Mortgage Daily Logo
mortgage news from industry experts

New Reporting Requirements at Fannie

New Reporting Requirements at FannieOriginators, appraisers to be identified at loan level

February 13, 2009

By MortgageDaily.com staff

Fannie Mae wants to know more about the loan officers and appraisers on loans it acquires. New reporting will help the company better identify crooked players by analyzing mortgage fraud patterns by originator and appraiser.The secondary lender will begin requiring the registration or license number of loan originators on loan applications dated Jan. 1, 2010, or later, according to Lender Letter 02-2009 issued today. Data identifiers will also be required for the originator’s company.

Fannie has been required by its regulator, the Federal Housing Finance Agency, to collect the new loan-level data elements as mandated in Title V of the Housing and Economic Recovery Act of 2008, the Secure and Fair Enforcement Mortgage Licensing Act — or S.A.F.E. Act — enacted on July 30, 2008. The legislation required a Nationwide Mortgage Licensing System and Registry to be created.

FHFA first announced the new requirements last month. Both Fannie and its government sponsored cousin Freddie Mac are required to implement the reporting as of Jan. 1, 2010.

As defined in the law, originators include anyone who takes mortgage applications and offers or negotiates mortgage terms.

The requirement will be waived in states that don’t implement the licensing process by the deadline — though the Washington, D.C.-based firm will quickly institute the reporting as those states come online.

Fannie will also require the license or certification numbers of field appraisers for loans with applications dated Jan. 1, 2010, or later. If the field appraiser was a sub-contractor or employee of an appraiser or an appraisal firm, then the license or certification number of the supervisory appraiser will also be required.

“If originators or appraisers have contributed to the incidences of mortgage fraud, these identifiers allow the enterprises to get to the root of the problem and address the issues,” FHFA’s director said in January’s announcement.

Fannie Mae profile

next story

back to current headlines

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION