Announcement SEL-2015-04: Changes in Loan-Level Price Adjustments
April 17, 2015 - This Announcement communicates that at the direction of the Federal Housing Finance Agency, certain loan-level
price adjustments (LLPAs) are being changed. In addition, the Adverse Market Delivery Charge is being discontinued. These
pricing changes will be applied to whole loans purchased on or after September 1, 2015, or loans delivered into MBS pools
with issue dates on or after September 1, 2015 (including DU Refi Plus™ and Refi Plus™ loans). The details of the pricing
adjustments are available in the Loan-Level Price Adjustment (LLPA) Matrix and the Refi Plus™ Loan-Level Price Adjustment
Announcement SEL-2015-03: Selling Guide Updates
March 31, 2015 - The update introduces the Servicing Execution Tool™ (SET™) Bifurcation option for approved lenders and updates
policies related to margin requirements for co-op share ARM loans; owner-occupancy requirements; ALTA short form coverage;
alignment of the Selling Guide with Desktop Underwriter® messages for derogatory credit events and disputed credit tradelines;
and other miscellaneous updates and changes.
Selling Notice: Self-employed Income Policy
March 24, 2015 - This Notice advises lenders that Fannie Mae is postponing the mandatory implementation of the self-employed
income policies that were announced in Announcement SEL-2014-16.
Selling Notice: LLPA Matrices Update
March 17, 2015 - Fannie Mae has updated the pricing guidelines in the Loan-Level Price Adjustment (LLPA) Matrix and Adverse
Market Delivery Charge (AMDC) Information and the Refi Plus™ Mortgages Only Loan-Level Price Adjustment (LLPA) Matrix and
Adverse Market Delivery Charge (AMDC) Information matrices to reflect the policy change that pertains to loan-level price
adjustments and credit scores.
Announcement SEL-2015-02: Selling Guide Updates
February 24, 2015 - The update contains clarifications to the effective dates for pricing; postponement of policy pertaining
to delivery of loans with more than two borrowers; reorganization of co-op topics; clarification to the project standards
policies; update to the Lender Breach of Contract topic; and other miscellaneous updates and changes.
Lender Letter LL-2015-02: Appraisal Tools, Processes, and Policies
February 4, 2015 - This Lender Letter provides clarifications and additional information on Fannie Mae’s valuation-related
tools and appraisal policies, including Collateral Underwriter, Appraiser Quality Monitoring, and updates to the Property
Eligibility and Appraisal Requirements section of the Selling Guide.
Announcement SEL-2015-01: Selling Guide Updates
January 27, 2015 - The update contains policy changes pertaining to increase in the maximum LTV, CLTV, and HCLTV ratios for
certain principal residence transactions; clarification to home-buyer education and counseling; clarification of leasehold
estates; removal of references to Expanded Approval; and other miscellaneous updates and changes.
Announcement SEL-2014-16: Selling Guide Updates
December 16, 2014 - The update contains policy changes pertaining to self-employed income policy, solar panels, payment calculation
for student loans, flood insurance alignment with new federal law, cure provision for points and fees alignment with the CFPB
rule, and other miscellaneous updates and changes.