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Selling Notice: Area Median Incomes 2015
June 23, 2015 - The 2015 AMIs have been published on Fannie Mae’s website and will be implemented in Desktop Underwriter® the weekend of August 15, 2015.
Announcement SEL-2015-06: Selling Guide and Other Updates
May 26, 2015 - The update includes removal of the requirement that revolving account be closed at or prior to closing in order to exclude the payment from the debt-to-income ratio; extension of DU Refi Plus and Refi Plus; updates to information about the Affidavit of Affixture for manufactured housing loans; clarification of CLTV and HCLTV ratio requirements for project reviews for Florida condos; replacement of references to “eCommitting”, “eCommitONE”, “National Underwriting Center” and “NUC”; and other miscellaneous updates and changes.
Selling Notice: Extension of DU Refi Plus and Refi Plus
May 12, 2015 - This Notice advises lenders that DU Refi Plus™ and Refi Plus™ have been extended until December 31, 2016.
Announcement SEL-2015-05: Revised New Mexico Security Instrument
May 5, 2015 - The New Mexico security instrument - Form 3032 – has been revised to convert it from a deed of trust form to a mortgage form, which now provides for judicial foreclosures.
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 (LLPA) Matrix.
Lender Letter LL-2015-03: Tools and Processes to Increase Certainty and Reduce Repurchase Risk for Lenders
March 31, 2015 - This Lender Letter discusses Fannie Mae’s post-purchase loan file review process and the shift in focus to increasing lender certainty through defect prevention, remedies, and alternative to repurchase. Also, the National Underwriting Center has been renamed as the Loan Quality Center.
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.
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