Import

What transaction characteristics are supported with the Fannie Mae (v3.2) and Standard transaction import?

• In-house or FHA
• New, Refinance or Modification
• Construction Only or Construction and Permanent Note
• Only borrowers
• Installment and Interest Only repayment methods
• Monthly, Quarterly and Every Other Week payment frequencies
• The initial rate hold and subsequent rate changes always affect the payments regardless of what is in the import file. A notice is provided during the import process and you will not be stopped from importing the transaction.
• If one of these items is not part of the import data the transaction will still be imported. For example, if the payment frequency is not within the import data, the transaction will still be imported and the payment frequency will automatically default to the value identified within the calculations policy.
• Variable rate and declarations from the credit application data is not being imported at this time and will be added in a future release.
• The proposed monthly housing expenses of Hazard Insurance, Taxes, Mortgage Insurance and HOA Fees are not imported because they are calculated values based on escrow and insurance added to the transaction.

How do policies or Policy Groups work with importing a transaction?

The data will be imported from the Fannie Mae 3.2 file, or Standard Import file, and then you can change the policies or set a Policy Group and those values will overwrite what was imported. An exception to this rule would be the legal description for a piece of collateral. The legal description is only updated from a policy or Policy Group when the legal description is blank.

Does the Fannie Mae interface (version 3.2) support non-residential real estate?

Some limitations exist when importing a transaction with non-residential real estate collateral. There is not a corresponding Subject Property Code for non-residential real estate and it is automatically set to Condo.