Fannie Mae Selling News
Thanks!
Curtis D Harris BS CGREA REB
Bachelor of Science in Real Estate CSULA
State Certified General Appraiser
Real Estate Broker
ASTM E-2018 Commercial Real Estate Inspector
HUD 203k Consultant
HUD/FHA Real Estate Appraiser/Reviewer
FannieMae REO ConsultantCTAC LEED Certification
The Harris Company, Forensic Appraisers and Real Estate Consultants
*PIRS/Harris Company and the Science of Real Estate-Partners*630 North Sepulveda Boulevard, Suite 9A, Number 702
El Segundo, CA. 90245
310-337-1973 Office
310-251-3959 Cell424-218-9580 Skype WebSite: http://www.harriscompanyrec.com ;Resume: http://www.harriscompanyrec.com/commercialappraiserresume2013locked.pdf ;Commercial Appraiser Blog: http://commercialappraiser.typepad.com/blog/ ; http://harriscompanyrec.com/blog/ ;The LOoP! a Google CSE: http://www.google.com/cse/home?cx=000747579154309164948%3Annakvu69iqy ; We Make a Simple Pledge to
Communicate, in a timely fashion, each appraisal, analysis, and opinion without bias or partiality
Abstain from behavior that is deleterious to our clients, the appraisal profession, and the public
Hold paramount the confidential nature of the appraiser/consultant - client relationship
and
Comply with the requirements of the Uniform Standards of Professional Appraisal Practice and the
Code of Professional Ethics of the National Society of Real Estate Appraisers
IT'S THE LAW- Statement 7: Prohibition Against Discrimination
State agencies should be aware that Title XI and the Agencies' regulations prohibit federally regulated financial institutions from excluding appraisers from consideration for an assignment by virtue of their membership, or lack of membership, in any appraisal organization. Federally regulated financial institutions should review the qualifications of appraisers to ensure that they are qualified for the assignment for which they are being considered. It is unacceptable to assume that an appraiser is qualified solely due to membership in, or designation from, an appraisal organization, or the lack thereof. The Agencies have determined that financial institutions' appraisal policies should not favor appraisers from one or more organizations or exclude individuals based on their lack of such membership. If a State agency learns that a certified or licensed appraiser allegedly has been a victim of such discrimination, the State agency should inform the Agency which has regulatory authority over the involved financial institution. INCLUDING THE APPRAISAL INSTITUTE-MAITax Advice Disclosure: To ensure compliance with requirements imposed by the IRS under Circular 230, we inform you that any U.S. federal tax advice contained in this communication (including any attachments), unless otherwise specifically stated, was not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any matters addressed herein.CONFIDENTIALITY/PRIVILEGE NOTICE: This transmission and any attachments are intended solely for the addressee. The information contained in this transmission is confidential in nature and protected from further use or disclosure under U.S. Pub. L. 106-102, 113 U.S. Stat. 1338 (1999), and may be subject to consultant/appraiser-client or other legal privilege. Your use or disclosure of this information for any purpose other than that intended by its transmittal is strictly prohibited and may subject you to fines and/or penalties under federal and state law. If you are not the intended recipient of this transmission, please destroy all copies received and confirm destruction to the sender via return transmittal From: Fannie Mae Single-Family [mailto:[email protected]]
Sent: Tuesday, July 29, 2014 1:46 PM
To: [email protected]
Subject: July 29 Selling News: Announcement SEL-2014-10
Having trouble viewing this email? Click here.
To ensure proper delivery of future emails, please click here.
Originating & Underwriting | Learning Center | Sign Up for Email Updates
July 29, 2014
POLICY
Announcement SEL-2014-10: Selling Guide Updates
In this Announcement, topics related to the following have been updated in this month's Selling Guide -- Policies pertaining to significant derogatory credit events including a newly created policy to address charge-offs of mortgage accounts; property insurance requirements for condos, co-ops, and PUDs; updates and clarifications to the lender quality control policy requirements; clarification of Fannie Mae's expectations of notification requirements for misrepresentation, breach of selling warranty, and fraud; changes to the MBS buyup and buydown ratio grids; and incorporation of Announcements SEL-2014-08 and SEL-2014-09. The Special Feature Code document published on the Business Portal has also been updated to enhance the usefulness of this list.
TECHNOLOGY
DU for Government Loans Reminder -- How to Enter Gift Funds for FHA Loans
The new Reminder document provides important details on how gift funds for FHA loan casefiles should be entered in Desktop Underwriter® (DU®) for government loans to ensure calculations are performed correctly by DU and the correct information is sent to the FHA TOTAL Mortgage Scorecard. Review the DU for Government Loans Reminder for additional information.
SpotlightRental Income
Q: My borrower has a commercial property and I'd like to use that income. Where is that in the Guide?
A: If the income is derived from a property that is not the subject property, there are no restrictions on the property type. For example, rental income from a commercial property owned by the borrower is acceptable if the income otherwise meets all other requirements (it can be documented in accordance with the requirements referenced here: Selling Guide: B3-3.1-08, Rental Income). UCDP: Updated Implementation Dates for Proprietary Appraisal Messages
Fannie Mae is providing updated implementation dates for proprietary appraisal messages in the Uniform Collateral Data Portal® (UCDP®). In January 2015 (previously Q4 2014 or Q1 2015), the severity level for 21 Fannie Mae proprietary appraisal messages that relate to eligibility violations will be modified.In December 2014 (previously Aug. 9, 2014), numerous other Fannie Mae proprietary appraisal messages will be retired.Lenders should contact their vendors for additional information on their implementation plans, timing, and testing availability. Please see the UCDP Change Notification for further details.
Data Validation Center Documentation Process Simplified
Fannie Mae's Data Validation Center (DVC) Loan Review Reports process has been simplified to allow lenders to upload supporting loan documentation through the Quality Assurance System (QAS) instead of sending it via encrypted email. Lenders will continue to receive their DVC Loan Review Reports through Message Manager, and must still review the reports and respond by emailing the spreadsheet with feedback to the DVC mailbox. With the simplified process, supporting documentation needed to resolve a data discrepancy may now be submitted in QAS. Lenders not using QAS are strongly encouraged to get registered and set up to use it, but we will continue to accept documents via encrypted email or a secure online transmission. A notification of this update has been sent to DVC lender contacts. For more information, refer to the updated DVC process steps job aid and the new How to Submit DVC Documentation via QAS job aid.
LATEST NEWS
Lenders' Profit Margin Outlook Has Improved From Q1 to Q2 2014
Fannie Mae launched the Mortgage Lender Sentiment Survey this year to provide benchmarking insights into mortgage lenders' current lending activities and market expectations. Inaugural results of the survey show significant improvement from Q1 to Q2 2014 in lenders' near-term profit margin expectations, with fewer lenders in Q2 reporting that they expect their profit margin over the next three months to decrease. "Government regulatory compliance" and "competition from lenders" are the most popular reasons given by lenders in driving the decrease of their profit margin outlook. To see more results, visit the Fannie Mae Mortgage Lender Sentiment Survey page.
TRAINING
DU Version 9.1 August Update Live Web Seminars
Join Fannie Mae for a live web seminar to learn more about the Desktop Underwriter® (DU®) Version 9.1 Update, scheduled for release the weekend of Aug. 16, 2014. The webinar will review the updates being made to DU, including foreclosure message updates, deed-in-lieu of foreclosure and preforeclosure sale message updates, the addition of a charge-off policy message, 2014 Area Median Income limits, a special feature code retirement, and updates to align with the Selling Guide. Register here.
New Best Efforts Whole Loan Execution Tutorial
Need help managing your loan origination pipeline in the face of market volatility and uncertainty? Did you know that Fannie Mae offers a best efforts committing option available through its easy-to-use web-based application, eCommitONE®? Fannie Mae handles the pipeline management and interest rate risk in a best efforts commitment, allowing lenders to focus their attention on other critical business priorities and activities. To learn more today, review the new Best Efforts Whole Loan Recorded Tutorial.
Build the Skills You Need
With HFI InDepth, you'll learn from expert instructors and get your questions answered -- all in an online virtual classroom. Register today for an upcoming course: Assessing Income from Self Employment | Aug. 14Beyond Approve/Eligible: Interpreting the DU Underwriting Findings Report | Aug. 12Visit Fannie Mae's Learning Center today to see the full calendar of classes and to register!
SOCIAL MEDIA
Trending Topics
Here are the hot topics that are currently trending in our social network: The No. 1 thing lenders need for loan quality excellence. Identify and correct loan delivery data issues at any point in the business process with EarlyCheck™.If you're not already, please follow us on Twitter.
Fannie Mae | Privacy Policy | Manage Your Profile
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This electronic message has been sent to [email protected]. This email was sent by:
Fannie Mae, 3900 Wisconsin Ave. NW, Washington, DC 20016 USA
Please do not reply to this message, as this is a "send only" message.
Thanks!
Curtis D Harris BS CGREA REB
Bachelor of Science in Real Estate CSULA
State Certified General Appraiser
Real Estate Broker
ASTM E-2018 Commercial Real Estate Inspector
HUD 203k Consultant
HUD/FHA Real Estate Appraiser/Reviewer
FannieMae REO ConsultantCTAC LEED Certification
*PIRS/Harris Company and the Science of Real Estate-Partners*630 North Sepulveda Boulevard, Suite 9A, Number 702
El Segundo, CA. 90245
310-337-1973 Office
310-251-3959 Cell424-218-9580 Skype WebSite: http://www.harriscompanyrec.com ;Resume: http://www.harriscompanyrec.com/commercialappraiserresume2013locked.pdf ;Commercial Appraiser Blog: http://commercialappraiser.typepad.com/blog/ ; http://harriscompanyrec.com/blog/ ;The LOoP! a Google CSE: http://www.google.com/cse/home?cx=000747579154309164948%3Annakvu69iqy ; We Make a Simple Pledge to
Communicate, in a timely fashion, each appraisal, analysis, and opinion without bias or partiality
Abstain from behavior that is deleterious to our clients, the appraisal profession, and the public
Hold paramount the confidential nature of the appraiser/consultant - client relationship
and
Comply with the requirements of the Uniform Standards of Professional Appraisal Practice and the
Code of Professional Ethics of the National Society of Real Estate Appraisers
IT'S THE LAW- Statement 7: Prohibition Against Discrimination
State agencies should be aware that Title XI and the Agencies' regulations prohibit federally regulated financial institutions from excluding appraisers from consideration for an assignment by virtue of their membership, or lack of membership, in any appraisal organization. Federally regulated financial institutions should review the qualifications of appraisers to ensure that they are qualified for the assignment for which they are being considered. It is unacceptable to assume that an appraiser is qualified solely due to membership in, or designation from, an appraisal organization, or the lack thereof. The Agencies have determined that financial institutions' appraisal policies should not favor appraisers from one or more organizations or exclude individuals based on their lack of such membership. If a State agency learns that a certified or licensed appraiser allegedly has been a victim of such discrimination, the State agency should inform the Agency which has regulatory authority over the involved financial institution. INCLUDING THE APPRAISAL INSTITUTE-MAITax Advice Disclosure: To ensure compliance with requirements imposed by the IRS under Circular 230, we inform you that any U.S. federal tax advice contained in this communication (including any attachments), unless otherwise specifically stated, was not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any matters addressed herein.CONFIDENTIALITY/PRIVILEGE NOTICE: This transmission and any attachments are intended solely for the addressee. The information contained in this transmission is confidential in nature and protected from further use or disclosure under U.S. Pub. L. 106-102, 113 U.S. Stat. 1338 (1999), and may be subject to consultant/appraiser-client or other legal privilege. Your use or disclosure of this information for any purpose other than that intended by its transmittal is strictly prohibited and may subject you to fines and/or penalties under federal and state law. If you are not the intended recipient of this transmission, please destroy all copies received and confirm destruction to the sender via return transmittal From: Fannie Mae Single-Family [mailto:[email protected]]
Sent: Tuesday, July 29, 2014 1:46 PM
To: [email protected]
Subject: July 29 Selling News: Announcement SEL-2014-10
Having trouble viewing this email? Click here.
To ensure proper delivery of future emails, please click here.
Originating & Underwriting | Learning Center | Sign Up for Email Updates July 29, 2014
POLICYAnnouncement SEL-2014-10: Selling Guide Updates
In this Announcement, topics related to the following have been updated in this month's Selling Guide -- Policies pertaining to significant derogatory credit events including a newly created policy to address charge-offs of mortgage accounts; property insurance requirements for condos, co-ops, and PUDs; updates and clarifications to the lender quality control policy requirements; clarification of Fannie Mae's expectations of notification requirements for misrepresentation, breach of selling warranty, and fraud; changes to the MBS buyup and buydown ratio grids; and incorporation of Announcements SEL-2014-08 and SEL-2014-09. The Special Feature Code document published on the Business Portal has also been updated to enhance the usefulness of this list.
TECHNOLOGY
DU for Government Loans Reminder -- How to Enter Gift Funds for FHA Loans
The new Reminder document provides important details on how gift funds for FHA loan casefiles should be entered in Desktop Underwriter® (DU®) for government loans to ensure calculations are performed correctly by DU and the correct information is sent to the FHA TOTAL Mortgage Scorecard. Review the DU for Government Loans Reminder for additional information.
Q: My borrower has a commercial property and I'd like to use that income. Where is that in the Guide?
A: If the income is derived from a property that is not the subject property, there are no restrictions on the property type. For example, rental income from a commercial property owned by the borrower is acceptable if the income otherwise meets all other requirements (it can be documented in accordance with the requirements referenced here: Selling Guide: B3-3.1-08, Rental Income). UCDP: Updated Implementation Dates for Proprietary Appraisal Messages
Fannie Mae is providing updated implementation dates for proprietary appraisal messages in the Uniform Collateral Data Portal® (UCDP®). In January 2015 (previously Q4 2014 or Q1 2015), the severity level for 21 Fannie Mae proprietary appraisal messages that relate to eligibility violations will be modified.In December 2014 (previously Aug. 9, 2014), numerous other Fannie Mae proprietary appraisal messages will be retired.Lenders should contact their vendors for additional information on their implementation plans, timing, and testing availability. Please see the UCDP Change Notification for further details.
Data Validation Center Documentation Process Simplified
Fannie Mae's Data Validation Center (DVC) Loan Review Reports process has been simplified to allow lenders to upload supporting loan documentation through the Quality Assurance System (QAS) instead of sending it via encrypted email. Lenders will continue to receive their DVC Loan Review Reports through Message Manager, and must still review the reports and respond by emailing the spreadsheet with feedback to the DVC mailbox. With the simplified process, supporting documentation needed to resolve a data discrepancy may now be submitted in QAS. Lenders not using QAS are strongly encouraged to get registered and set up to use it, but we will continue to accept documents via encrypted email or a secure online transmission. A notification of this update has been sent to DVC lender contacts. For more information, refer to the updated DVC process steps job aid and the new How to Submit DVC Documentation via QAS job aid.
LATEST NEWS
Lenders' Profit Margin Outlook Has Improved From Q1 to Q2 2014
Fannie Mae launched the Mortgage Lender Sentiment Survey this year to provide benchmarking insights into mortgage lenders' current lending activities and market expectations. Inaugural results of the survey show significant improvement from Q1 to Q2 2014 in lenders' near-term profit margin expectations, with fewer lenders in Q2 reporting that they expect their profit margin over the next three months to decrease. "Government regulatory compliance" and "competition from lenders" are the most popular reasons given by lenders in driving the decrease of their profit margin outlook. To see more results, visit the Fannie Mae Mortgage Lender Sentiment Survey page.
TRAINING
DU Version 9.1 August Update Live Web Seminars
Join Fannie Mae for a live web seminar to learn more about the Desktop Underwriter® (DU®) Version 9.1 Update, scheduled for release the weekend of Aug. 16, 2014. The webinar will review the updates being made to DU, including foreclosure message updates, deed-in-lieu of foreclosure and preforeclosure sale message updates, the addition of a charge-off policy message, 2014 Area Median Income limits, a special feature code retirement, and updates to align with the Selling Guide. Register here.
New Best Efforts Whole Loan Execution Tutorial
Need help managing your loan origination pipeline in the face of market volatility and uncertainty? Did you know that Fannie Mae offers a best efforts committing option available through its easy-to-use web-based application, eCommitONE®? Fannie Mae handles the pipeline management and interest rate risk in a best efforts commitment, allowing lenders to focus their attention on other critical business priorities and activities. To learn more today, review the new Best Efforts Whole Loan Recorded Tutorial.
Build the Skills You Need
With HFI InDepth, you'll learn from expert instructors and get your questions answered -- all in an online virtual classroom. Register today for an upcoming course: Assessing Income from Self Employment | Aug. 14Beyond Approve/Eligible: Interpreting the DU Underwriting Findings Report | Aug. 12Visit Fannie Mae's Learning Center today to see the full calendar of classes and to register!
SOCIAL MEDIA
Trending Topics
Here are the hot topics that are currently trending in our social network: The No. 1 thing lenders need for loan quality excellence. Identify and correct loan delivery data issues at any point in the business process with EarlyCheck™.If you're not already, please follow us on Twitter.
Fannie Mae | Privacy Policy | Manage Your Profile
Forward to a Friend feature subject to Privacy Policy.
This electronic message has been sent to [email protected]. This email was sent by:
Fannie Mae, 3900 Wisconsin Ave. NW, Washington, DC 20016 USA
Please do not reply to this message, as this is a "send only" message.
commercial appraiser, commercial appraisal, commercial appraiser la
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