The Selling Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae. To begin browsing, select from any of the sections below. View All Selling Policy Updates. This topic contains information on verbal verification of employment requirements for all borrowers.
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Citing the extraordinary circumstances that the country is facing with the ongoing spread of the coronavirus, the Federal Housing Finance Agency announced Monday that it is directing Fannie Mae and Freddie Mac to ease their standards for both property appraisals and verification of employment. Beyond that, cities and even entire states are going into lockdowns, thereby prohibiting appraisers from traveling to houses to inspect them. As a result, the FHFA has directed the GSEs to begin using both drive-by appraisals and desktop appraisals in certain circumstances to ensure that the mortgage process is not held up due to appraisal issues.
For a more detailed breakdown of the policies, click here. According to the bulletin, the preferred appraisal method is still the traditional appraisal. Instead, the appraiser relies on public records, multiple listing service information, and other third-party data sources to identify the property characteristics. If a traditional or desktop appraisal is unable to be performed, an exterior-only inspection is allowed in certain circumstances.
In all cases, the use of appraisal alternatives is available only on certain loans. See the graphic below for details on what loans are eligible for an appraisal alternative. Beyond that, the FHFA notes that employment verification is becoming increasingly more difficult as many businesses have either shut down entirely or are running with skeleton crews as a result of the virus. To that end, the GSEs will accept alternative forms of employment verification, including a recent paystub, to ensure lending can continue.
Both the adjusted appraisal and employment verification standards are in effect through May 17, , according to the FHFA. For more information on the appraisal alternatives, click here. And for more information on the employment verification alternatives, click here. In his third pulse piece in a three-part blog series, former CFPB Director Richard Cordray discusses the questionable future of nonbank servicers and the impact of mass foreclosures.
Don't have an account? Please Sign Up. Skip to content. In addition, the lender may obtain the VOE after loan closing, up to the time of loan delivery though we strongly encourage getting the verbal VOE before the note date. Paystub: The lender may obtain a year-to-date paystub from the pay period that immediately precedes the note date. Bank statements: The lender can provide bank statements or other alternative documentation as permitted by Selling Guide B Most Popular Articles.
Jun 02, By Kathleen Howley. Latest Articles. Jun 04, By Richard Cordray. Sponsored Content. How data and analytics can give lenders a competitive edge in a changing market May 29, Insurtech company supports industry digitization during social distancing May 28, How servicers and subservicers can put customers first Apr 21, Log In. Post was not sent - check your email addresses! Sorry, your blog cannot share posts by email.
Fannie Mae, Freddie Mac relax appraisal, employment verification standards in wake of coronavirus
B3-3.1-07, Verbal Verification of Employment (10/02/2018)
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