F-1-27: Handling A Fannie Mae Flex Adjustment. This maintenance manual Procedure provides the utilizing:
Acquiring a Property Valuation
The servicer must get a residential property valuation in accordance with Determining the Federal National Mortgage Association Flex customization terminology in D2-3.2-07, Fannie Mae Flex Customization.
The servicer must get a house valuation, which mustn’t be over 90 days outdated during the time the servicer assesses the borrower for your real estate loan modification, using one of several soon after:
an exterior BPO;
Federal national mortgage association’s APS;
Freddie Mac’s AVM;
a 3rd party AVM; or
the servicer’s very own interior AVM, provided
the servicer is at the mercy of direction by a federal regulatory institution, and
additional servicer’s primary national regulatory agencies possess examined the design.
If Fannie Mae’s APS, Freddie Mac computer’s AVM, the 3rd party AVM, or even the servicer’s interior AVM will not render a dependable self-esteem get, the servicer must obtain an assessment regarding the home value making use of an exterior BPO, an assessment, or a home valuation way documented as appropriate to your servicer’s national regulating manager. The house appreciate examination must certanly be rendered in accordance with the FDIC’s Interagency assessment and assessment recommendations regardless of whether this type of instructions apply at real estate loan alterations.
The servicer must affix the valuation and documentation whenever publishing its proposed referral to Federal National Mortgage Association through the servicing solutions system.
Deciding Brand New Improved Mortgage Terms And Conditions
The servicer must identify the debtor’s latest modified home loan terms according to Deciding the Federal National Mortgage Association Flex adjustment terms and conditions in D2-3.2-07, Fannie Mae Flex customization, and the requisite below. (more…)