MPF Xtra PFI Notice

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1 MPF Xtra PFI Notice Date: March 11, 2015 Effective Date: Immediately, unless otherwise noted Special Attention: PFI MPF Program Management, Origination Management, and Underwriting Management Note: The MPF Xtra Manual and the MPF Xtra PFI Notices supplement, but do not replace, the MPF Guides. PFIs that sell under the MPF Xtra product must continue to monitor and adhere to PFI Notices and Advisories. Subjects: Cash-Out Refinance LTV Multiple Financed Properties Financed Mortgage Insurance Endorsement Project Standard Policy Updates Liability Insurance for PUDs Fidelity Insurance for Condos Changes will affect the following MPF Xtra Manual chapters: Xtra Manual Underwriting Guide Chapter Xtra Manual Underwriting Guide Chapter Xtra Manual Underwriting Guide Chapter 4.3 Xtra Manual Underwriting Guide Chapter 7.1 Xtra Manual Underwriting Guide Chapter 10.4 Xtra Manual Underwriting Guide Chapter 10.5 Xtra Manual Underwriting Guide Chapter 12 Description of Changes: Maximum LTV, CLTV and HCLTV Ratios Cash-Out Refinance Mortgages Maximum Loans per Borrower Mortgage Insurance Ratios and Amounts Liability Insurance Fidelity Insurance Condominiums and PUDs Each of the updates to the MPF Xtra Manual is described below. The affected topics and a brief description of the major policy changes are noted. PFIs should read the applicable referenced chapters of the Fannie Mae Selling Guide to ensure a full understanding of all policy changes. MPF and MPF Xtra are registered trademarks of the Federal Home Loan Bank of Chicago and the MPF Mortgage Partnership Finance logo is a trademark of the MPF Xtra PFI Notice Page - 1

2 Cash-Out Refinance Mortgages (MPF Xtra Manual Underwriting Guide (UG) Chapters and 3.2.2) The maximum LTV, CLTV, and HCLTV ratios for fixed-rate, cash-out refinance transactions secured by a one-unit primary residence are reduced to 80% for both manually underwritten loans and loans underwritten with Desktop Underwriter (DU ). This change was announced in MPF Xtra PFI Advisory dated December 8, 2014 (Maximum LTV, CLTV and HCLTV Ratios for Cash- Out Refinance Transactions) and was effective with loan applications dated on or after December 13, In addition, the location of the Fannie Mae Eligibility Matrix has been added to this chapter for ease in locating the LTV, CLTV and HCLTV guidelines. Please Note: Not all Fannie Mae product offerings and loan types are eligible for purchase under the MPF Program at this time. Please reference the chapter for a list. Multiple Financed Properties for the Same Borrower (Maximum Loans Per Borrower) (MPF Xtra Manual UG Chapter 4.3) The requirements for multiple financed properties have been simplified by eliminating several of the more stringent additional underwriting requirements that previously applied. As a result of these changes, standard Fannie Mae Selling Guide requirements now apply for the following policies: Waiting periods and re-establishment of credit after a significant derogatory credit event; Mortgage payment history requirements; Rental income documentation; and Obtaining a signed IRS Form 4506T (obtaining IRS copies of the tax returns or the transcript via an executed 4506T will no longer be required). All other additional requirements for borrowers who will own five to ten financed properties (as described in Fannie Mae Selling Guide Chapter B Multiple Financed Properties for the Same Borrower, and B , Minimum Reserve Requirements) will continue to apply, including eligibility limits, minimum reserve requirements, and delivery requirements. PFIs are reminded to deliver SFC 150 when delivering loans with multiple financed properties. Financed Mortgage Insurance Endorsement (MPF Xtra Manual UG Chapter 7.1) Currently, the Fannie Mae Selling Guide states that PFIs must obtain a financed mortgage insurance premium endorsement to the mortgage insurance policy. Several mortgage insurers however, have the required language incorporated directly into their new master policies while others are continuing to use a financed premium endorsement for this purpose. The Fannie Mae Selling Guide has been clarified to include the option of allowing the language related to any financed mortgage insurance premium to be incorporated into a PFI s master mortgage insurance policy. PFIs may disregard this language in the message issued by DU version 9.1. DU version 9.2 will reflect the updated requirement. Note: Chapter 7.1 has been relocated from Chapter 12.1 of the Origination Guide. Condominiums and PUDs (MPF Xtra Manual UG Chapter 12) The changes and clarifications described below are effective with applications dated April 18, 2015, or projects reviewed on or after April 18, 2015, whichever is later. MPF Xtra PFI Notice Page - 2

3 The condominium and PUD project standards and policies have been updated to: Organize policy requirements based on the unit type (attached or detached), project type (condo or PUD), and project status (new or established); Streamline the project review methods; and Revise certain policy requirements in light of market trends. The updated project review methods for units in condos are presented as the following: Limited Review; Full Review conducted with or without the use of CPM; and Fannie Mae Approval via the Project Eligibility Review Service (PERS). The updates to the project standards chapters are extensive in terms of clarifications, reorganization, and streamlining of redundant text. Part of the intent of this update is to organize the policy requirements, and make it easier for PFIs completing a project review on an ad-hoc basis related to a single loan. Notable updates include, but are not limited to the following: The Limited Review requirements have been streamlined for attached units in established projects and for detached units in eligible new and established projects. The references to DU requirements and spot loan eligibility have been removed. Key changes to the Full Review requirements include the following: o CPM and Full Review have been consolidated into one review method; o The pre-sale requirements for new projects has been decreased from 70% to 50%; and o The number of days for which 15% of unit owners may be past due on common expense assessments has been increased from 30 to 60 days. The requirement that new condo projects with units less than 400 square feet be reviewed through PERS has been removed. To assist PFIs with the PERS submission process, a list of required documents has been added. A new recommendation has been added for PFIs to obtain the homeowner s association IRS Tax Identification Number (ITIN) for all condo projects. Over time, this will improve tracking of projects and the risk associated with deliveries from each project. Detailed descriptions of ineligible project characteristics have been updated to include new prohibitions, clarifications, and additional flexibilities: o The additional flexibilities include: Increasing the allowable commercial space allocation from 20% to 25% for condo projects, Allowing a single entity to own up to two units in a project consisting of five to twenty units, Specifying the situations in which up to 15% of non-incidental business income is allowed, and MPF Xtra PFI Notice Page - 3

4 Permitting live-work projects that allow unit owners to operate small home-based businesses from their residential dwelling. o Additional requirements include prohibitions against projects that require mandatory feebased memberships and projects that operate as continuing care facilities. o Guidance has been added concerning how to research and confirm whether a project is, in fact, functioning as a condohotel and clarifying the circumstances under which boat slips, cabanas, or similar non-real estate properties are acceptable as project amenities. All reviews (with the exception of PERS reviews) will have a 180-day expiration date. The review must have been completed within 180 days prior to the note date. The topic on project insurance has been deleted, as these requirements are presented in Fannie Mae Selling Guide Chapter B7-4, Additional Project Insurance. The policies that are NOT changing with this update are those related to: o Environmental hazards; o The PERS process; o Detached units in PUD projects; o Project Eligibility Waivers; and o Project Type Codes. Links to the appropriate Fannie Mae Selling Guide chapter and a list of the topics in the chapter have been added to MPF Xtra Manual Underwriting Guide Chapter 12 for ease of use in locating the guidelines related to these updates. The information in the Fannie Mae Selling Guide provides PFIs with a more comprehensive resource on this topic, including specific information on the updates in addition to the topic references in this PFI Notice. In addition, an attachment to this Notice details all chapters of the Fannie Mae Selling Guide that have been updated as a result of the policy changes related to project standards. PFIs that sell loans under the MPF Xtra product must follow the Fannie Mae Selling Guide in it s entirety for all guidelines related to the eligibility and underwriting of loans in a condominium project or a planned unit development. Note: Chapter 12 has been relocated from Chapter 33 of the Origination Guide. Liability Insurance for PUDs (MPF Xtra Manual UG Chapter 10.4) The liability insurance requirements have been clarified for PUD projects. The policy more clearly states that liability insurance is only required and must be verified for attached units in new PUD projects. Note: Chapter 10 has been relocated from Chapter 15 of the Origination Guide. Fidelity Insurance for Condominiums (MPF Xtra Manual UG Chapter 10.5) Condominium projects that qualify for a Limited Review will no longer require fidelity/crime insurance. MPF Xtra PFI Notice Page - 4

5 Additional Updates The Fannie Mae Selling Guide currently contains references to the date on which the note is signed and the note date. The only date on the note itself is at the top of the document; however, this date may not necessarily be the date on which the note was signed. As a result, references in the Guide to the date on which the note is signed have been changed to the more definitive note date. This update also aligns with the delivery requirement to provide note date. MPF Xtra Manual Revisions: The following MPF Xtra Manual changes can be found on the AllRegs website. Links to the site are available at and/or may be accessed directly at MPF Xtra Manual Underwriting Guide: Chapter 3 - Changed text is highlighted in AllRegs Chapter 4 - Changed text is highlighted in AllRegs Chapter 7 - Changed text is highlighted in AllRegs Chapter 10 - Changed text is highlighted in AllRegs Chapter 12 - Changed text is highlighted in AllRegs If you have any questions, please contact your MPF Bank Representative or call the MPF Xtra Service Center at MPF Xtra PFI Notice Page - 5

6 Attachment This table briefly describes and highlights the major updates and clarifications that have been incorporated into the Fannie Mae Selling Guide within Chapter B4-2, Project Standards. These updates are in addition to the updates more fully described on pages 1-5 of MPF Xtra PFI Notice Note: The majority of the topics listed below underwent significant editing. For example, new guidance has been added to help PFIs interpret and implement new policies, existing policies have been clarified, and like content has been consolidated. However, due to the number of edits, this table does not identify all of the instances where text has been changed (or where topics have been renumbered). PFIs should refer to the specific topics in the Fannie Mae Selling Guide for additional details. In the event of any discrepancy between the information in this attachment and the Fannie Mae Selling Guide, the provisions in the Fannie Mae Selling Guide will prevail. Chapter Number & Title Summary of Changes, Clarifications, or Updates B4-2.1: General Project Standards Section title changed. B : General Information on Project Standards Added project risk overview. Added a table of project types and identification criteria. Added general descriptions of project review methods and when each method may or must be used. Updated the table of Project Type Codes and special feature codes to use when delivering loans secured by units in projects. Clarified the PFIs document retention responsibilities. Defined the timeline requirements for the completion of project reviews and for delivery of loans secured by units in projects. B : Ineligible Projects Added a table showing ineligible project type characteristics applicable to condo projects and to attached units in PUD projects; Described the sources PFIs may use in researching whether a project is operating as a hotel or motel; and Provided additional detail as to why the following are ineligible: o Projects subject to split ownership arrangements o Projects that contain multi-dwelling unit condos or co-ops o Projects with property that is not real estate o Projects that operate as a continuing care community or facility Described the policy requirements related to: o Non-incidental business arrangements o Commercial space and mixed-use allocation o Live-work projects o Litigation o Priority of common expense assessments MPF Xtra PFI Notice Page - 6

7 Chapter Number & Title B4-2.2: Project Eligibility and Environmental Hazards B : Limited Review Process Summary of Changes, Clarifications, or Updates Section title changed from Condo Project Eligibility Topic title changed Described which unit and project types are eligible for a Limited Review Provided a table of the eligible transactions for Limited Review attached units in established condo projects Described the Limited Review eligibility requirements B : Full Review Process Topic title changed B : Full Review: Additional Eligibility Requirements for Attached Units in New and Newly Converted Condo Projects B : Geographic-Specific Condo Project Considerations B : FHA-Approved Condo Review Eligibility B , Project Eligibility Review Service (PERS) B : Additional Requirements for Review of Condo, Co-op, and PUD Projects Comprised of Manufactured Homes Defined which project and unit types require a Full Review Described Condo Project Manager (CPM ), which may be used in conducting a Full Review Added tables showing the Full Review eligibility requirements for attached units in new, established, or 2-4 unit projects Described requirements related to replacement reserves studies Updated the table of additional requirements for the Full Review of attached units in new or newly converted projects, including requirements that are not applicable to 2-4 unit condo projects Updated the condo project legal document review requirements to those required for attached units in new or newly converted projects Removed text relating to a 2009 deadline Removed the block title Representations and Warrants, replacing it with Project Requirements and Document Retention Added detail to the table showing the PERS submission process Added two tables one listing descriptions of each required PERS submission form and the other showing the project documentation to submit Added requirements to the table listing PFI pre-pers submission review requirements for newly converted non-gut rehabilitation condo projects Added a statement that any PUD project comprised of singlewide manufactured homes must be submitted to Fannie Mae for a PERS review Expanded on the PFI pre-pers submission review requirements for manufactured housing projects MPF Xtra PFI Notice Page - 7

8 Chapter Number & Title B : Projects with Special Considerations and Project Eligibility Waivers B : Environmental Hazard Assessments B : Unacceptable Environmental Conditions B4-2.3: PUD and Co-op Eligibility Requirements B : Eligibility Requirements for Units in PUD Projects B : Co-op Project Eligibility Summary of Changes, Clarifications, or Updates Added a notation that project eligibility waivers are typically issued only for established projects, though Fannie Mae will consider a waiver for a unit in a new project on a case-by-case basis Topic title changed Title of a table changed to Examples of Unacceptable Environmental Conditions Section title changed The PUD definition has been enhanced with additional detail Requirements for units in PUD projects in table were reordered Titles of two tables updated E-1-03: List of Contacts Added address PFIs must use to submit a PERS package Glossary Updates E-3-01: Glossary of Fannie Mae Terms: A E-3-03: Glossary of Fannie Mae Terms: C E-3-06: Glossary of Fannie Mae Terms: F E-3-07: Glossary of Fannie Mae Terms: G E-3-08: Glossary of Fannie Mae Terms: H E-3-13: Glossary of Fannie Mae Terms: M E-3-14: Glossary of Fannie Mae Terms: N Added a definition for amenities Updated the definitions for commercial space, common area assessments, Condo Project Manager, and condominium conversion Deleted the term constituent documents Updated the definition of final project approval Added a definition for gut rehabilitation project Updated the definition for homeowners association Updated the definition for master association Added a definition for non-gut rehabilitation MPF Xtra PFI Notice Page - 8

9 E-3-16: Glossary of Fannie Mae Terms: P E-3-18: Glossary of Fannie Mae Terms: R E-3-19: Glossary of Fannie Mae Terms: S E-3-20: Glossary of Fannie Mae Terms: T Glossary Updates Updated the definition of project Added definitions for project documents and project legal phase Updated the definition of replacement reserve fund Aligned the definition of single entity owner with updated policy Added a definition for 2-4 unit condo project (to differentiate this term from the existing definition for 2-4 unit property ) The following topics were retired - text has been moved or deleted as a result of the policy changes. B : Projects with Special Considerations and Project Eligibility Waivers B : Project Identification and Document Retention B : Project Insurance Requirements B : Priority of Common Expense Assessments B : Condo Project Eligibility B : Limited Review Process for Detached Condo Units B : Lender Full Review: Additional Eligibility Requirements for Established Condo Projects Topic moved to B Text moved to B , General Information on Project Standards Topic retired to avoid redundancy; project insurance requirements are provided in Chapter B7-4, Additional Project Insurance Text moved to B , Ineligible Projects Text moved to Section B4-2.1: General Project Standards Text moved to B , Limited Review Process for All Detached Units in New and Established Condo Projects and Certain Attached Units in Established Condo Projects Text moved to B , Full Review: Additional Eligibility Requirements for Established Condo Projects MPF Xtra PFI Notice Page - 9

10 B : Owner-Occupancy Ratio Requirements and Financial Institution-Owned REO Units B : Condo Project Manager (CPM) Expedited Review for New and Established Condo Projects B : Condo Project Review and Legal Document Requirements Text moved to B , Ineligible Projects Text moved to B , Full Review for Attached Units in Condo Projects Text moved to B , Full Review: Additional Eligibility Requirements for New and Newly Converted Attached Condo Projects MPF Xtra PFI Notice Page - 10

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