Fannie Mae requires the lender to disclose any information regarding environmental hazards to the appraiser and note the individual mortgage file accordingly if the real estate agent, the property seller, the property purchaser, or any other party to the mortgage transaction informs the lender that an environmental hazard exists in or on the property, or in the vicinity of . Attempt to locate the borrower to determine the reason for the vacancy. & Technology, News & Q23. Servicer Action. status must be documented on the checklist or other document evidencing notes of the Appraisal reports must reflect adverse conditions that were apparent during the inspection or discovered while performing research, such as, but not limited to, needed repairs, deterioration, or the . Acceptable additional certifications might include: those related to the appraisers continuing education or membership in an appraisal organization; or. The table below provides references to the Announcements that have been issued that are related to this topic. Events, Age of Appraisal and Appraisal Update Requirements, Multiple Appraisals of the Subject Property, Use of an Appraisal for a Subsequent Transaction, B5-3.1-02, Conversion of Construction-to-Permanent Financing: Single-Closing Transactions, How to do a hard refresh in Internet Explorer. on the occupancy status. Visit Selling and Servicing Guide Communications and Forms. 8-K: HORTON D R INC /DE/ - MarketWatch F-4-02, List of Contacts). Additional responsibilities depend upon whether the property can be legally rebuilt, as described in the following table. Fannie Mae does not require that the utilities that serve the property be turned on at the time of the inspection. If the borrower is eligible for a workout option in accordance with D2-3, Fannie Maes Home Retention and Liquidation Workout Options, the servicer must ensure the borrower has assigned any insurance loss proceeds to Fannie Mae, if required. Fannie Mae customers! The tables below provide requirements related to existing properties that have physical deficiencies, minor conditions, or deferred maintenance items that may or may not affect the safety, soundness, or structural integrity of the property. Note: If the servicer is unable to establish contact with the borrower, the servicer must contact the insurance carrier to determine whether the borrower has filed the proof of loss claim. A lender may only exercise the high LTV refinance value acceptance (appraisal waiver) or value acceptance + property data offer if. If the appraiser indicates on the Form 1004D that the property value has not declined, then the lender may proceed with the loan in process without requiring any additional fieldwork. and Property Preservation Expenses in Freddie Mac. Delivery method and timing . If the first lien mortgage loan servicer does not intend to take any action to repair the property, the servicer must contact its Fannie Mae Servicing Representative (see F-4-02, List of Contacts). Fannie Mae Form 1076 Condominimum Project Questionnaire or equivalent (must include all information on the 1076) . a final appraisal inspection, updates the title policy, and obtains a signed completion certificate, which the lender gives to Fannie Mae to have the After a satisfactory Form 1004D or completion alternative is obtained, the lender must release the final draw from the escrow account, which should include any funds in excess of the amount needed to pay for completion of the postponed items.

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