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Fannie Mae - Just In

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Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
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November 23, 2016


2017 Loan Limits to Increase

Fannie Mae has issued Lender Letter LL-2016-05 to confirm the general and high-cost area loan limits announced by the Federal Housing Finance Agency (FHFA). The base loan limits have increased for the first time since 2006. This represents a 1.7% increase over the 2016 limit. The new loan limit in most of the country will be $424,100 and all but 87 counties (or county equivalents) will see a loan limit increase.

The new limits are effective for whole loans delivered to Fannie Mae and loans in MBS pools with issue dates on or after January 1, 2017. Detailed information and updated resources, including the Loan Limit Look-Up Table, are available on the Loan Limits page. For best practices on committing or pooling loans that fall between the old and new loan limits, call the Capital Markets Sales Desk at 800-752-0257.

System Updates for 2017 Loan Limits: The updated general loan limits will be implemented in Desktop Underwriter® the weekend of December 10, 2016. The following Fannie Mae applications and tools will be updated as of January 1, 2017 to reflect the new loan limits: Loan Delivery, EarlyCheck™, and Pricing & Execution - Whole Loan®.
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Day 1 Certainty: Transforming the way you do business

Since October 24, lenders have been transforming the way they do business through our optional Desktop Underwriter® (DU®) validation service for income. This opt-in service provides Day 1 Certainty™ on validated income data, supports process efficiencies, and offers relief from representations and warranties on key loan components.

Starting on December 10, Fannie Mae will offer even more Day 1 Certainty:

  • Expanded DU validation service to include the immediate validation of assets and employment;
  • Enhanced property inspection waivers on eligible DU refinance transactions; and
  • Certainty on appraised value powered by Collateral Underwriter® (CU™).
These enhancements will provide lenders freedom from representations and warranties, and help them streamline their processes and improve their borrowers' experiences. Visit the Day 1 Certainty web page for more information.

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November 2016 AQM list posted

The November 2016 Appraiser Quality Monitoring (AQM) list has been posted on the AQM page. Refer to the AQM FAQs for more information.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
5x what they were when appraisal fees were $325 in mid-1995... lemme see $325 x 5 = $250, right got it.
 

KYLECODY

Senior Member
Joined
Apr 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
"Day 1 Certainty: Certainty on appraised value powered by Collateral Underwriter® (CU™)."

I wish I was that good.
 

djd09

Elite Member
Joined
May 20, 2009
Professional Status
Licensed Appraiser
State
Ohio
You are only as good as the data. The realtor data is consistently incorrect. But that is good thing.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
FHA In my County is over $600,000 : ) LOL
 
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