Fannie Mae: Project Eligibility Review Service

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Fannie Mae is a beneficial alternative to government insured projects, they offer their Project Eligibility Review Service (PERS). PERS is a review service available for lenders to submit project information to Fannie Mae for review and approval. As the industry continues to change options for condo approvals are valuable. Fannie Mae offers a comprehensive overview of their PERS requirements, a getting started guide and a list of projects that are currently approved. 

Use the instructions below to take the first step by checking if your condo project is currently Fannie Mae approved. 

  1. Click here to go to the Fannie Mae website, it will bring straight to the Condo, Co-op, and Planned Unit Development (PUD) Eligibility page
  2. From here you can explore all of the tools and guides that Fannie Mae has to offer, each designed to assist you in getting your condo FHA approved
  3. Locate the Project Eligibility Review Service section, second topic from the top
  4. Select the PERS Approved Project List
  5. Next, select the state in which your project resides
  6. Simply hold down ctrl + F to populate a search bar in the right corner
  7. Next, type in the city or project name you are inquiring about to see if it is referenced on the approved list

Upcoming Webinars: June

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Introduction to Powers of Attorney

Wednesday, June 13,  2018 – 10:00am PST/1:00pm EST 

Reverse mortgages are complex and being prepared is key to a successful closing. Powers of Attorney are very common in the Reverse Mortgage industry. We are happy to share our experience and knowledge with you and together we can make the borrower’s experience a pleasant one.

Click here to register.

 

Live Demo: ListSource

Wednesday, June 20,  2018  10:00am PST/1:00pm EST

ListSource provides the data you need to gain homeowner intelligence to better target potential customers. With instant access to over 134 million homes in the U.S., you can precisely target the homeowner you want to reach. Join our webinar and we can demonstrate how to utilize these tools.

Click here to register.

Upcoming Webinars: May

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Title Review 101

Wednesday, May 9,  2018 – 10:00am PST/1:00pm EST 

Please join us for our upcoming webinar on Title Review 101. We will discuss the basics of title insurance, title commitments and how to review the reports for important and relevant information that will need to be addressed during the transaction.

Click here to register.

 

The Payoff Process

Wednesday, May 16,  2018  10:00am PST/1:00pm EST

Paying off debt is a crucial part of the reverse mortgage transaction. Please join our live webinar to familiarize yourself with the timeline and requirements when there is debt involved. We will cover ways to identify potential liens that may cause delays in the closing of your file.

Click here to register.

Reverse Mortgage Daily: ReverseVision Completes Integration with Allegiant Reverse Services

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“Reverse Mortgage origination platform ReverseVision today announced it has completed an integration with title and settlement services provider Allegiant Reverse Services, based in Roseville, Calif., which conducts Home Equity Conversion Mortgage closing services. Through the integration of ARS’s Order Source order management system and ReverseVision’s RV Exchange, ARS settlement agents can place title orders and track files directly from the RVX platform.”

Click here to read the full article.

Reverse Mortgage Daily: How Reverse Mortgage Professionals Can Prevent Wire Fraud

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Wednesday, April 18th we launched a new webinar dedicated to enhancing the security of a mortgage transaction. We reviewed some of the most common ways you can detect fraud so you can protect yourselves, your clients and increase overall awareness of the dangers of fraud. Read all about it below:

“Real estate transactions—including reverse mortgage transactions—are increasingly a target for scammers, as seen by title and closing professionals on an ongoing basis. But there are precautions and measures loan originators and others who participate in the reverse mortgage market can take in order to avoid the unfortunate consequence of a borrower’s funds being stolen.

“The same technology that has helped us to work faster and more securely has opened a whole new application for scammers,” said Adan Gutierrez, client solutions manager for Allegiant Reverse Services, a division of FNC Title of California, during a webinar hosted by ARS on Wednesday.”

Click here to view the entire article.

HECM for Home Purchase Now Available for Texas and California

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We are pleased to announce that we are now accepting HECM for home purchase orders in Texas and California. Now your borrower can buy a house fitting their needs and we will be there to assist all parties every step of the way.  We are ready to use our expertise to help your transactions run smoothly and efficiently, and most importantly help your borrower prepare for the next stage in their life.

CA and TX HECM 4 Purchase Fees Now Available Online.

Contact your Account Manager or email client solutions for further details.

2018 Education Calendar

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We are happy to introduce our Education Calendar. The calendar notates our scheduled webinars for the 2018 calendar year.

Click the attachment link below to download your copy of the Education Calendar.

Education Calendar 2018

Upcoming Webinars: April

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Introduction to Manufactured Homes 

Wednesday, April 11,  2018 – 10:00am PST/1:00pm EST 

Please join us for an introduction to Manufactured Home guidelines, procedures and suggestions to help make the process smoother. This is a segment of our business that often is met with hurdles, questions and confusion.

Click here to register.

 

NEW! Fraud Prevention

Wednesday, April 18,  2018  10:00am PST/1:00pm EST

Join us for our new class dedicated to enhancing the security of your transaction. We have compiled a comprehensive overview of some of the most common ways you can detect and prevent fraud. Allow us to share with you ways to stay alert to fraud so you can protect yourselves, your clients and increase overall awareness of the dangers of fraud.

Click here to register.

Reverse Mortgage Daily: Preventing Common Hangups at the Reverse Mortgage Closing Table

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Attending the NRMLA Western Regional Conference is always a great time, this year we had the added honor of having our very own Megan Awalt, Vice President, speak on a panel about how to prevent common hangups during a reverse mortgage closing.  Click here to read the full article from Reverse Mortgage Daily’s highlighting the panel and the tips shared.

Thank you to everyone who stopped by our booth to say hello and a big thanks to NRMLA for putting yet another fantastic conference. We are looking forward to seeing all of our industry colleagues again soon!

HUD ML 2017-18 – PACE Program Obligations

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This guidance applies to the origination of all FHA Title II forward mortgage programs, and the Home Equity Conversion Mortgage program (HECM). This guidance is effective for case numbers issued thirty days after the date of this ML.

In ML 2016-11, FHA established requirements regarding the eligibility for FHA-insured mortgages of properties encumbered with PACE (Property Assessed Clean Energy) obligations that permitted, under some circumstances, a continuing obligation for repayment of the PACE obligation even after foreclosure and acquisition by FHA.

FHA is concerned about the potential for increased losses to the Mutual Mortgage Insurance Fund due to the priority lien status given to such assessments in the case of default. FHA is also concerned with the lack of consumer protections associated with the origination of the PACE assessment, which are far less comprehensive than that of traditional mortgage financing products. FHA’s involvement with accepting properties with PACE assessments may indirectly help to overshadow potential consumer abuses.

While the existence of FHA-insured financing for properties with PACE assessments creates additional choices for financing options, potential borrowers may face risk associated with the potential for property overvaluation due to the unknown or miscalculated effect of the PACE lien on the property value.

FHA is also aware of the need to provide guidance regarding the extinguishment of PACE obligations in association with forward mortgage refinances and HECMs.

Accordingly, FHA has revised its policies with respect to the insurance of mortgages on properties encumbered with PACE obligations.

The policies and procedures for the servicing of FHA-insured mortgages on properties encumbered with a PACE obligation as announced in ML 2016-06 are not impacted by this ML and remain in effect.

Summary of Changes:

The following is a summary of policy changes, which is provided for informational purposes only.

Outstanding PACE Obligations

Properties encumbered with PACE obligations will no longer be eligible for FHA-insured forward mortgages.

Refinances

Clarification is provided to identify PACE obligations as existing debt that may be paid off using a Rate and Term Refinance.

Current policies allowing the use of a Cash-Out refinance to pay off PACE obligations remain unchanged.

HECMs

The existing prohibition of properties encumbered with PACE obligations remains unchanged for HECMs.

Clarification is provided to identify PACE obligations as Mandatory Obligations that must be paid off at closing, and may be paid off using HECM proceeds.

Click here for a full copy of the mortgagee letter.