#FNMA D1 FORM SERIES#
1M-2B, Upgraded to Baa1 (sf) previously on Upgraded to Baa2 (sf)Issuer: Connecticut Avenue Securities, Series 2016-C02Cl. The link also contains the associated underlying collateral losses.Complete rating actions are as follows:Issuer: Connecticut Avenue Securities, Series 2016-C01Cl. This list is an integral part of this Press Release and identifies each affected issuer. Additionally, group II of Connecticut Avenue Securities, Series 2016-C01 is backed by high-LTV collaterals that benefits from mortgage insurance (MI).Please click on this link for the List of Affected Credit Ratings. The desk review or field review must account for all of the points in the above requirements.Rating Action: Moody's upgrades 59 classes of credit risk transfer (CRT) RMBS issued by Fannie MaeGlobal Credit Research - Toronto, Febru- Moody's Investors Service, ("Moody's") has upgraded the ratings of 59 tranches from five transactions issued by Fannie Mae between 20.These five transactions are actual loss credit risk transfer (CRT) transaction. If the lender is unable to complete the above assessment or appropriately determine the quality of the origination appraisal, it may order either a desk review or field review from a licensed appraiser. If the property was not able to be scored in CU then reconcile any known quality messages (messages, alerts, flags) that are reflected in other third-party tools if utilized. Reconcile flags and messages that were identified in Collateral Underwriter (CU) if the property was able to be scored in CU. Prescribe corrective actions for defects identified in the appraisal process and However, the collateral risk assessor must be competent in appraisal theory and must be able to specifically:ĭetermine that a property meets eligibility requirements including the LTV, CLTV, and HCLTV ratios Īssess appropriateness of comparable sales Īssess appropriateness of the data presented in the appraisal report Ĭonclude that the rationale for the reconciliation of value is supported It is acceptable for the collateral risk assessment to be completed by an individual who is not a licensed or certified appraiser. The lender must complete a collateral risk assessment for all mortgage loans with an appraisal as a part of its random QC sample. See B4-1.3-12, Quality Assurance, for information concerning Fannie Mae’s right to refuse to accept appraisals prepared by specific appraisers. Additionally, the lender must have a procedure for referring appraisers to the applicable state appraiser licensing and regulatory board. The process, at a minimum, must include an annual review of an appraiser’s state licensing or certification status and a procedure for suspending or terminating business with individual appraisers. The lender must also develop and maintain a documented process to monitor the appraisers it uses. Fannie Mae holds the lender fully accountable for the quality of the QC appraisal reviews regardless of whether the work is performed by the lender itself or by an outsourced QC service provider. The lender’s QC plan must include requirements for monitoring and assessing the overall quality of work performed by an appraiser, including a process for loan-level QC reviews of origination appraisals.