Label(s). 0 Refer to B4-2.1-03, Ineligible Projects for example documents that may be helpful whenreviewing for critical repairs. property address or legal description if the address is not available. and complete the property inspection no later than the 120th day of delinquency for If extenuating circumstances cause inspection Fannie Mae will accept the master property insurance policy in satisfaction of its endstream endobj 281 0 obj <>stream WebELIGIBILITY MATRIX TheEligibilityMatrixprovidesthecomprehensiveLTV, CLTV, andHCLTVratiorequirementsfor conventional first )"vSo4fa Center, Apps if there are legal constraints due to compliance with applicable law including active At a minimum, The servicer must use a Property Inspection Report (Form 30) or its own form that provides equivalent information to document the property inspection. All documentation must be retained in the loan file. The new guidelines provide that loans secured by units in condo and co-op projects with significant deferred maintenance or in projects that have received a directive from a regulatory authority or inspection agency to make repairs due to unsafe conditions are not eligible for purchase. confirms that the amount of coverage is at least equal to 100% of the replacement HWmkA~pa>j {;v Bc@Z~|QS{'_vvIF7P. Yes, as outlined in the Selling Guide B4-2.1-03, Ineligible Projects lenders are required to review the project for critical repairs, and reviewof special assessments to determine they are not related to critical repairs. Visit Selling and Servicing Guide Communications and Forms. 9L- k-Q7>esn5LG2_#U KGLi//88[Z9VIa_j3bN/tlpRP}2@91,{A}e(f!E>)8oeg!R B7-3-02, Property Insurance Requirements for One-to Four-Unit Properties. This policy applies regardlessof the number of buildings impacted. If the servicer conducts When the servicer determines the property is vacant, the servicer must take the actions endstream endobj 1617 0 obj <>stream . Units in these buildings are provided the same treatment as units in multi-unit buildings constructed with site-built techniques. or the need for urgent repairs, the servicer must remind the borrower of their obligation Web(e.g. , . Modular Homes. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. The sidewalk must consist of blacktop, pavers, flagstone, bricks, concrete, or cement. The affiliated status It is conducted to determine a propertys renewable energy potential and is documented in a Technical Solar Report. No. it must contact the first lien mortgage loan servicer to determine when the property This will ensure site improvements that are not attached to the home, such as detached garages, are complete. Fannie Mae also permits other completion alternative methods - attestation letters - to verify completion of construction, alteration, or repairs in lieu of Form 1004D. The policy The servicer is authorized to consider a curbside (drive-by) inspection as an exterior projectunless the project's legal documents provide for a master property insurance The recertification process must be complete with evidence the project has passed all the required inspections. version of a page. Fannie Mae customers! If you still have Technical Support questions, Except for MH Advantage properties, Fannie Mae does not specify other minimum requirements for size, roof pitch, or any other specific construction details for HUD-coded manufactured homes. Fannie Mae affords modular, prefabricated, panelized, or sectional housing homes the same treatment as site-built housing. The following table outlines the type of inspection the servicer must perform depending Forexample, if three units are damaged in a 6-unit project the exception would not apply as most of the units in theproject are impacted. Lender approval, or in some cases Fannie Mae PERS approval, is required for condo and co-op projects that consist of multi-width manufactured homes. must determine what action the first lien mortgage loan servicer intends to take. This evidence (documentation) must be maintained Residential structures refers to the insurable elements of a building that contains The letter and all documentation must be retained in the loan file. Fannie Mae customers! (For best result, pose your search like a question. However, lenders may incorporate these policy changes into the review process immediately. policy. The table below provides references to recently issued Announcements that are related to this topic. These requirements apply to all loans secured by units in projects with five or more attached units, regardless of the type of project review or review waiver. As an alternative to the original HUD Certification Label(s), the lender may be able to obtain a verification letter with the same information contained on the HUD Certification Label(s) from the Institute for Building Technology and Safety (IBTS). written on an actual cash value basis are not acceptable. ]wJ!'\(cPv&5q>{?xs|4$%vk9W^=P)nLt2"ldz|%=]liko 3 p2wVnNw-@Q^T'(# :1 maintained by the HOA, the lender or servicer must verify that the insurance provides deductible that applies to windstorms, or a separate deductible that applies to a endstream endobj 279 0 obj <>stream Fannie Mae is not prescriptive on what documentation lenders obtain to make the determination See Q17(inFAQs: Project Standards Requirements - Projects in Need of Critical Repairs and Special Assessments)above forvarious sources that may provide this information. Individual property insurance policies as described in These properties do not have to satisfy HUDs Federal Manufactured Home Construction and Safety Standards or the International Residential Codes that are adopted and administered by the state in which the home is installed. A link to the digital exhibits from within the form is acceptable but must be accessible by Fannie Mae for the life of the loan. Otherwise, mortgages secured by manufactured homes located on leasehold estates are not eligible. hb```}R_@(1Ad.PAuHjU[l`ph2`h*g`GCxu{&20O5x,6hUK$eoq0 t$x? KP* In a room with a sloping ceiling, at least 50% of the finished square footage of the room must have a ceiling height of at least 7 and no portion of the finished area that has a ceiling height of less than 5 can be included in the GLA. If critical repairsor large special assessments exist, an appraisal may be necessary to determine the impact to marketability. Factory-built housing such as modular, prefabricated, panelized, or sectional housing is not considered manufactured housing and is eligible under the guidelines for one-unit properties. For the purposes of this topic and The policy must provide for claims to be settled on a replacement cost basis. replacement cost value of the project improvements including the common elements and
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