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Lender Letter LL-2017-06: Additional Clarifications for Mortgage Loans Impacted by Hurricanes Harvey and Irma
September 13, 2017 - this Lender Letter contains both selling and servicing policy guidance for properties located in areas affected by these disasters.
Lender Letter LL-2017-05: High Loan-to-Value Refinance Option
September 8, 2017 - this Lender Letter introduces a new high loan-to-value refinance option and announces the extension of DU Refi Plus and Refi Plus.
Lender Letter LL-2017-04: Selling Policies for Mortgage Loans Impacted by Hurricane Harvey
August 31, 2017 - This Lender Letter reminds sellers of Fannie Mae's current selling policies for loans impacted by a disaster, including Hurricane Harvey.
Lender Letter LL-2017-03: Servicing Policies for Mortgage Loans Impacted by Hurricane Harvey
August 29, 2017 - as we work together to support the victims of Hurricane Harvey, servicers are reminded that Fannie Mae has servicing policies to assist impacted borrowers following a disaster, such as Hurricane Harvey. For updated guidance, refer to Lender Letter LL-2017-03: Servicing Policies for Mortgage Loans Impacted by Hurricane Harvey and visit our Assistance in Disasters page for information about our policies for providing assistance to borrowers impacted by a disaster.
Announcement SEL-2017-07: Selling Guide Updates
August 29, 2017 - the following updates were made in August: Lenders are required to use Form 3749 when assigning loans to MERS in Maine, effective Jan. 1, 2018; topics in Selling Guide Part A were updated and duplicative content was removed from Servicing Guide; credit report requirements now align with industry standard reporting.
Announcement SEL-2017-06: Selling Guide Updates
July 25, 2017 - The following updates were made in July: Policies to align with DU version 10.1 including max DTI ratio of 50%, max LTV for ARMs up to 95%, and simplified process for disputed tradelines; loan eligibility for borrowers with employment offers or contracts; more flexibility for borrowers with student loans, mortgages paid by others, alimony obligations, and timeshare accounts; document custody requirements streamlined; and changes to seller/servicer fidelity bond and omissions insurance requirements, effective Oct. 1, 2018.
Selling Notice: HomeReady Income Limits 2017
June 20, 2017 - effective the weekend of July 8, 2017, updated HomeReady income limits will be implemented in Desktop Underwriter (DU) and in the HomeReady Income Eligibility Lookup tool. Read the Selling Notice for more information.
Lender Letter LL-2017-02: Changes to the Reporting of Civil Judgments and Tax Liens on Credit Reports
June 13, 2017 - effective July 2017, the credit reporting agencies will no longer include most tax liens and civil judgments in credit reports.
Announcement SEL-2017-05: Selling Guide Updates
May 30, 2017 - the following updates were made in May: electronically notarized documents are accepted by Fannie Mae; whole loan ARM commitments now use the gross mortgage margin; over-delivery limits of whole loan commitments cannot exceed 25%; more flexibility for whole loan cash back pay-offs; and copies of mortgage documents are allowable documentation.
Announcement SEL-2017-04: Selling Guide Updates
April 25, 2017 - The following updates were made in April: new solutions for borrowers with student loan debt; project review waivers for certain Fannie Mae to Fannie Mae limited cash-out refinances; simplification of some cash-out refinance policies; and more.
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