Fannie Mae Selling Guide B8-5-03 — HomeStyle Renovation Mortgage Documentation Requirements

fnma-sel-b8-5-03

Fannie Mae Selling Guide B8-5-03 — HomeStyle Renovation Mortgage Documentation Requirements.

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Verbatim provisions from Fannie Mae Selling Guide B8-5-03 — HomeStyle Renovation Mortgage Documentation Requirements — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

Fannie Mae Selling Guide B8-5-03 — HomeStyle Renovation Mortgage Documentation Requirements

Effective 2018-06-05 · publisher's stamp for this provision

B8-5-03, HomeStyle Renovation Mortgage Documentation Requirements (06/05/2018) Introduction This topic contains information on HomeStyle mortgage documentation requirements. HomeStyle Mortgage Documentation Requirements HomeStyle Mortgage HomeStyle Mortgage Documentation Requirements This section describes Fannie Mae’s requirements for security instruments, notes, riders, and addenda for HomeStyle Renovation mortgages. In addition, Fannie Mae has developed other model documents for use in connection with HomeStyle mortgages. Because these documents are model documents, they may need to be amended for certain types of lenders or particular types of transactions. HomeStyle Mortgage The mortgage or an appropriate rider to the security instrument (“renovation loan rider to security instrument” or “security instrument rider”) must grant the lender a security interest in any personal property (including building materials) located in, or on, or used, or intended to be used, in connection with the work, and provide that a borrower default under the renovation loan agreement must constitute a default under the security instrument and the note, and grant the lender an assignment of rents as additional security for the loan and the right to appointment of a receiver of rents if the property is held for rental purposes.

Source: Fannie Mae Selling Guide B8-5-03 — HomeStyle Renovation Mortgage Documentation Requirements · source URL · snapshot 2897f21e1e729b42

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