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Frequently Asked Questions (FAQs)​

This FAQ is for summary purposes only. All terms and conditions of the MBS Program are in the applicable Guaranty Agreement and the Guide. Where there is any inconsistency between this FAQ and the applicable Guaranty Agreement or the Guide, the provisions of the applicable Guaranty Agreement or the Guide will govern.
 
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Is Third Party Origination Type required for modified loans that are re-pooled? 
 
There are some 15-year FHA loans where FHA does not charge an Upfront MIP (UFMIP). What should we report in this instance?
 
Is the Upfront MIP (UFMIP) and the annual MIP only required for FHA loans and not required for VA and Rural Housing loans?
 
What is your definition of first-time homebuyer?
 
Is the first-time home buyer indicator at the loan level or the borrower level? For example, we could have two borrowers purchasing a home, where one is a first-time homebuyer and one is not.
 
What is your definition of “Broker”? 
 
What is your definition of “Correspondent”?
 
What is your definition of “Retail”?
 
What is your definition of “Affiliate”?
 
On the RFS monthly report, should the Issuer report "blank" if there are no corrections to the data originally reported in these data fields?