Dave Towne: Fannie Mae extends deadline for capturing appraiser data

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News From Dave Towne, Enjoy! Bill Cobb

Appraisers……..

Just released on 10/08/09 was this bit of news, which I believe relates to providing the ‘license’ numbers of Loan Originators, Mortgage Brokers and Appraisers in the loan documents. Links to announcements are below.

Fannie Mae extends deadline for capturing appraiser data
With approval from FHFA, Fannie Mae has issued a Selling Guide Notice to inform lenders that the effective date for the requirement to deliver the loan origination identifiers and appraiser data elements has been extended to July 1, 2010.

The original deadline as set in Announcement 09-11 was Jan. 1, 2010

In making the announcement concerning the extension, Fannie Mae noted that beginning March 1, 2010, Fannie Mae’s systems will be ready to capture this data at the time of delivery should the lender be prepared to send the data prior to July 1, 2010.

To coincide with this policy update, Fannie Mae is also extending the effective date for the use of the updated Uniform Residential Loan Application (Form 1003). Therefore, effective for mortgage loan applications taken on or after July 1, 2010, Fannie Mae will require the use of the updated Form 1003. (The updated Form 1003 is available on eFannieMae.com for immediate use.)

To read Fannie Mae’s original announcements, click on the links below.

Announcement 09-21, Form Updates: Revisions to Forms 1003 and 1008, and New Forms 3747 and 3748

Announcement 09-11, Mortgage Loan Data Requirements

Announcement 09-11, Mortgage Loan Data Requirements Related FAQs

Dave Towne

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