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Special Feature Codes Form
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People also ask
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What is the special feature code for HomeReady?
Expedite your MI processing by entering HomeReady Special Feature Code 900 in the MGIC Program ID # field. DU®, HomeReady®, MH Advantage® and CommunitySeconds® are Fannie Mae trademarks. *See Fannie Mae Selling Guide for Community Seconds eligibility criteria and requirements.
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What is an IFI code?
An Investor Feature Identifier (IFI) is used to identify a loan feature not defined by other attributes.
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What is special feature code 774?
When delivering the loan, the lender must include Special Feature Code 774. In transactions involving property data collection, the lender is responsible for ensuring that the data collectors are trained to comply with fair lending laws and deliver accurate results unaffected by personal biases.
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What is the special feature code 184 for Fannie Mae?
borrower completed housing counseling. borrower completed housing counseling. Note: If at least one borrower completes the housing counseling and the HomeReady loan is delivered with Special Feature Code 184, the lender (selling the loan to Fannie Mae) receives a $500 loan level price adjustment credit from Fannie Mae.
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What is a special feature code?
The SFC should be used by the lender after verifying the accuracy of the delivered data. This code cannot be used to bypass delivery of the unit number when there is a valid unit number for the property. Used to identify a mortgage loan that has an inter vivos revocable trust as a borrower.
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What is the special feature code 184 for Fannie Mae?
borrower completed housing counseling. borrower completed housing counseling. Note: If at least one borrower completes the housing counseling and the HomeReady loan is delivered with Special Feature Code 184, the lender (selling the loan to Fannie Mae) receives a $500 loan level price adjustment credit from Fannie Mae.
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What is an sfc in lending?
Introduction to Special Feature Codes (SFCs) The Fannie Mae Selling Guide requires sellers to include specific Special Feature Codes (SFCs) as part of the delivery for certain mortgage loans. If a seller fails to identify or incorrectly identifies applicable SFCs, Fannie Mae may impose a compensatory fee.
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What is special feature code 774?
When delivering the loan, the lender must include Special Feature Code 774. In transactions involving property data collection, the lender is responsible for ensuring that the data collectors are trained to comply with fair lending laws and deliver accurate results unaffected by personal biases.
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