Hello, I'm here to provide you with an overview of our April selling guide updates. In response to your feedback, we have made some changes to the way we issue selling guide updates. Instead of releasing them at the end of the month, we will now be issuing updates on the first Tuesday of the month. Please note that there was no update for the month of March. One important update is that Fannie Mae now requires lenders to use our designated document custodian for all whole loan and other loans held in our portfolio. However, with this update, we are giving lenders the option to choose a full-service document custodian or FCC for both whole loans and MBS transactions. For more details on these new requirements, including the terms of the new master custodial agreement, please refer to the Solon guide update. We will soon be providing a list of approved FCCs for lenders to choose from. Another policy change we have made allows lenders to use their own funds to provide closing cost assistance to borrowers. It's important to note that these lender contributions cannot be used for the down payment and should not exceed the total amount of borrower closing costs. Furthermore, they cannot be subject to any type of repayment agreement. There is no limit on the amount of the contribution unless the lender is considered an interested party to the transaction. For single closing construction to permanent transactions, we have updated our policy to provide additional flexibility. If a borrower purchases the lot after the time of loan application, the transaction can now be considered a refinance. However, if the lot is purchased after or in connection with the first advance of interim construction financing, it is considered a purchase transaction. Lastly, we have made two policy changes that will...
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Fnma maa Form: What You Should Know
The Mortgage Assistance program is designed to assist low and moderate income, responsible homeowners with their home mortgages. This segment was adopted for sales of mortgages on properties that are: At least 90 days delinquent, Not owned or occupied by one of the following at the time the first Mortgage Assistance is obtained on behalf of the household: The applicant, or a person living in the same dwelling as the applicant at the time of the Mortgage Assistance (including any member of the applicant's immediate family), with respect to mortgages sold prior to August 31, 2022. The primary mortgagee with respect to mortgages on properties being acquired after August 31, 2022. Any other person at the time of the Mortgage Assistance (including any member of the applicant's immediate family) with respect to mortgages sold on or after August 31, 2022. These obligations are not available to loans sold after August 31, 2022.  The Salesperson must give this to the borrower.  The borrower is required to receive a copy of this form 30-90 days before closing. Master Form — Fannie Mae The following form is provided to borrowers who are eligible. Note: This form will be available to borrowers starting Sept 4, 2017. Form Master Form — Freddie Mac These forms are provided for use in meeting our Guide to form instructions. Form instructions are appended to the Fannie Mae Legal Documents (New) The borrower signs the Short Form, which must be received by the Loan Officer within 30 days of the date of application. This application must be completed and submitted to Fannie Mae no later than 15 days of the closing date of the Loan to a Lender (Fannie Mae Home Ownership and Equity Act) or Fannie Mae Service Provider (EPIC). Short Form — Fannie Mae Mortgage Program Requirements Mortgage Assistance Application Form 710 The following forms are provided for use in meeting our Fannie Mae / Freddie Mac Form 710 Windows is either a registered trademark or a trademark of Microsoft Corporation in the United States and/or other countries. Mac is a trademark. 710 — Freddie Mac Guide May 1, 2024 — Selling. This segment includes requirements applicable to originating, underwriting, and selling eligible Mortgages (Series 6000, 7000, and 7600). The Mortgage Assistance program is designed to assist low and moderate income, responsible homeowners with their home mortgages.
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