The table below provides references to recently issued Announcements that are related to this topic. See B5-4.2-02, Disaster-Related Limited Cash-Out Refinance Flexibilities for information related to certain flexibilities offered for a disaster related limited cash-out transaction. Loans originated in accordance with the age of documentation flexibilities, must be delivered to Fannie Mae no later than two years from the date of the disaster declaration by FEMA. Lenders who wish to receive representation and warranty relief offered by the DU validation service must continue to comply with all conditions in the DU Underwriting Findings Report, including the close by date. Lenders must comply with the property eligibility requirements above. The appraisal must be dated no more than 180 days before the note date. Lenders may disregard the message in the DU Underwriting Findings Report that indicates if the loan casefiles has not already closed, the credit report has expired. The underwriting documentation, including credit reports and verifications of income and assets, must be dated no more than 180 days before the note date. This document will form the initial focus for the school appraisal. When a loan is secured by a property located in a FEMA-Declared Disaster Area eligible for individual assistance, Fannie Mae provides additional flexibilities. Dair House believes in supporting all staff with their professional development. This applies in addition to the value acceptance requirements in B4-1.4-10, Value Acceptance (Appraisal Waiver) and B4-1.4-11, Value Acceptance + Property Data. For DU loan casefiles with a value acceptance (appraisal waiver) or value acceptance + property data offer, the lender may exercise the offer as long as they have complied with the above requirements with regard to property condition and repairs. These requirements are necessary to support the lender’s property representations and warranties, and apply through the end of the delivery process which is the whole loan purchase date or MBS settlement date. If the property was damaged and the damage is uninsured or the damage affects the safety, soundness, or structural integrity of the property, the property must be repaired before the loan is delivered to Fannie Mae. In these circumstances, the lender must obtain documentation of the professional estimates of the repair costs and must ensure that sufficient funds are available for the borrower's benefit to guarantee the completion of the repairs. If the property has been damaged and the damage does not affect the safety, soundness, or structural integrity of the property and the repair items are covered by insurance, the lender may deliver the loan to Fannie Mae. Lenders should use the following criteria when determining if the loan can be delivered to Fannie Mae: If a property is located in a condo or co-op project, both the condition of the unit and the condition of the building in which the unit is located must be assessed. The lender is responsible for determining if an inspection of the property and/or new appraisal is necessary to support this warranty. Therefore, before delivery of a loan to Fannie Mae where the property may have been damaged by a disaster, the lender is expected to take prudent and reasonable actions to determine whether the condition of the property may have materially changed. State appraisal boards ARE disciplining appraisers across the country for improperly using the business income (Short term Rental STR) from AirBnBs on the residential 1007 Fannie Mae form. We also ensure a timely Audit report is sent to each client to ensure pristine quality of work.įurther, our team is well versed with all the Appraisal Management Platforms that include- Appraisal Scope, Mercury, Value Link, Valutrac, a la mode, Global DMS, Appraisal Trax, and Anow.The lender must be able to make the warranties that are described above. In addition, they have the tools and information necessary to make sure that all issues are resolved within USPAP, FHA/HUD, and FNMA guidelines. This enables them to analyze and review all aspects of the report with a thorough understanding of what is needed in each specific assignment. We use an expansive checklist for our lender clients ensuring each point are thoroughly checked from an appraisal standpoint. They have demonstrated the knowledge and understanding of an appraisal and its purpose in the lending industry. Being Pioneers in the Appraisal QC Review services, our quality control and review department has many years of experience working with all types of appraisers, loan types, and lenders. Appraisers are required to use current appraisal report forms that are acceptable.
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