Appraisal Regulations Delayed & House Passes Guarantee Fee Increase

Today, the Federal Housing Finance Agency (FHFA) issued a press release announcing an extension to the Uniform Loan Delivery Dataset (ULDD) implementation dates to allow additional time and support a successful transition for the industry. The release announces that loans with an application received date on or after Dec. 1, 2011, that are delivered to either GSE on or after July 23, 2012, (previously March 19, 2012) must meet the ULDD Phase I requirements. This extension was driven by the complexities of the ULDD implementation and the importance of ensuring that lender, vendor, and GSE systems continue to work together successfully throughout this industry-wide initiative. The updated Fannie Mae Loan Delivery application release date is moving to April 23, 2012 (from Jan. 23, 2012). Please note the change in the ULDD timeline does not impact the Uniform Collateral Data Portal® (UCDP®) effective dates, which remain unchanged with successful appraisal submissions for all loans delivered on or after March 19, 2012, with a loan application received date on or after Dec. 1, 2011.   Source: Fannie Mae

The House voted 234-193 Tuesday evening to extend payroll tax cuts and jobless benefits, paying in part for them by increasing guarantee fees collected by government-sponsored enterprises. Representatives voted mostly along party lines, with most Republicans supporting the bill. HR 3630 includes a provision to up guarantee fees charged by Fannie Mae and Freddie Mac “not less than an average increase of 10 basis points for each origination year or book year.” The increase would offset about $35.7 billion in costs through 2021, according to a report Friday from the Congressional Budget Office. The Mortgage Bankers Association, the National Association of Realtors and the National Association of Home Builders objected to the inclusion of the g-fees, and said any redirection of revenue for reasons unrelated to housing is counterproductive. The proposed bill moves on, but Senate Majority Leader Harry Reid, D-Nev., said it’s “dead on arrival” according to C-SPAN.  The bill also includes a controversial provision to approve the controversial Keystone XL pipeline project.   Source: HousingWire

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