Fannie Mae and Freddie Mac Conventional
- Condominiums and PUDs – Ineligible Transactions Section: removed “any condo project located in Florida” from the list of ineligible transactions. Established condo projects in Florida are now eligible properties; new or recently converted, or any condo project requiring FNMA PERS approval, are ineligible.
- All references to overlays above the qualifying FICO of 620 – including those submitted prior to July 1, 2017 – have been removed.
- Ineligible Property Types Section: Homes with a manufactured home accessory unit (unless used for storage only) added.
We’re always looking for ways to make EASY even easier. Effective August 18, 2017, we have revised the logic surrounding the “Pink Approved” status to include specific condition requirements.
Pink Approved Logic
The “Pink Approved” status is now determined by the following criteria:
- Loan is locked and the lock expiration date is not less than seven (7) calendar day from the current date;
- Appraisal received date must have a value (not applicable to FHA Streamlines, VA IRRRLs without an appraisal, DURP without an appraisal, or Conventional loans with a Property Inspection Waiver from AUS).
- Does not have any of the following outstanding conditions:
- Preliminary CD (condition 242)
- CD and Closing Docs Request Form (Condition 208)
Closing Disclosure (CD)Tracker
The Pink Approved date is the trigger for when the CD process starts. All internal and broker pipelines include a link for loans in Approved (not Pink Approved) status to see what items are outstanding before the CD can be issued.
Simply hover over the approved status or date in the pipeline.
When you click on the approved status, a popup will appear listing the items required in order for the loan to be moved to Pink Approved status.
Effective today, August 9th, a new LLPA grid has been added for HomeReady LPMI FICO/LTV Adjustments. This grid will display improved LLPAs for HomeReady loans with LPMI above 90% LTV, due to lower Fannie Mae MI coverage requirements.