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MFA Conventional Product Information

MFA Conventional Product Information. Fannie Mae “HFA Preferred”. Fannie Mae “HFA Preferred”. Homebuyer Education. HFA Preferred Loans – All Borrowers that sign the note must have attend an approved homebuyer education course, as per MFA guidelines.

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MFA Conventional Product Information

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  1. MFA Conventional Product Information

  2. Fannie Mae “HFA Preferred”

  3. Fannie Mae “HFA Preferred”

  4. Homebuyer Education HFA Preferred Loans – All Borrowers that sign the note must have attend an approved homebuyer education course, as per MFA guidelines. Lenders must include a Signed “Fannie Mae’s Borrower’s Authorization for Counseling” form in the mortgage file sent USBank. Early Delinquency Counseling is provided by U S Bank Home Mortgage Borrowers acknowledge the Authorization for Counseling by signing the Fannie Mae form notice.

  5. Desktop Underwriter (DU) • HFA Preferred is available through DU using “Additional Data Screen” • Go to Community Lending Section and select “HFA Preferred” option (Note: Do NOT submit to HFA Preferred Risk Sharing) • DU recommendations of Approve/Eligible and EAI/Eligible are eligible for DU’s Limited Waiver of reps and warrants • Qualifying ratios, reserves, and income requirements are determined; • by DU • MFA Income limits when the agency provides borrowers with a down payment/closing cost or other subsidy

  6. Special Feature / Characteristic Codes • In addition to other SFC’s that may apply to the loan, • SFC 088 should be used to identify as the loan as a Bond (MRB/MBS) loan. • SFC 358 should be used to identify loan as an HFA Preferred loan. • Processors and/or Underwriters should • Include ALL SFC’s on Transmittal Summary (1008)

  7. Underwriting Guidelines • Lenders are to follow normal Fannie Mae My Community Mortgage (MCM) guidelines with the overlays addressed in this presentation, any MFA or U.S. Bank MRBP Announcements/Bulletins.

  8. Uniform Collateral Data Portal (UCDP) Overview • UCDP is a single portal where lenders electronically submit appraisal reports for conventional loans • For All conventional loans submitted for purchase to USBHM, The File must include Submission Summary Report (SSR) for both Freddie and Fannie - successful upload, regardless of the product type • Loans without both SSRs will NOT be eligible for purchase

  9. Uniform Collateral Data Portal (UCDP) Overview continued • Lenders do NOT need to be Fannie/Freddie seller/servicer in order to register for UCDP submissions • Details are outlined in GSE UCDP Registration Process job aids on efanniemae.com and freddiemac.com • Also both provide online training for registration and submission • Note:Loans on exception for this issue will see identified on Weekly Exception report as missing SSR report.

  10. Sample SSR

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