- Sep 28, 2003
- Professional Status
- Certified Residential Appraiser
- New York
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®.
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™).
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.