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By searching you agree to the End User License Agreement
The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Regional Multiple Listing Service of Minnesota, Inc.
Real estate listings held by brokerage firms other than BoardWalk Premier Realty INC. are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.
Copyright 2010 Regional Multiple Listing Service of Minnesota, Inc. All rights reserved.
STEVE VENNEMANN LARGEST MINNESOTA OWNER FINANCED HOMES LOCATION SEE BELOW FOR INKS TO 100S OF OWNER FINANCED PROPERTIES. Wisconsin land contracts.
http://www.minnesotahomescontractfordeed.com
BoardWalk Premier Realty INC
651-334-8312
STEVE VENNEMANN
http://www.mnhomescontractfordeed.com
IF YOU HAVE 10% OF THE SALE PRICE YOU ARE LOOKING TO BUY IN WE WILL FIND YOUA HOME.
http://www.mnhomescontractfordeed.com/anoka-county
http://www.minnesotahomescontractfordeed.com
http://www.mnhomescontractfordeed.com
http://www.mnownerfinancedhomes.com
http://www.mnlakehomescontractfordeed.com
http://www.mnlakeplace.com/wi-financed-homes
http://www.nationwidecontractfordeeds.com
FREE REAL ESTATE ADVERTSING
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condo-town houses-real estate-mn homes for sale contract for deed-acreage-mn owner financing-cd housing-mn owner financed homes-properties
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STEVE VENNEMANN LARGEST MINNESOTA OWNER FINANCED HOMES LOCATION SEE BELOW FOR INKS TO 100S OF OWNER FINANCED PROPERTIES. Wisconsin land contracts.
http://www.minnesotahomescontractfordeed.com
BoardWalk Premier Realty INC
651-334-8312
STEVE VENNEMANN
http://www.mnhomescontractfordeed.com
IF YOU HAVE 10% OF THE SALE PRICE YOU ARE LOOKING TO BUY IN WE WILL FIND YOUA HOME.
http://www.mnhomescontractfordeed.com/anoka-county
http://www.minnesotahomescontractfordeed.com
http://www.mnhomescontractfordeed.com
http://www.mnownerfinancedhomes.com
http://www.mnlakehomescontractfordeed.com
http://www.mnlakeplace.com/wi-financed-homes
http://www.nationwidecontractfordeeds.com
FREE REAL ESTATE ADVERTSING
condo-town houses-real estate-mn homes for sale contract for deed-acreage-mn owner financing-cd housing-mn owner financed homes-properties
NEW YORK (CNNMoney) -- If you thought the U.S. housing market couldn't get much worse, think again.
Far fewer homes have been sold over the past five years than previously estimated, the National Association of Realtors said Tuesday.
NAR said it plans to downwardly revise sales of previously-owned homes going back to 2007 during the release of its next existing home sales report on Dec. 21.
NAR's existing home sales numbers, released monthly, are a closely followed gauge of the health of the housing market.
While NAR hasn't revealed exactly how big the revision to home sales will be, the agency's chief economist Lawrence Yun said the decrease will be "meaningful."
"For the real estate business, this means the housing market's downturnwas deeper than what was initially thought," Yun said.
Yun said the database NAR uses to track existing home sales, the Multiple Listing Service (MLS), has led the real estate agency to over-count existing home sales for several reasons.
The MLS database only includes home sales listed by realtors, and excludes homes listed by owners, providing a very narrow view of the market. And because more people are using realtors to list their homes instead of selling them independently, realtor-listed sales numbers have become artificially inflated, said Yun.
In addition, some of the assumptions NAR used in calculating its data have become outdated, since they were based on 2000 Census data.
The MLS has also been expanding its geographic coverage, so it may have appeared that there were more home sales simply because data from new areas were starting to show up. Also because of this geographic expansion, the system has been double-counting sales of some homes that can be considered part of multiple regions.
"Colorado Springs has their own database, but because the Denver market is nearby they may also list that home in the Denver database, so when the home gets sold, both Denver and Colorado Springs will say sales rose -- so that's genuine double-counting," said Yun.
Yun said NAR realized this upward "shift" in data during its most recent re-benchmarking process this year. With the help of the government, economists and other real estate groups, NAR has now taken these factors into account and will issue revised numbers on Dec. 21 at 10 a.m.
"There are multifaceted reasons why things were drifting upward in our database," said Yun. "We have tried to adjust for all these factors so that we have a better understanding of total home sales in America."
Yun emphasized that the revisions will have no impact on consumers because median home price data will not be revised. 
SELL OR BUY A HOME WITH SELLER FINANCING .
STEVE VENNEMANN LARGEST MINNESOTA OWNER FINANCED HOMES LOCATION SEE BELOW FOR INKS TO 100S OF OWNER FINANCED PROPERTIES. Wisconsin land contracts.
http://www.minnesotahomescontractfordeed.com
BoardWalk Premier Realty INC
651-334-8312
STEVE VENNEMANN
http://www.mnhomescontractfordeed.com
IF YOU HAVE 10% OF THE SALE PRICE YOU ARE LOOKING TO BUY IN WE WILL FIND YOUA HOME.
http://www.mnhomescontractfordeed.com/anoka-county
http://www.minnesotahomescontractfordeed.com
http://www.mnhomescontractfordeed.com
http://www.mnownerfinancedhomes.com
http://www.mnlakehomescontractfordeed.com
http://www.mnlakeplace.com/wi-financed-homes
http://www.nationwidecontractfordeeds.com
FREE REAL ESTATE ADVERTSING
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Home Affordable Refinance – New Refinance Options for Existing Fannie Mae Loans
Introduction
The Making Home Affordable program announced by the Department of the Treasury on March 4, 2009, includes a new initiative – Home Affordable Refinance – to provide refinance opportunities to borrowers with mortgages held or guaranteed by Fannie Mae. This initiative is for borrowers who have demonstrated an acceptable payment history on their mortgage but due to a decline in home prices or where mortgage insurance (MI) is not available, have been unable to refinance to obtain a lower payment or move to a more stable product. The Federal Housing Finance Agency (FHFA) has also provided greater flexibility to Fannie Mae to implement this refinance initiative.
Fannie Mae is announcing new refinance options to achieve the goals set out for this initiative and to incorporate additional flexibilities provided by FHFA. Importantly, the maximum loan- to-value (LTV) ratio for refinance mortgage loans under this initiative will be expanded to 105 percent, and MI requirements will be significantly relaxed to assist borrowers who have experienced home price declines. http://www.flhomescontractfordeed.com/
This Announcement provides the details of the eligibility, pricing, and delivery requirements established to assist borrowers in refinancing into new loans with lower monthly payments or more sustainable mortgages in accordance with the Plan and FHFA’s guidance.
Fannie Mae is eliminating the existing streamlined refinance options and introducing two new refinance options available only for existing Fannie Mae loans. The following streamlined refinance products introduced in Announcement 07-24, Enhancements to Streamlined Refinance Products, and Announcement 08-03, Updates and Clarifications for Streamlined Refinance Products will no longer be eligible for delivery to Fannie Mae after July 31, 2009:
ď‚·Streamlined Refinance – Option A (Fannie Mae to Fannie Mae refinance) ď‚·Streamlined Refinance – Option A Select (Fannie Mae to Fannie Mae refinance) ď‚· Streamlined Refinance – Option B (Government Sponsored Enterprise to Fannie Mae
refinance)
Announcement 09-04Page 1New Refinance Options for Fannie Mae Loans
Fannie Mae is providing two new options that include new flexibilities for refinances of existing Fannie Mae-owned or -securitized loans that will allow borrowers the opportunity to take advantage of historically low interest rates, as well as other flexibilities provided by FHFA. Mortgage loans are eligible for delivery under these new refinance options on or after April 1, 2009 for whole loan or MBS deliveries.http://www.nationwidecontractfordeeds.com/seller_register.html
DU Refi PlusTM
DU Refi Plus is a refinance of an existing Fannie Mae loan by any lender using Desktop Underwriter® (DU®) for underwriting; the lender does not have to be the current servicer of the mortgage loan.As previously described in Desktop Underwriter® (DU®) Version 7.1 April Update Release Notes issued on February 4, 2009, DU Refi Plus leverages DU and provides new functionality to systematically identify existing Fannie Mae loans, and extend underwriting flexibilities and documentation efficiencies to eligible loan casefiles.
DU Refi Plus will be available for loan casefiles submitted to DU on or after the weekend of April 4, 2009 and will include the MI flexibility outlined in this Announcement for loans with an original LTV of 80 percent or less. The additional enhancements outlined in this Announcement and described in the DU Version 7.1 May Update Release Notes will be available in DU for loan casefiles submitted to DU on or after the weekend of May 2, 2009.
Lenders may begin to take advantage of these additional DU flexibilities prior to the weekend of May 2 by manually applying these flexibilities to DU Refi Plus loan casefiles submitted to DU after the weekend of April 4, 2009. Loan casefiles submitted to DU after the weekend of April 4 that receive an Ineligible recommendation can be delivered to Fannie Mae, and will be eligible for the DU limited waiver of underwriting representations and warranties, provided all of the following conditions are met:
ď‚·The loan is identified as a DU Refi Plus loan casefile. ď‚·The only reasons for the Ineligible recommendation are the LTV/CLTV/HCLTV ratio(s) or http://www.azhomescontractfordeed.com/
minimum “representative” credit score. ď‚·The loan complies with all of the guidelines specified in the DU Version 7.1 May Update
Release Notes. ď‚·The loan complies with all applicable terms of the DU limited waiver of representations and
warranties, as outlined in Fannie Mae’s Selling Guide.
Special Feature Code 147 must be included on the delivery file for all DU Refi Plus mortgage loans. DU Refi Plus mortgage loans with an LTV or CLTV greater than 95 percent must not be delivered with Flexible mortgage special feature codes.
For more details on DU Refi Plus, including the additional flexibilities outlined in this Announcement and the specific messages that will be issued by DU Version 7.1, refer to the updated DU Version 7.1 April Update Release Notes, and the DU Version 7.1 May Update Release Notes, both issued on March 4, 2009 and available on eFannieMae.com.
Announcement 09-04Page 2 http://www.mnhomescontractfordeed.com
Refi PlusTM (manual underwriting)
Refi Plus is a refinance of an existing Fannie Mae mortgage loan by the current servicer of the loan and is available to all Fannie Mae approved lenders for manual underwriting.Refi Plus provides an efficient process for refinances that meet the following general criteria:
ď‚·The process relies on the information contained in the original fully-documented mortgage loan file and permits streamlined documentation flexibilities unless the lender chooses to obtain full documentation for the new mortgage loan.
ď‚·The lender (or an affiliate or subsidiary of the lender) must be the originator of the new mortgage and the servicer of the existing mortgage.
ď‚· Mortgage eligibility focuses on the borrower’s financial stability demonstrated by their mortgage payment history.
Special Feature Code 288 must be included on the delivery file for all Refi Plus mortgage loans.
DU Refi Plus and Refi Plus Requirements
Many of the requirements are similar for both DU Refi Plus and Refi Plus. The following general guidelines apply to both DU Refi Plus and Refi Plus.
Required Borrower Benefit
These new refinance options are intended to assist borrowers by providing a benefit to ensure long-term homeownership sustainability. Specifically, by selling a DU Refi Plus or Refi Plus mortgage loan to Fannie Mae, the lender represents and warrants that the borrower is receiving a benefit in the form of either:
ď‚·a reduced monthly mortgage principal and interest payment; or ď‚·a more stable mortgage product, for example, movement from an ARM to a fixed-rate http://www.mnownerfinancedhomes.com
mortgage. (Note: lenders are encouraged to provide fixed-rate mortgages to borrowers whenever possible).
Maximum LTV Ratio
The maximum LTV ratio for DU Refi Plus and Refi Plus is 105 percent. There is no maximum CLTV or HCLTV; however, new subordinate financing is not permitted in conjunction with a DU Refi Plus or Refi Plus transaction.
Note: The Eligibility Matrix posted on eFannieMae.com has been updated to reflect these refinance options.
MI Requirements
For new refinance transactions with an LTV ratio that exceeds 80 percent, MI may or may not be required depending on the current MI coverage on the existing loan. New refinance transactions
Announcement 09-04Page 3
with an LTV ratio less than 80 percent do not require mortgage insurance. The following additional MI requirements will apply.
Lender-purchased mortgage insurance (LPMI) is permitted for DU Refi Plus and Refi Plus mortgage loans in accordance with the Selling Guide, Part V, Section 101.04: Lender- Purchased Mortgage Insurance.
The MI flexibilities outlined in this Announcement extend only through June 10, 2010 and will apply only to mortgage loans with note dates on or before June 10, 2010 that are delivered by October 31, 2010.
Lenders must utilize MI Code 95 at time of delivery for all refinance loans where the LTV is greater than 80 percent and no MI coverage is obtained. http://www.alhomescontractfordeed.com/
Loan Level Price Adjustments (LLPAs)
Note: Lenders are encouraged to use their best efforts to obtain MI coverage that provides the lowest cost option available to the borrower. Lenders are required to fully comply with all MI requirements regardless of those established by Fannie Mae.
Announcement 09-04Page 4
A new Fannie Mae Refi Plus Pricing Matrix has been posted on eFannieMae.com to provide a comprehensive view of the pricing applicable to DU Refi Plus and Refi Plus loans only.
Note: The Loan-Level Price Adjustment (LLPA) Matrix and Adverse Market Delivery Charge (AMDC) Information on eFannieMae.com continues to apply to all other deliveries other than DU Refi Plus and Refi Plus. http://www.arhomescontractfordeed.com/
Eligibility, Documentation, and Underwriting Requirements
ď‚·The lender (or an affiliate or subsidiary of the lender) must be the originator of the new mortgage and must be the current servicer of the existing mortgage.
ď‚·The new mortgage cannot be originated by a subprime affiliate or subprime correspondent lender, or originated by the lender on any subprime lending platform. The new mortgage must be from the lender’s retail, prime lending channel only.
ď‚·In accordance with the provisions of the Selling and Servicing Guide, Part I, Section 309: Questionable Refinancing Practices, the lender may not specifically target borrowers whose mortgages are owned or securitized by Fannie Mae for a new mortgage.
ď‚·Available to all Fannie Mae approved lenders using DU. ď‚·Available across all lending
channels (retail, wholesale and
correspondent). ď‚·In accordance with the http://www.cohomescontractfordeed.com/
provisions of the Selling and Servicing Guide, Part I, Section 309: Questionable Refinancing Practices, the lender may not specifically target borrowers whose mortgages are owned or securitized by Fannie Mae for a new mortgage.
Eligible Borrowers
ď‚·The borrower(s) on the existing mortgage (or the current borrower(s) if the existing mortgage was assumed) must be identical to the borrower(s) on the new mortgage. If one of the existing borrowers has died, or if the borrowers have divorced, the remaining borrowers will be eligible for the mortgage provided:
ď€The remaining borrower(s) meets the mortgage payment history requirements below
ď‚·The borrower(s) on the existing mortgage must be identical to the borrower(s) on the new mortgage.
ď‚·Borrower(s) may be added to the new loan, provided the existing borrower(s) is retained.
Announcement 09-04Page 5 http://www.cthomescontractfordeed.com/
and provides evidence that he or she has been making the payments on the existing mortgage from his or her own funds for the most recent 12 months prior to the origination of the new mortgage. This 12-month payment history must be on the existing mortgage, and may not be satisfied using multiple consecutive first mortgages.
ď€The remaining borrower(s) provides evidence of the divorce from the previous borrower or of the previous borrower’s death, as applicable.
ď‚·A new borrower may be added to the new loan, provided the existing borrower(s) is retained.
ď‚·If the existing mortgage was assumed by the current borrower(s) prior to the origination of the new Refi Plus mortgage loan, the current borrowers must have been qualified for the existing mortgage under the assumability criteria stated in the Servicing Guide, Part III, Section 408.03: Transfer under Existing Terms. http://www.dehomescontractfordeed.com/
Eligible Existing Mortgage Loans
ď‚·Fully documented mortgage loans originated and underwritten in accordance with the Selling Guide, or Guide to Underwriting with DU.
ď‚·Existing mortgages that were underwritten through DU that received an Approve recommendation and were fully documented according to the original DU Underwriting Findings Report.
Mortgage loans that were delivered to Fannie Mae prior to March 1, 2009.
Announcement 09-04Page 6
DU Refi Plus http://www.hihomescontractfordeed.com/
ď‚·Mortgage loans that were previously streamlined refinance loans, i.e., originated under the prior guidelines for Streamlined Refinance Option A, Option A Select, or Option B, provided the documentation retention requirements outlined below are met.
Ineligible Existing Mortgage Loans
ď‚·Mortgage loans that were not originated or underwritten in accordance with the Selling Guide, or Guide to Underwriting with DU.
ď‚·Mortgage loans that received a DU Expanded Approval (EA), Refer with Caution/IV, or Ineligible recommendation in DU.
ď‚·Subprime mortgage loans. ď‚·Alt-A mortgage loans. ď‚·Mortgage loans that are subject
to any credit enhancement (e.g., full or partial recourse) other than borrower-paid or lender- paid mortgage insurance.
ď‚·Mortgage loans that are currently subject to any outstanding repurchase request from Fannie Mae.
ď‚·Reverse mortgage loans. ď‚·Second mortgage loans. ď‚·Government mortgage loans.
ď‚·Mortgage loans that are subject to any credit enhancement (e.g., full or partial recourse) other than borrower-paid mortgage insurance. http://www.idhomescontractfordeed.com/
ď‚·Mortgage loans that are currently subject to any outstanding repurchase request from Fannie Mae.
ď‚·Reverse mortgage loans. ď‚·Second mortgage loans. ď‚·Government mortgage loans.
Maximum LTV Ratio
ď‚·Maximum LTV ratio of 105 percent for all occupancy and property types.
ď‚·No maximum CLTV or HCLTV. ď‚·All existing subordinate
financing must be resubordinated to maintain first lien priority of the new Refi Plus mortgage loan.
ď‚·No new subordinate financing may be obtained as part of the new Refi Plus transaction.
Same http://www.mehomescontractfordeed.com/
Eligible New Mortgage Loans
ď‚·Fully-amortizing fixed-rate mortgage loans with a term up to 40 years.
ď‚·Fully-amortizing ARM loans with an initial fixed period of five years or greater with a term up to 40 years.
ď‚·Mortgage loans that meet Fannie Mae’s general loan limits and high-balance loan limits.
Same http://www.mdhomescontractfordeed.com/
Ineligible New Mortgage Loans
ď‚·ARM loans with initial fixed periods of less than five years.
ď‚·Mortgage loans with an interest- only feature.
ď‚·ARM mortgage loans with the potential for negative amortization.
ď‚·Balloon mortgage loans. ď‚· MyCommunityMortgage®
mortgage loans. ď‚·Texas 50(a)(6) mortgage loans. ď‚·Option ARM mortgage loans. ď‚·HomeStyle® Renovation
mortgage loans prior to the
completion of the property. ď‚·Jumbo-conforming mortgage
loans. http://www.mahomescontractfordeed.com/
Same
Loan Purpose
ď‚·Limited cash-out refinances only; however, existing purchase money subordinate financing may not be satisfied with the proceeds of the Refi Plus mortgage loan.
ď‚·All existing subordinate financing must be resubordinated to maintain the first lien priority of the new Refi Plus mortgage loan.
limited cash-out refinances, as contained in the Selling Guide, Part VII, Section 103.02: Limited Cash- out Refinance Transactions, continue to apply.
Credit History
ď‚·The existing mortgage must be current.
ď‚·No minimum credit score required.
ď‚·The borrower must meet the requirements of the Selling Guide with respect to the presence of a prior bankruptcy or foreclosure. The lender must determine whether these requirements are applicable by referring to the borrower’s credit report and the borrower’s statements in the “Declarations” section of the Uniform Residential Loan Application (Form 1003 or 1003(S)), and any other information that is made available to the lender in the new mortgage loan file, the original mortgage loan file, or while processing, underwriting, or closing the new mortgage loan.
ď‚·No minimum credit score required.
ď‚·The borrower must meet the requirements for DU underwritten loans, including the mortgage delinquency, bankruptcy, and foreclosure policies. http://www.mihomescontractfordeed.com/
http://www.nhhomescontractfordeed.com/
Seasoning Requirements on the Existing Mortgage
No seasoning required.
Same
Multiple Mortgages to the Same Borrower
No limit. The requirements of the Selling Guide and Announcement 09-02, Updates to Multiple Mortgages to the Same Borrower Policy, Reserve Requirements, Reserves Definition, and Form 3170 do not apply to Refi Plus mortgage loans except for the requirement of Forms 3170 and 3170.53.
Special Feature Code 150 must not be delivered for Refi Plus mortgage loans.
Condominium, Cooperative, and PUD Project Review
ď‚·Fannie Mae will rely on the project eligibility determination made by the lender when the original mortgage loan was delivered to Fannie Mae.
ď‚·Lenders must use the following Project Type Codes at the time of delivery for Refi Plus loans secured by a property in a condominium project, cooperative project, or planned unit development:
ď€V – for properties in a condominium project,
ď€2 – for properties in a cooperative project, or
ď€E – for properties in a planned unit development.
ď‚·http://www.njhomescontractfordeed.com/
ď‚·
Lenders will not be required to perform a project review for condominium, cooperative, or PUD projects. The lender must confirm that the property is not in a condominium or cooperative hotel or motel.
The same Project Type Codes are required.
Property Valuation
Fannie Mae is revising the existing property valuation representation and warranty to state that the lender represents and warrants that the current value is not less than the value reflected in the original appraisal report upon sale of a Refi Plus loan to Fannie Mae. If the lender is not able to provide the representation and warranty, the following applies based on the LTV ratio of the new mortgage estimated by the lender:
ď‚·For lender-estimated LTV ratios of 95% or less, an Exterior-Only Inspection Residential Appraisal Report (Form 2055) or Uniform Residential Appraisal Report (Form 1004) must be obtained to establish the current value
ď‚·For lender-estimated LTV ratios over 95%, a Form 1004 must be obtained to establish the current value
In cases when the lender does not obtain a new appraisal:
Lenders must comply with the property fieldwork requirements issued by DU. For certain DU Refi Plus eligible loan casefiles, DU will waive the requirement for an appraisal or exterior-only property inspection.
DU Refi Plus http://www.nmhomescontractfordeed.com/
ď‚·The lender must advise the borrower not to rely on the lack of an appraisal as assurance about the condition or value of the property.
ď‚·The lender will not represent to the borrower or to any third party to the transaction that Fannie Mae or any third party performed a property review, appraisal or valuation of any sort.
ď‚·The lender cannot charge the borrower a fee for an appraisal, a collateral review or any similar service as part of the new mortgage transaction.
ď‚·The lender must comply with all applicable laws and regulations related to the origination and servicing of the new mortgage, including, but not limited to, the Homeowners Protection Act of 1998 (the “Act”). Certain borrower rights and lender obligations are based on the LTV ratio at the time of origination and at later dates. Lenders are advised to consult with their legal counsel with regard to establishing the “original value” as defined by the Act.
In addition, the representation and warranty applicable to properties impacted by a natural disaster is also being revised. If the lender is aware that the property has been impacted by a natural disaster, or has knowledge that the property is located within a Federal Emergency Management Agency (FEMA) disaster area eligible for individual assistance within two years of the disaster declaration date, and the lender is relying on the value
Refi Plus http://www.nyhomescontractfordeed.com/
DU Refi Plus
reflected in the original appraisal report, upon sale of the Refi Plus loan to Fannie Mae the lender additionally represents and warrants there was no damage to the property.
Documentation Requirements
The lender must obtain the following additional documentation: ď‚·A new executed Uniform
Residential Loan Application
(Form 1003 or 1003(S)) from the borrower with all information completed including borrower income, employment, and assets.
ď‚·A new merged credit report with the borrower’s “representative” credit score. Fannie Mae will use the new credit score for pricing purposes. Determination of the borrower’s credit worthiness is based on the payment history of the existing mortgage as stated below.
ď‚·A verbal verification of employment (VOE). For self- employed borrowers, the VOE must be obtained from a disinterested third party, such as a CPA or regulatory agency. In addition, the lender must independently verify the existence of the business, such as verifying a phone listing or obtaining a copy of a business license. Where the source of income is other than an employer or self employment the lender must confirm the source.
ď‚·A new mortgage note, security instrument, and applicable riders and addenda are required for each new Refi Plus mortgage loan.
Except as otherwise expressly provided under the Refi Plus
http://www.nchomescontractfordeed.com/
ď‚·Lenders must comply with the following documentation requirements issued by DU: ď€Salary/Bonus/Overtime: one
current paystub and a verbal
VOE of employment. ď€ Commission/Self-
Employment: one year’s federal income tax return.
Underwriting Requirements
ď‚·All new mortgage loans originated under Refi Plus must be manually underwritten.
ď‚·If a new mortgage loan has been submitted to DU for underwriting, the lender may not complete a Refi Plus transaction after the DU recommendation has been provided. In these instances, the lender must comply with the requirements outlined in the DU recommendation.
ď‚·Lenders are not required to calculate the borrower’s debt-to- income ratio to determine eligibility; rather the lender must determine that the borrower has a reasonable ability to repay the mortgage loan based on the current information provided by the borrower on the new mortgage loan application and the mortgage payment history on their existing mortgage being refinanced. The lender must determine that the borrower meets the mortgage payment history requirements based on the following:
ď€When the borrower’s new mortgage payment is the same or decreasing compared to existing mortgage payment the borrower must have no more than one 30-day delinquency on the existing mortgage in the lesser of 12 months or the life of the mortgage loan.
ď‚·All mortgage loans originated under DU Refi Plus must be underwritten through DU, and are not eligible for manual underwriting or underwriting through any other automated underwriting system.
ď‚·DU Refi Plus loan casefiles will continue to be subject to the maximum allowable total expense ratio currently applied to all DU loan casefiles. DU Refi Plus loan casefiles that exceed the maximum allowable total expense ratio will receive an Ineligible recommendation.
http://www.ndhomescontractfordeed.com/
ď€When the borrower’s new mortgage payment is increasing compared to existing mortgage payment the borrower must not have any 30-day delinquency on the existing mortgage in the lesser of 12 months or the life of the mortgage loan.
ď‚·The loan file for the new mortgage must contain documented proof from the lender’s servicing system (printed after the date of the borrower’s new mortgage application and prior to the date of the new mortgage note) that evidences that the payment history requirements have been met.
Documentation Retention Requirements for Refi Plus
The lender for the new Refi Plus mortgage loan must be the existing servicer, and have complete underwriting and servicing files, i.e., the full documentation loan file, including borrower and property information, and any subsequent streamlined refinance loan files.All previous loan files will become part of the application package for the new loan and must be retained for the life of the new mortgage loan.
If the loan being refinanced was assumed by the current borrower(s) at any time since the original borrower(s) was qualified, the credit documents used to qualify the current borrower(s) at the time of the assumption must be included as part of the new mortgage loan file.http://www.ohhomescontractfordeed.com/
Effective Dates Delivery of DU Refi Plus and Refi Plus
Fannie Mae will accept delivery of DU Refi Plus and Refi Plus mortgage loans as follows:
The MI flexibilities outlined in this Announcement extend only through June 10, 2010 and will apply only to mortgage loans with note dates on or before June 10, 2010 that are delivered by October 31, 2010.
Delivery of Eliminated Streamlined Refinance Options
ď‚·Streamlined Refinance – Option A (Fannie Mae to Fannie Mae refinance) ď‚·Streamlined Refinance – Option A Select (Fannie Mae to Fannie Mae refinance) ď‚· Streamlined Refinance – Option B (Government Sponsored Enterprise to Fannie Mae
refinance)http://www.okhomescontractfordeed.com/
All mortgage loans originated using any of the eliminated Streamlined Refinance Options above must be delivered to Fannie Mae on or before July 31, 2009 and may not be used in conjunction with the enhanced flexibilities described in this Announcement. In conjunction with the elimination of these refinance options Special Feature Code 289 will be retired as of August 1, 2009.
********
Lenders who have questions about Announcement 09-04 should contact their Customer Account Team for additional information.
Michael A. Quinn Senior Vice President Single-Family Risk Officer
Delivery Method
Effective Date
Whole loans
Delivery dates on or after April 1, 2009
MBS http://www.orhomescontractfordeed.com/
Announcement 09-04Page 15
Attachment 1 Refi Plus Loan-Level Price Adjustments (LLPAs)
Certain LLPA adjustments are being made to all Refi Plus mortgage loans. The following matrices identify the changes to LLPAs that apply only to DU Refi Plus and Refi Plus mortgage loans originated in accordance with the terms of this Announcement. These matrices will be incorporated into the new comprehensive Refi Plus Pricing Matrix, which also includes the Adverse Market Delivery Charge (AMDC) that will apply to all Refi Plus mortgage loans.
The LLPAs and AMDC will apply to all deliveries of DU Refi Plus (Special Feature Code 147) and Refi Plus (Special Feature Code 288) on or after April 1, 2009.
LLPA by Credit Score/LTVhttp://www.pahomescontractfordeed.com/
ď‚· The LLPA table below replaces Table 2 of Fannie Mae’s Loan-Level Price Adjustment (LLPA) Matrix and Adverse Market Delivery Charge (AMDC) Information (LLPA Matrix) on eFannieMae.com.
ď‚· Highlighted areas show where LLPAs differ from Table 2, including expanding the maximum LTV to 105%.
LTV Range1
Representative Credit Score60.00%70.00%75.00%80.00%85.00%90.00%95.00%97.00%105%
< http://www.rihomescontractfordeed.com/
1 LLPAs are not applicable
to mortgage loans with terms of 15 years or
In support of these reduced LLPAs, lenders are expected to pass on the reduced LLPAs (versus the higher standard fees that currently apply) to eligible borrowers that have not yet closed on their mortgage loan that are delivered as a Refi Plus mortgage loan. http://www.schomescontractfordeed.com/
Announcement 09-04Attachment 1Page 1
LLPA by Product Feature
ď‚·The LLPA table below amends Table 3 of the LLPA Matrix. ď‚· Highlighted areas show where the product feature LLPA differs from Table 3 due to
expanding the maximum LTV ratio to 105%.
LLPAs are Cumulative
Feature
ARM
High-balance mortgage loans - ARM
40-year term (MBS only) Manufactured Home
Condominium and Cooperative Properties1
Investment property
2 unit Property
3-4 unit Property
High LTV2 http://www.sdhomescontractfordeed.com/
1 LLPAs are not applicable 2 Applies in lieu of “Streamlined Refinance Mortgages Option A or A Select” feature in Table 3 of the LLPA Matrix.
LLPA for Expanded Approval
ď‚·The LLPA table below amends Table 8 of the LLPA Matrix. ď‚·Applies to loans with Expanded Approval recommendations (eligible under DU Refi Plus
only; not applicable to Refi Plus). ď‚·Maximum LTV ratio is expanded to 105%.
to mortgage loans with terms of 15 years or less
Announcement 09-04Attachment 1Page 2
Expanded Approval (SFC 716) http://www.tnhomescontractfordeed.com/
1.75% http://www.txhomescontractfordeed.com/
LLPA for Mortgages with Subordinate Financing
ď‚· This LLPA is established to reflect the identical LLPA that applied to the eliminated Streamlined Refinance Options with CLTVs in excess of 95 percent, i.e., “Flexible Mortgages with subordinate financing (non-Community Seconds).” See Table 7 of the LLPA Matrix.
ď‚·Because Expanded Approval loans are now eligible under DU Refi Plus, the LLPA below also subsumes the LLPA for “EA with High CLTV (loans with subordinate financing only).” See Table 8 of the LLPA Matrix.
ď‚·Note that Expanded Approval recommendations are only applicable to DU Refi Plus and not Refi Plus.
ď‚·LLPAs in Table 4 of the LLPA Matrix apply to other LTV/CLTV ranges for DU Refi Plus and Refi Plus loans with subordinate financing.
***** Refer to eFannieMae.com for the Refi Plus Pricing Matrix and the updated LLPA Matrix.
Announcement 09-04Attachment 1Page 3
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To homeowners, a well-managed property looks nice, operates smoothly, and preserves the resale value of the property. To businesses and investors, properly managed real estate may result in greater income and profits. Property, real estate, and community association managers maintain and raise the value of real estate investments by handling the logistics of running a property. Property and real estate managers oversee the operation of income-producing commercial or residential properties and ensure that real estate investments achieve their expected revenues. Community association managers manage the communal property and services of condominiums, cooperatives, and planned communities through their homeowner or community associations.
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When owners of residential homes, apartments, office buildings, or retail or industrial properties lack the time or expertise needed for the day-to-day management of their real estate investments or homeowner associations, they often hire a property or real estate manager or a community association manager. Managers are employed either directly by the owner or indirectly through a contract with a property management firm.
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Generally, property and real estate managers handle the financial operations of the property, making certain that rent is collected and that mortgages, taxes, insurance premiums, payroll, and maintenance bills are paid on time. Some oversee the preparation of financial statements and periodically report to the owners on the status of the property, occupancy rates, expiration dates of leases, and other matters. When vacancies occur, property managers may advertise the property or hire a leasing agent to find a tenant. They also may suggest to the owners what rent to charge. In community associations, homeowners pay no rent and pay their own real estate taxes and mortgages, but community association managers collect association fees that help pay for a variety of services such as playground, clubhouse, and swimming pool maintenance.
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-Often, property managers negotiate contracts for janitorial, security, landscaping, trash removal, and other services. They monitor the performance of contractors and investigate and resolve complaints from residents and tenants when services are not properly provided. Managers also purchase supplies and equipment for the property and make arrangements with professionals for repairs that cannot be handled by regular property maintenance staff.
"In addition to fulfilling these duties, property managers must understand and comply with pertinent legislation, such as the Americans with Disabilities Act, the Federal Fair Housing Amendment Act, and local fair housing laws. They must make certain that their renting and advertising practices are not discriminatory and that the property itself acts in accordance with all of the local, State, and Federal regulatory and building codes.
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Onsite property managers are responsible for the day-to-day operations of a single property, such as an apartment complex, an office building, a shopping center, or a community association. To ensure that the property is safe and properly maintained, onsite managers routinely inspect the grounds, facilities, and equipment to determine whether repairs or maintenance is needed. In handling requests for repairs or trying to resolve complaints, they meet not only with current residents, but also with prospective residents or tenants to show vacant apartments or office space. Onsite managers also are responsible for enforcing the terms of rental or lease contracts, such as rent collection, parking and pet restrictions, and termination-of-lease procedures. Other important duties of onsite managers include keeping accurate, up-to-date records of income and expenditures from property operations and submitting regular expense reports to the senior-level property manager or the owner(s).
Some property and real estate managers, often called real estate asset managers, plan and direct the purchase, sale, and development of real estate properties on behalf of businesses and investors. These managers focus on long-term strategic financial planning, rather than on day-to-day operations of the property. In deciding to acquire property, real estate asset managers consider several factors, such as property values, taxes, zoning, population growth, transportation, and traffic volume and patterns. Once a site is selected, they negotiate contracts for the purchase or lease of the property, securing the most favorable terms. Real estate asset managers review their company's real estate holdings periodically and identify properties that are no longer financially profitable. They then negotiate the sale of, or terminate the lease on, such properties.
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Community association managers, by contrast, do work that more closely compares to that of onsite property managers. They collect monthly assessments, prepare financial statements and budgets, negotiate with contractors, and help to resolve complaints. Usually hired by a volunteer board of directors of the association, they manage the daily affairs, and supervise the maintenance, of property and facilities that the homeowners own and use jointly through the association. Community association managers also assist the board and owners in complying with association and government rules and regulations.
Some associations cover thousands of homes and employ their own onsite staff and managers. In addition to administering an association’s financial records and budget, managers may be responsible for the operation of community pools, golf courses, and community centers and for the maintenance of landscaping and parking areas. Community association managers regularly meet with the elected boards of directors to discuss and resolve legal issues or disputes that may have an effect on the owners, as well as to review any proposed changes or improvements by homeowners to their properties, to make sure that they comply with community guidelines. They may also meet to address association finances or discuss long-term planning.
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Work environment. Nearly all property, real estate, and community association managers work out of an office. However, many managers spend a significant portion of their time away from their desks. Onsite managers, in particular, may spend a large part of their workday away from their offices, visiting the building engineer, showing apartments, checking on the janitorial and maintenance staff, or investigating problems reported by residents. Real estate asset managers may spend time away from home while traveling to company real estate holdings or searching for properties to purchase.
Property, real estate, and community association managers often must attend evening meetings with residents, property owners, community association boards of directors, or civic groups. Not surprisingly, many managers put in long workdays, especially before financial and tax reports are due and before board and annual meetings. Some apartment managers are required to live in the apartment complexes where they work, so that they are available to handle emergencies, even when they are off duty. They usually receive compensatory time off for working nights or weekends. Many apartment managers receive time off during the week so that they may be available on weekends to show apartments to prospective residents.
When vacancies occur, property, real estate, and community association managers may advertise the property or hire a leasing agent to find a tenant.
For the most part, onsite property managers who primarily oversee the rental and maintenance of properties learn on the job or have experience in the real estate or maintenance field. Managers of commercial properties and those dealing with a property’s finances and contract management increasingly are needing a bachelor's or master's degree in business administration, accounting, finance, or real estate management, especially if they do not have much practical experience.
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Education and training. Most employers prefer to hire college graduates for property management positions, particularly for offsite positions dealing with a property’s finances and contract management and for most commercial properties. A bachelor's or master's degree in business administration, accounting, finance, real estate, or public administration is preferred for these positions. Those with degrees in the liberal arts also may qualify, especially if they have relevant coursework. In addition, most new managers participate in on-the-job training. Many people entering jobs such as assistant property manager have onsite management experience.
Real estate managers who buy or sell property are required to be licensed by the State in which they practice. In a few States, property association managers must be licensed. Managers of public housing subsidized by the Federal Government are required to be certified.
Other qualifications. Previous employment as a real estate sales agent may be an asset to onsite managers, because it provides experience that is useful in showing apartments or office space. In the past, those with backgrounds in building maintenance have advanced to onsite management positions on the depth of their knowledge of mechanical systems in buildings, but this path is becoming less common as employers place greater emphasis on administrative, financial, and communication abilities for managerial jobs.
http://www.pahomescontractfordeed.com/<!--EndFragment--> People most commonly enter real estate asset manager jobs by transferring from positions as property managers or real estate brokers. Real estate asset managers must be good negotiators, adept at persuading and working with people, and good at analyzing data in order to assess the fair-market value of property or its development potential. Resourcefulness and creativity in arranging financing are essential for managers who specialize in land development.
Good speaking, writing, computer, and financial skills, as well as an ability to deal tactfully with people, are essential in all areas of property management.
Certification and advancement. Many people begin property management careers as assistants, working closely with a property manager and learning how to prepare budgets, analyze insurance coverage and risk options, market property to prospective tenants, and collect overdue rent payments. In time, many assistants advance to property manager positions.
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Some people start as onsite managers of apartment buildings, office complexes, or community associations. As they gain experience, often working under the supervision of a more experienced property manager, they may advance to positions of greater responsibility. Those who excel as onsite managers often transfer to assistant offsite property manager positions, in which they can gain experience handling a broad range of property management responsibilities.
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The responsibilities and compensation of property, real estate, and community association managers increase as these workers manage more and larger properties. Property managers are responsible for several properties at a time. As their careers advance, they gradually are entrusted with larger properties that are more complex to manage. Many specialize in the management of one type of property, such as apartments, office buildings, condominiums, cooperatives, homeowners' associations, or retail properties. Managers who do well at marketing properties to tenants might specialize in managing new properties, while those who are specifically knowledgeable about buildings and their mechanical systems might specialize in the management of older properties requiring renovation or more frequent repairs. Some experienced managers open their own property management firms.
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Many employers encourage managers to attend short-term formal training programs conducted by various professional and trade associations that are active in the real estate field. Employers send managers to these programs to develop their management skills and expand their knowledge of specialized fields, such as the operation and maintenance of mechanical systems in buildings, the improvement of property values, insurance and risk management, personnel management, business and real estate law, community association risks and liabilities, tenant relations, communications, accounting and financial concepts, and reserve funding. Managers also participate in these programs to prepare themselves for positions of greater responsibility in property management. The completion of such programs, plus related job experience and a satisfactory score on a written examination, can lead to certification, or the formal award of a professional designation, by the sponsoring association. (Some organizations offering certifications are listed as sources of additional information at the end of this statement.) A number of associations also require their members to adhere to a specific code of ethics.
Property, real estate, and community association managers held about 304,100 jobs in 2008. About 46 percent of these managers are self-employed. Another 21 percent worked for lessors of real estate and in offices of real estate agents and brokers. Others worked for government agencies that manage public buildings.
About as fast as average employment growth is expected. Opportunities should be best for jobseekers with a college degree in business administration, real estate, or a related field and for those who attain a professional designation. Particularly good opportunities are expected for those with experience managing housing for older people or with experience running healthcare facilities.
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Employment change. Employment of property, real estate, and community association managers is projected to increase by 8 percent during the 2008–18 decade, about as fast as average for all occupations. Job growth will be attributable to a growing population that will increasingly live in developments managed by third-party property management companies. These developments include apartment buildings, condominiums, homeowner associations, and the fast-growing amount of senior housing. Developments of new homes are increasingly being organized with community or homeowner associations that provide community services and oversee jointly owned common areas requiring professional management. There is also increasing awareness that property management firms help make properties more profitable and improve the resale value of homes and commercial property.
To cater to the increasing population, a small rise in the number of commercial and retail buildings that will need to be managed also will generate jobs for property managers.
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Job prospects. In addition to openings from job growth, a number of openings are expected as managers transfer to other occupations or leave the labor force. Opportunities should be best for jobseekers with a college degree in business administration, real estate, or a related field and for those who attain a professional designation. Because of the projected increase in the elderly population, particularly good opportunities are expected for those with experience managing housing for older people and with experience managing healthcare facilities.
Projections data from the National Employment MatrixOccupational TitleSOC CodeEmployment, 2008Projected
Employment, 2018Change,
2008-18Detailed StatisticsNumberPercentProperty, real estate, and community association managers
|
11-9141 |
304,100 |
329,700 |
25,600 |
8 |
[PDF] |
[XLS] |
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NOTE: Data in this table are rounded. See the discussion of the employment projections table in the Handbook introductory chapter onOccupational Information Included in the Handbook.
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Median annual wages of salaried property, real estate, and community association managers were $46,130 in May 2008. The middle 50 percent earned between $31,730 and $68,770 a year. The lowest 10 percent earned less than $21,860, and the highest 10 percent earned more than $102,250 a year. Median annual wages of salaried property, real estate, and community association managers in the largest industries that employed them in May 2008 were as follows:
| Management of companies and enterprises | $74,010 |
| Local government | 59,480 |
| Offices of real estate agents and brokers | 44,160 |
| Activities related to real estate | 43,430 |
| Lessors of real estate | 40,180 |
Many resident apartment managers and onsite association managers receive the use of an apartment as part of their compensation package. In addition, managers often are reimbursed for the use of their personal vehicles.
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