Overview of HomeStyle Renovation Request Process

The following is a high-level view of the HomeStyle Renovation/HomeStyle Refresh Extension and Recourse Removal Request process.

Note: Clicking on select circle icons will display specific data/line items.

HSR Loan - Active Recourse

These loans have outstanding renovations and evidence of completion (1004D) has not been submitted to Fannie Mae. The Fannie Mae Selling Guide allows 15 months for the renovation to be completed. If a renovation project will exceed 15 months, the lender must submit an HSR Extension Request.

• For HomeStyle Renovation Loans, the Fannie Mae Selling Guide allows 15 months for the renovation to be completed. If a renovation project will exceed 15 months, the lender may submit an HSR Extension Request.
  
• For HomeStyle Refresh Loans, the Fannie Mae Selling Guide allows 6 months for the renovations to be compled, and no extensions will be granted.

 

HomeStyle Renovation Extension

When a HomeStyle Renovation Extension request is submitted to Fannie Mae, it shows in the Submitted Pending Review queue, then moves to the Request in Progress queue when it is assigned to a Fannie Mae Analyst. Oftentimes, a loan will move straight to the Request in Progress queue because the loan was previously assigned to a Fannie Mae Analyst.

Note: The system will not allow an HSR Extension Request more than 30 days prior to the original completion due date.

 

Best Case Scenario:

The request will move to the Extension Granted queue after a Fannie Mae Analyst approves the extension.

 

Missing Information Scenario:

If the required documents are missing or the Fannie Mae Analyst needs additional information, the request will move to the Lender Action Required queue. The Lender should open the request, read the comments from the Fannie Mae Analyst, and provide the requested documentation and add additional comments. Once the Lender submits this information, the request will move back to the Request in Progress queue for the Fannie Mae Analyst to review. When all required information/documentation has been provided and the extension is approved, the request will move to the Extension Granted queue.

 

HomeStyle Renovation/HomeStyle Refresh Recourse Removal

A HomeStyle Renovation/HomeStyle Refresh Recourse Removal request is submitted to Fannie Mae and shows in the Submitted Pending Review queue. The request then moves to the Request in Progress queue when it is assigned to a Fannie Mae Analyst.

 

Best Case Scenario:

The request will move to the Recourse Removal in Progress queue after a Fannie Mae Analyst approves the loan for recourse removal. Once recourse has been removed from a loan (may take up to 60 days), the request moves to the Recourse Removal Complete queue where it will remain for 30 days.

 

Missing Information Scenario:

If required documents are missing or the Fannie Mae Analyst needs additional information, the request will move to the Lender Action Required queue. The Lender should open the request, read the comments from the Fannie Mae Analyst, and reply with the appropriate documentation and additional comments. Once the Lender provides this information, the request will move back to the Request in Progress queue for the Fannie Mae Analyst to review. When all required information/documentation has been provided and recourse removal is approved, the request will move to the Request in Progress queue. Once recourse has been removed from a loan (may take up to 60 days), the request will move to the Recourse Removal Complete queue where it will remain for 30 days.

 

Lender Action Needed

This informational icon includes any loans in which a Lender Action is required to move the loan forward in the process. This includes loans with an assigned status:

1. HSR Loan - Active Recourse
2. HSR Extension - Lender Action Required
3. Extension Granted
4. Recourse Removal - Lender Action Required