Selling Policy Communications

Lender Letter LL-2017-07: Reimbursement for Property Inspections and Additional Servicing-Related Reminders new

September 21, 2017 - this Lender Letter contains updates and reminders related to properties impacted by recent hurricanes, including the inspection cost reimbursement process.

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.

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.

Carlos Perez: Key Updates in Latest Announcement (August 29, 2017)

Single-Family Chief Credit Officer, Carlos Perez, offers an executive overview of the latest Announcement.

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 insu...

Carlos Perez: Key Updates in Latest Announcement (July 25, 2017)

Single-Family Chief Credit Officer, Carlos Perez, offers an executive overview of the latest Announcement.

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.

In Case You Missed It: Summary of 2017 Selling Guide & Policy Updates

Provides a summary of Selling Guide and policy related communications and updates issued in 2017.

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.

Carlos Perez: Key Updates in Latest Announcement (May 30, 2017)

Single-Family Chief Credit Officer, Carlos Perez, offers an executive overview of the latest Announcement.

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.

Carlos Perez: Key Updates in Latest Announcement (April 25, 2017)

Single-Family Chief Credit Officer, Carlos Perez, offers an executive overview of the latest Announcement.

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.

Carlos Perez: Key Updates in Latest Announcement (March 28, 2017)

Single-Family Chief Credit Officer, Carlos Perez, offers an executive overview of the latest Announcement.

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.

Carlos Perez: Key Updates in Latest Announcement (February 28, 2017)

Single-Family Chief Credit Officer, Carlos Perez, offers an executive overview of the latest Announcement.

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.

Carlos Perez: Key Updates in Latest Announcement (January 31, 2017)

Single-Family Chief Credit Officer, Carlos Perez, offers an executive overview of the latest Announcement.

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 Field...

Carlos Perez: Key Updates in Latest Announcement (December 6, 2016)

Single-Family Chief Credit Officer, Carlos Perez, offers an executive overview of the latest Announcement.

Selling Notice: 2017 Loan Limit Implementation in Desktop Underwriter

December 6, 2016 - On November 23, 2016, we announced the new loan limits that will apply to loans delivered to Fannie Mae in 2017. The purpose of this Notice is to provide an update on the implementation of the limits in Desktop Underwriter (DU®).

Data Vendor Process

Provides information for prospective DU Validation Service vendors.

Lender Letter LL-2016-05: Confirmation of Conventional Loan Limits for 2017

Information on the 2017 general and high-cost area loan limits and updated resources are available. The loan limits increase for the first time since 2006.

Announcement SEL-2016-08: Selling Guide Updates

October 24, 2016 - The following updates were made in October; introduced the new optional DU validation service for income; made property inspection waivers available for eligible refinance transactions; enhanced the HomeReady affordable product; removed the project review requirements for certain detached condos; improved liquidity options through Fannie Majors and MBS pooling parameters requirements; and other miscellaneous updates.

Carlos Perez: Key Updates in Latest Announcement (October 24, 2016)

Single-Family Chief Credit Officer, Carlos Perez, offers an executive overview of the latest Announcement.

Announcement SEL-2016-07: Selling Guide Updates

August 30, 2016 - Describing the Independent Dispute Resolution (IDR) process: The IDR framework, announced earlier this year, is now incorporated into the Selling Guide along with other updates.

Carlos Perez: Key Updates in Latest Announcement (August 30, 2016)

Single-Family Chief Credit Officer, Carlos Perez, offers an executive overview of the latest Announcement.

Selling Notice: Extension of DU Refi Plus and Refi Plus

August 25, 2016 - The Federal Housing Finance Agency (FHFA) has announced that the Home Affordable Refinance Program (HARP) will be extended to September 30, 2017, continuing to provide liquidity to support eligible borrowers.

Announcement SEL-2016-06: Selling Guide Updates

July 26, 2016 - The update includes enhancements to HomeReady that provide additional flexibility and expanded options to meet the homeownership education requirement; accept homeownership education from a Community Seconds or Down Payment Assistance Program, if the providers are HUD-approved counseling agencies; and provide an additional homeownership education option for borrowers who obtain customized assistance from a HUD-approved agency and a completed Form 1017.

Carlos Perez: Key Updates in Latest Announcement (July 26, 2016)

Single-Family Chief Credit Officer, Carlos Perez, offers an executive overview of the latest Announcement.

Lender Letter LL-2016-04: Mortgage Insurance Updates

July 26, 2016 - This lender letter provides you with specific information about changes to the MassHousing Mortgage Insurance Fund requirements as well as updates to the Approved Mortgage Insurers and Related Identifiers and Approved Mortgage Insurance Forms lists.

Carlos Perez: Key Updates in Latest Lender Letter (July 26, 2016)

Single-Family Chief Credit Officer, Carlos Perez, offers an executive overview of the lastest Lender Letter.

Selling Notice: HomeReady Income Limits 2016

July 12, 2016 - The 2016 HomeReady Income Limits will be available on July 16, 2016.

Announcement SEL-2016-05: Selling Guide Updates

June 28, 2016 - The update includes simplifying the way income limits are applied for HomeReady; update to the policy on self-employed income; removal of the policy that limits refinances of restructured mortgage loans; and update to the policy on project insurance specific to mortgagee clause.

Carlos Perez: Key Updates in Latest Announcement (June 28, 2016)

Single-Family Chief Credit Officer, Carlos Perez, offers an executive overview of the latest Announcement.

Announcement SEL-2016-04: Selling Guide Updates

May 31, 2016 - The update includes clarifying the requirements for making modifications to single-closing construction-to-permanent loans; update to reflect the changes to the risk factors in DU Version 10.0; policy update on lender self-report obligations related to compliance with laws; clarifying and expanding the options for lenders in calculating student loan payment; adding references to Condominium Project Questionnaires; and other miscellaneous updates and changes.

Carlos Perez: Key Updates in Latest Announcement (May 31, 2016)

Single-Family Chief Credit Officer, Carlos Perez, offers an executive overview of the latest Announcement.

In Case You Missed It: Summary of 2016 Selling Guide & Policy Updates

Provides a summary of Selling Guide and policy related communications and updates issued in 2016.

Announcement SEL-2016-03: Selling Guide Updates

March 29, 2016 - The update includes enhancing the policies for financing energy improvements; simplifying the multiple financed properties policy; removing the special lender approval requirement to deliver Texas Section 50(a)(6) loans; clarifying several project-related flood insurance coverage requirements; and other miscellaneous updates and changes.

Carlos Perez: Key Updates in Latest Announcement (March 29, 2016)

Single-Family Chief Credit Officer, Carlos Perez, offers an executive overview of origination defects and remedies Announcement.

Announcement SEL-2016-02: Selling Guide Updates

February 23, 2016 - The update includes eliminating the policy on continuity of obligation; clarifying lender reporting obligations related to a breach of compliance with laws violations; use of consistent language regarding the types of losses for which lenders must indemnify Fannie Mae; clarifying when recourse is required on HomeStyle Renovation mortgage loans; adopting a simplier definition of relocation loans; and other miscellaneous updates and changes.

Carlos Perez: Key Updates in Latest Announcement (Feb. 23, 2016)

Single-Family Chief Credit Officer, Carlos Perez, offers an executive overview of origination defects and remedies Announcement.

Selling and Servicing Notice: Flint, MI

February 11, 2016 - Flint, MI. This notice reminds lenders and servicers about existing products, loan options, and servicing flexibilities that are available for homeowners who may be impacted by the water crisis in Flint, Michigan.

Announcement SEL-2016-01: Lender Selling Representations and Warranties Framework - Independent Dispute Resolution

February 2, 2016 - This announcement introduces the IDR process which offers a neutral third party to resolve repurchase requests that remain unresolved after the appeal and escalation processes have been exhausted. This process grew out of a year of work with lenders, Freddie Mac, and FHFA.

Carlos Perez: Key Updates in Latest Announcement (Feb. 2, 2016)

Single-Family Chief Credit Officer, Carlos Perez, offers an executive overview of origination defects and remedies Announcement.