FHFA Reps and Warrants Policies
|Relief Criteria||September 2012||May 2014||November 2014|
|Effective for mortgages sold…||On and after January 1, 2013 and before July 1, 2014||On and after July 1, 2014||Life-of-loan exclusion changes retroactive to those sold on or after January 1, 2013|
|Number of required consecutive|
|monthly payments after the||36||36||36|
|Enterprise settlement date|
|Number of delinquencies permitted||0 a/||2 b/||2 b/|
|Eligible for relief after quality control review passed?||No||Yes||Yes|
|Automatic repurchases for PMI||Yes||No||No|
|Life-of-loan exclusions||Yes||Yes||Clearly defined c/|
Opportunity to re-establish acceptable history as of the 60th payment, provided that there were no more than 2 delinquencies of 30 days or less in the first 36 months and the 60th payment is not delinquent.
Delinquencies have to be for 30 days or less and the 36th payment cannot be delinquent.
Exclusions fall into six categories (misrepresentations, misstatements, and omissions; data inaccuracies; charter compliance issues; first-lien priority and title matters; legal compliance violations; unacceptable mortgage products). Also established is a minimum number of loans that must be identified with misrepresentations and data inaccuracies to trigger the exclusion.