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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.
Announcement SEL-2017-03: Selling Guide Updates
March 28, 2017 - The following updates were made in March: lenders may obtain a verification report for use with the Desktop Underwriter® (DU®) validation service from a report supplier or a report distributor; loans with a Collateral Underwriter® risk score of 2.5 or below on the appraisal are eligible for certainty on appraised value regardless of whether the loan was underwritten through DU.
Selling Notice: Using MERS for Properties in Maine
March 7, 2017 - Fannie Mae has issued a Selling Notice regarding future changes to the use of Mortgage Electronic Registration System® (MERS®) for properties in the state of Maine.
Announcement SEL-2017-02: Selling Guide Updates
February 28, 2017 - The following updates were made in February to simplify and clarify policies: borrower-signed Form 4506-T not required if all of their income is validated through the Desktop Underwriter® (DU®) validation service; updates the definitions of homeownership education and housing counseling; and standardizes the calculations for monthly qualifying rental income or loss.
Announcement SEL-2017-01: Selling Guide Updates
January 31, 2017 - The following updates were made in January: clarifications and updates to several appraisal policies; updates to confidentiality of information and data breach guidelines; changes to seller/servicer financial eligibility requirements; removal of duplicative content in the Selling Guide and Servicing Guide; and other miscellaneous updates.
Lender Letter LL-2017-01: Mortgage Insurance Updates
January 4, 2017 - Fannie Mae has approved the acquisition of United Guaranty Corporation, including mortgage insurers United Guaranty Residential Insurance Company and United Guaranty Mortgage Indemnity Company, by Arch Capital Group, Ltd.
Announcement SEL-2016-09: Selling Guide Updates
December 6, 2016 - The following updates were made in December; asset and employment validation offered through the Desktop Underwriter® (DU®) validation service starting on December 10, 2016, introduces freedom from reps and warrants on property value for loans with a Collateral Underwriter® risk score of 2.5 or lower effective December 10, 2016, removes the Property Inspection Waiver fee for loans delivered to Fannie Mae on or after January 1, 2017. The fee for the DU Refi Plus™ Property Fieldwork Waiver is also discontinued for loans delivered on or after January 1, 2017, clarifies when lenders must update appraisers of changes to a sales contract, and and other miscellaneous updates.
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