Upcoming Deadlines

FNMA: Closed HomeStyle Construction-to-Permanent loans must be purchased by Fannie Mae from existing approved lenders by November 30, 2009.

FNMA: All whole loans and mortgage loans delivered into MBS on or after December 1, 2009 must comply with the new policy: The borrower may receive cash back at closing of no more than $250.

FNMA: “Required determination of [HAMP] eligibility based on NPV test results for mortgage loans with an initial NPV evaluation on or after December 1, 2009.”

FHLMC: “Effective for Mortgages for which the Servicer begins a new evaluation under HAMP on or after December 1, 2009, [certain] forbearance [and NPV] requirements apply.”

FHA: Changes to condominium approval process for Single Family Housing are effective.

FNMA: “All outstanding HSF offers must be closed and entered into HSSN prior to December 10, 2009. After December 10, 2009, only offers that meet the PRP guidelines will be allowed into the system.”

FNMA: Application date for “New DU loan casefiles underwritten with DU Version 8.0.”

FNMA: “Purchase/Delivery Deadline: Purchase date for whole loans; delivery date for MBS – DU Version 7.0 and 7.1 Flexible mortgages with Lower-Cost MI option.”

Fannie Mae new mortgage loan data requirements are required for all applications dated on or after 1/1/10.

FNMA: “Effective for mortgage loan applications taken on or after January 1, 2010, Fannie Mae will require the use of the updated 1008 for manually underwritten mortgages.”

FNMA: “Delivery Date Availability: MBS and whole loan deliveries – Deliveries may begin for both manually underwritten loans and DU loans (all DU versions) with [certain requirements].”

FHA: Required to use updated Forms 1013, 1014, 1072.

FNMA: Required to implement HAMP policies concerning borrower notices from Ann. 09-36.

FHA: New appraiser independence requirements are effective.

FHA: New appraisal portability requirements are effective for all case numbers assigned on or after January 1, 2010.

FHA adopts Appraisal Update and/or Completion Report. Effective for case numbers assigned on/after 1/1/10.

FHA: “Effective for all case numbers assigned on or after January 1, 2010, the validity period for all appraisals on existing and proposed and under construction properties will be 120 days.”

FHA: “Effective January 1, 2010, all supervised mortgagees must now submit an annual audited financial statement within 90 days of their fiscal year end.”

FHA: Key changes are effective for HOPE for Homeowners (H4H) Program.

FHLMC: Must comply with requirements set forth in Treasury’s SD 09-08.

HUD: New RESPA regulations will take effect.

FNMA: Changes effective for FHA-approved condo projects, FICO versions for manually underwritten loans, modified loan eligibility for Refi Plus.

FHLMC: Multiple credit and property eligibility changes are effective from Bulletin 09-24.

FHLMC: “Freddie Mac will no longer purchase non-Freddie Mac-owned streamlined refinance Mortgages.”

FHLMC: Change effective for Condo Unit Mortgages from Bulletin 2010-2.

FHA: No later than February 5, 2010, report is due with updated Single Family Default Monitoring System (SFDMS) status codes for claim filing and delinquency/default reporting for FHA-HAMP.

FHLMC: “Sellers must take out separate fixed-rate Cash contracts for Relief Refinance Mortgages with LTV ratios higher than 105%…”

Fannie Mae servicers must use new standard HAMP documents no later than March 1, 2010.

“Fannie Mae servicers who are required to use IDI by March 1, 2010 by other investors must implement the use of IDI for mortgage loans owned or securitized by Fannie Mae on the same date…”

FHLMC: “Servicers must begin using the new [HAMP] documentation no later than March 1, 2010.”

FHLMC: “Imminent Default Indicator must be used as part of any new imminent default evaluation conducted on or after March 1, 2010.”

FHLMC: Multiple changes to HAMP/imminent default requirements effective from Bulletin 2010-1.

FNMA: “Committing Deadline – DU Version 7.0 and 7.1 EA product pricing in eCommitting and eCommitONE will be retired.”

FNMA: All reverse mortgage loans with unpaid principal balance differences greater than $250, must be reconciled no later than March 31, 2010.

FNMA: New reverse mortgage reporting requirements effective. Servicers must submit trial balance transaction files by 6th calendar day of each month and two other reports by 20th calendar day.

FHA: HUD REO appraisals with an effective date on or after 4/1/10 will be valid for 120 days.

FHA will collect an upfront mortgage insurance premium of 2.25 percent.

FNMA: “The change to the Potential Red Flag messages will be effective the weekend of April 17, 2010.”

FNMA: “Purchase/Delivery Deadline: Purchase date for whole loans; delivery date for MBS – Manually underwritten loans meeting credit score eligibility requirements in place prior to 11/1/09…”

FNMA: “All conventional mortgage loans for which the lender’s project acceptance was based solely on FHA-project approval must be purchased as whole loans or delivered in MBS on or before May 31, 2010.”

FNMA: “…all other servicers must implement the use of IDI as soon as possible but no later than June 1, 2010.”

FNMA: “Effective for all HAMP trial period plans with effective dates on or after June 1, 2010, a servicer may only offer a borrower a trial period plan based on verified income documentation in accordance with the new requirements [in SVC-2010-03].”

FNMA: “Lenders will be required to confirm the identity of each borrower whose credit is used for the purpose of determining ability to meet Fannie Mae’s underwriting and eligibility standards prior to the extension of credit.”

FNMA: “The requirement for all borrowers to have a Social Security number or ITIN is effective for all loan applications dated on or after June 1, 2010.”

FNMA: Lenders must confirm that companies involved in origination, underwriting, or servicing are not on GSA Excluded Party List or HUD LDP List prior to delivery of loan.

FNMA: “Lenders [must] determine that all debts of the borrower incurred or closed up to and concurrent with the closing of the subject mortgage are disclosed on the final loan application and included in the qualification for the subject mortgage loan.”

FNMA: “If the subject property is a condo or other property type that is identified by a unit number, the unit number must be included in the property address on the note.”

FTC: Enforcement date for FTC’s Red Flags Rule.

FHLMC: HAMP change eliminates stated income Trial Period Plans and requires full verification of Borrower eligibility after the Servicer receives the “Initial Package.”

FNMA: MI flexibilities in Ann. 09-04 extend through 6/10/10 and apply only to mortgage loans with note dates on or before 6/10/10 that are delivered by 10/31/10.

FNMA: “Effective for mortgage loan applications taken on or after July 1, 2010, Fannie Mae will require the use of the updated Form 1003.”

FNMA: “Effective date for the requirement to deliver the loan origination identifiers and appraiser data elements has been extended to July 1, 2010.”

HUD/FHA: Revisions to HECM Loan Agreement and Fannie Mae Form 1009 effective for all HECM case numbers assigned on or after this date.

FHLMC: “Document Custodians, approved prior to October 28, 2009, with a vault that does not provide a minimum of two hours fire protection must bring the vault into compliance with the minimum two-hour protection” requirement by this date.”

FNMA: “LTV ratio calculation [must] be truncated (shortened) to two decimal places, then rounded up to the next whole percent.”

FHLMC: Relief Refinance Mortgages must have Note Dates on or before 6/30/11.

FNMA: Lenders may continue to apply HARP flexibilities to loans originated under Refi Plus™ and DU Refi Plus™ provided the note date is on or before 6/30/11 and loans are delivered to Fannie Mae no later than 10/31/11.