FW: New Appraisal Requirement for USDA Loans Beginning July 1st

Friday, June 26th. 2009

 

To all MetLife Approved Brokers

 

See below: Regarding New Appraisal Requirements for USDA Loans:

 

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SFH Guaranteed

Underwriting System News

     From the National Office in Washington DC

 

 

Single Family Housing Guaranteed Underwriting System

 

 

 

June 26, 2009

 

New Appraisal Requirements for Single Family Housing Guaranteed Loans

 

For new application packages submitted to the Agency on or after July 1, 2009, Rural Development will require the Fannie Mae/Freddie Mac form 1004MC “Market Conditions Addendum to the Appraisal Report” be included in the appraisal.  Beginning July 1, 2009, Lenders should order appraisals to include the Fannie Mae/Freddie Mac form 1004MC.  For loans already in process, the Agency will continue to accept appraisals without the Fannie Mae/Freddie Mac form 1004MC until July 31, 2009.  The form is not required if an application package has already been submitted to the Agency, or if an appraisal has already been conducted that did not include the form.  This applies to all guaranteed loan requests, including those manually underwritten or submitted through GUS.  An Administrative Notice on this topic is forthcoming.

 

The changes noted in this release will apply to all SFH guaranteed loan files submitted to the Agency through GUS, resubmitted through GUS, or submitted to the Agency as a manually underwritten loan on or after July 1, 2009.  Questions regarding this notice may be directed to the Single Family Housing Guaranteed Loan Division at 202.720.1452.  Functionality questions regarding GUS and questions related to e-authentication should be directed to the Centralized Help Desk at:  1.800.457.3642.  To reach the help desk, choose Option 2 at the 1^st menu item (USDA Applications) and Option 2 at the 2^nd menu (RD) to obtain assistance from a Rural Development representative.  Or, email:  RD.HD@stl.usda.gov.

 

 

 

 

Rita Kama-Kimura

Wholesale Account Representative

Metlife Home Loans

(808) 275-8006 Direct       

(808) 864-0520 Cell

(800) 499-0488 Toll free

E-Mail:  rkkimura@metlifehomeloans.com

 

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