REO; Matrices; Multiple Properties and Fannie Mae PIW
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- Rafe Gordon
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1 REO; Matrices; Multiple Properties and Fannie Mae PIW Purpose This announcement includes the following topics: REO- Exceptions for Fannie/Freddie held properties. Updated Matrices HomePath and Conforming High Balance Clarification for Multiple Properties Fannie Mae PIW and Property Field Waivers. REO Effective Immediately Regardless of lock For new conventional loans where the subject property is an REO. Regardless of the Seller (holder/owner) of the REO, MSI can no longer provide any exceptions for a RELS Field Review. MSI will order a RELS Field review on all conventional REO loans, regardless of the current holder/owner of the REO. For Delegated Sellers, the conventional REO must contain a Field Review ordered from RELS that supports the appraised value. Updated Matrix for Homepath Loans Effective Immediately for HomePath loans locked on/after 11/29/12. MSI has made updates to the HomePath loan parameter matrix to correct certain parameters that were not equal to or more restrictive than Fannie Mae. See Attachment HomePath Updated Matrix; changes are highlighted in yellow. Correction to MSI High Balance Effective Immediately for Conforming High Balance loans locked on/after 11/29/12. MSI has made updates to the Conforming High Balance loan parameter matrix to correct certain parameters that were not equal to or more restrictive than Fannie Mae. See Attachment Conforming High Balance ARM Matrix; changes are highlighted in yellow. Multiple Properties CLARIFICATION Effective Immediately, regardless of lock date. MSI is clarifying our Multiple Property guidelines (clarification of which properties should be included/excluded in the multiple property count ) in the Underwriting Chapter to mirror the matrix provided by Fannie Mae. This is not an update to our guidelines; we are simply re-formatting to ensure compliance with current MSI guidelines. See Attachment Multiple Property Limitations Matrix. Continued on next page WPA Page 1 of 7
2 REO; Matrices; Multiple Properties and Fannie Mae PIW, Continued PIW and PFW PIW Effective for standard conforming loans locked on/after 11/30/12: MSI will accept DU loans with a PIW under the following requirements: The Seller must identify the use of the PIW at lock-in; if the PIW is not identified at lock-in, MSI will not permit. The loan must be underwritten by MSI. The DU AUS must clearly state that a PIW is permitted. The Fannie Mae PIW fee must be paid, and the GFE must clearly show the fee and that there is no appraisal but a PIW instead. The Underwriter must clearly write the use of the PIW on the 1008 and provide the applicable Fannie Mae Special Feature Code for PIW. PIW s are not acceptable under the following conditions (regardless of the AUS): Property located in a Disaster Area; please see MSI s Disaster Policy in the Seller Guide for details. Property is new construction. Property is mixed use (as noted in the AUS, Sales Agreement or other document in the loan file). Property is an REO or the most recent transaction was a foreclosure or short sale. The Sales Agreement or other documentation in the file indicates that there is an apparent adverse environmental condition or other adverse physical deficiencies or conditions for the property, or the property does no conform to the neighborhood. Property Field Waiver (PFW) Effective Immediately MSI will accept the Property Fieldwork Waiver under the following requirements: Acceptable for DU Refi Plus loans only. The AUS Finding must clearly state in the Property and Appraisal Information that Fannie Mae will permit the Lender to exercise the property fieldwork waiver. The 1008 must clearly indicate that the Underwriter has validated the property address; the loan is underwritten using the DU estimate of value; Special Feature Code 807 is identified on the 1008 and the waiver fee has been charged. If the Waiver is not exercised, the loan must include a full appraisal. If an appraisal is included in the loan file, the Underwriter must use the lower of the DU estimate or the appraisal to underwrite the loan. Continued on next page WPA Page 2 of 7
3 REO; Matrices; Multiple Properties and Fannie Mae PIW, Continued Effective Date As ted Seller Guide The Seller Guide and any other applicable posted documents will be updated within 2 business days of the effective date of each topic. Questions If you have questions, contact your Account Executive. WPA Page 3 of 7
4 Attachment HomePath Updated Matrix Loan Parameters Standard HomePath FRM 30 Year REV (11/29/12) Transaction Type Units Maximum Minimum LTV LTV with CLTV/TLTV FICO Second Second Owner Occupied Primary (3) Maximum DTI Purchase (2) (1) 660 (2) 45% % % Second Home Purchase % Investment Properties Purchase % % 1. 97% permitted only if Borrower has personal funds for down payment (no gifts or other sources) OR FICO is 720 (with 720 FICO gifts or other sources are permitted.) 2. If the LTV/CLTV is 80.00%, the minimum FICO is Effective 6/03/11: For Primary Residence, MSI Prior Approval Underwriting, Max DTI may be increased to 50% if permitted by the AUS and MI (if required). Delegated Lenders may not exceed 45%. Arizona, Florida and Nevada properties are not eligible for MSI. Prepayment Penalty features are not permitted 40-year terms are not permitted Continued on next page WPA Page 4 of 7
5 Attachment HomePath Updated Matrix, Continued Loan Parameters High Balance HomePath FRM 30 Year REV (11/29/12) Transaction Type Units Maximum Minimum LTV LTV with CLTV/TLTV FICO Second Second Owner Occupied - Primary Maximum DTI Purchase (1) 45% % Second Home Purchase % Investment Properties Purchase % 1. If the LTV/CLTV/TLTV is 75.00%, minimum 660 FICO is permitted. Arizona, Florida and Nevada properties are not eligible for MSI. Prepayment Penalty features are not permitted 40-year terms are not permitted Permanent High Balance loan limits continue to be eligible to High Balance guidelines. WPA Page 5 of 7
6 Attachment Conforming High Balance ARM Matrix Loan Parameters MSI Conventional High Balance ARM REV (11/29/12) Property Units Maximum Minimum FICO LTV Second LTV with Second CLTV/TLTV Single Family PUD and Condo Owner Occupied Primary - Purchase and Rate/Term Refinance Maximum DTI % 2-4 Unit % Owner Occupied Primary - Cash Out Refinance SF;PUD & Condo % 2-4 Unit 2-4 t Permitted Single Family PUD & Condo Second Home Purchase and Rate/Term Refinance % Second Home Cash Out Refinance t Permitted Investment Property t Permitted Temporary Buydowns are not permitted. Prepayment Penalty features are not permitted 40-year terms are not permitted Texas Section 50a6 (Texas Cash Out) loans are not permitted Florida Restrictions: Properties in Florida are not eligible for purchase. LPMI is not permitted. Borrower paid single premium insurance is permitted. Subject to MI guidelines when MI is required. Subject to more restrictive Fannie Mae AUS findings. All Conventional High Balance loan amounts are eligible only in specific geographic areas and must be confirmed/validated for the area using the following Web Site te: select Fannie/Freddie from the <Limit Type> field, then select CY2012 from the <Limit Year> field.. WPA Page 6 of 7
7 Attachment Multiple Property Limitations Matrix Property Limitations The following matrix outlines how the type of property or property ownership applies to MSI s Multiple Properties limitation guidelines. Please see the Fannie Mae Seller Guide/Multiple Financed Properties for the Same Borrower topic for examples and additional clarification for MSI guidelines. Type of Property Ownership Joint ownership of residential real estate. (This is considered the same as total ownership of an individual property.) te: Other properties owned or financed jointly by the borrower and co-borrower are only counted once. Ownership of commercial real estate. Ownership of a multifamily property consisting of more than four dwelling units. Joint or total ownership of a property that is held in the name of a corporation or S- corporation, even if the borrower is the owner of the corporation and the financing is in the name of the corporation or S-corporation. Joint or total ownership of a property that is held in the name of a corporation or S- corporation, even if the borrower is the owner of the corporation; however, the financing is in the name of the borrower. Ownership in a timeshare. Obligation on a mortgage debt for a residential property (regardless of whether or not the borrower is an owner of the property). Ownership of a vacant (residential) lot. Joint or total ownership of a property that is held in the name of a limited liability company (LLC) or partnership. Ownership of a manufactured home and the land on which it is situated that is titled as real property. Ownership of a manufactured home on a leasehold estate not titled as real property (chattel lien on the home). Applies toward the Financed Property Limitations WPA Page 7 of 7
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