Recent guideline changes at the three housing finance agencies impact repurchase fees, digital documents and financing for certain types of hospitals. Other updates affect pool numbers, subordinated loans and automated underwriting.
In November, the Federal Home Loan Mortgage Corp. updated its Single-Family Seller/Servicer Guide to note that repurchase late fees are charged monthly. Bulletin No. 2011-21 said late fees will be listed in the seller account activity statement and be drafted from the seller’s bank account.
Bulletin No. 2011-15 from the McLean, Va.-based lender said that its guidelines were updated to permit the delivery, with Freddie Mac’s prior approval, of mortgage files in electronic media.
The same notice said that a copy of the subordination agreement must be kept in the file when an existing lien is subordinated.
A recent bulletin indicated that the Government National Mortgage Association test region is available for alphanumeric testing until Jan. 31. The Washington, D.C.-based company expects to be using alphanumeric pool numbers by March.
Ginnie Mae notified its issuers that real estate mortgage investment conduit transactions on or after Aug. 1, 2011, can include mortgage-backed securities backed by Federal Housing Administration Section 242 loans. The loans are for acute care hospitals but cannot include equipment as part of the security.
Ginnie securities issued on or after June 1, 2011, must not include loans with more than one payment owing as of the pooling date, according to a notice from the Department of Housing and Urban Development.
The number of pool types that can include high-balance loans was expanded by Ginnie as of June.
“X SF” and “M SF” pool types are limited to 10 percent of the original principal balance, while there are no limits for “M JM,” “M FS,” “C SF,” “C BD,” “X BD,” “X SN” and all adjustable-rate mortgages, the government-owned firm said.
On loans re-submitted to Desktop Underwriter after closing, policies established in Announcement SEL-2011-04 from the Federal National Mortgage Association require that the same casefile ID may not be used to underwrite more than one mortgage loan with Desktop Underwriter. The first DU submission needs to happen before the loan closed.
