Selling Policy Communications

Selling Notice: Forward Trading of UMBS

March 11, 2019 - We have issued a Selling Notice to provide guidance on forward trading of Uniform Mortgage-Backed Securities™ (UMBS™).

Announcement SEL-2019-02: Selling Guide Updates

March 6, 2019 - these updates were made in March: manually underwritten loan requirements correspond with credit risk assessment in Desktop Underwriter®, clarifications to lender responsibilities for leasehold estates, continued consolidation of Selling and Servicing Guide, and more.

Carlos Perez: Key Updates in Latest Announcement (March 6, 2019)

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

Lender Letter LL-2019-03: Interest Rate Spread for Fixed-Rate MBS and Servicing Fee Requirements for Fixed-Rate Loans

March 5, 2019 - this Lender Letter provides guidance on changes to the allowable interest (note) rate spread in fixed-rate MBS and Uniform Mortgage-Backed Securities (UMBS™) and the maximum servicing fee permitted for fixed-rate loans. These actions are pursuant to FHFA's instruction.

Announcement SEL-2019-01: Selling Guide Updates

February 6, 2019 - these updates were made in February: process changes related to Loan Quality Connect implementation, references to cost of funds index and associated ARM plans removed, clarifications to postponed improvement requirements, and more.

Carlos Perez: Key Updates in Latest Announcement (February 6, 2019)

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

Lender Letter LL-2019-02: Impact of Federal Government Shutdown (Selling)

January 16, 2019 - this Lender Letter LL-2019-02 provides additional guidance on selling policies to supplement the temporary guidance described in Lender Letter LL-2018-06, Impact of Federal Government Shutdown, that applies to borrowers who are impacted by the federal government shutdown.

Lender Letter LL-2018-06: Impact of Federal Government Shutdown

December 26, 2018 - this Lender Letter provides temporary guidance on selling and servicing policies that may be impacted by the federal government shutdown that occurred on December 22, 2018.

Announcement SEL-2018-09: Selling Guide Updates

December 4, 2018 - these updates were made in December: reduce complexity for appraisal waiver offers during a disaster, approved self-employment income calculation tool available, clarifications to unreimbursed business expenses, more flexibility for on-frame modular and modular construction, and more.

Carlos Perez: Key Updates in Latest Announcement (December 4, 2018)

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

Lender Letter LL-2018-05: Confirmation of Conventional Loan Limits for 2019

November 27, 2018 - this Lender Letter has information on the 2019 general and high-cost area loan limits.

Announcement SEL-2018-08: Selling Guide Updates

October 2, 2018 - these updates were made in October: clarified policy for employment verification for union members; expanded policy for borrowers using employment-related assets for qualifying income; clarified comparable sales requirements for appraisals of MH Advantage™ homes; and more.

Carlos Perez: Key Updates in Latest Announcement (October 2, 2018)

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

Announcement SEL-2018-07: Selling Guide Updates

September 4, 2018 - these updates were made in September: the term “appraisal waiver” replaces what was previously called “property inspection waiver” or “property fieldwork waiver”; a new appraisal waiver option is available for certain home purchases; condo insurance requirements have been clarified; and more.

Carlos Perez: Key Updates in Latest Announcement (September 4, 2018)

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

Announcement SEL-2018-06: Selling Guide Updates

August 7, 2018 - the following updates were made in August: provided a new high LTV refinance option; removed requirement for appraisers to complete Form 1004MC; allowed lenders to disburse HomeStyle Renovation funds by wire transfer; and more.

Carlos Perez: Key Updates in Latest Announcement (August 7, 2018)

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

Announcement SEL-2018-05: Selling Guide Updates

June 5, 2018 - the following updates were made in June: introduced MH Advantage, an innovative new homeownership option that pairs affordable financing with specially designated manufactured housing having characteristics typical of site-built homes; simplified condo policies add more flexibilities and align with industry standards; certain manufactured housing inspections can be performed by a third party; and more.

Carlos Perez: Key Updates in Latest Announcement (June 5, 2018)

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

Lender Letter LL-2018-02: High Loan-to-Value Refinance Option Update

May 22, 2018 - this Lender Letter provides updates and additional details for the high loan-to-value refinance option.

Selling Notice: HomeReady Income Limits 2018

May 22, 2018 - On June 23, 2018, the 2018 HomeReady income limits will be implemented in Desktop Underwriter (DU) and published on our website for use with manually underwritten loans. DU will apply the 2018 limits to new DU loan casefiles created on or after June 23, 2018.

Announcement SEL-2018-04: Selling Guide Updates

May 1, 2018 - the following updates were made in April: Native American tribes and their sovereign instrumentalities can provide Community Seconds loans; and lenders can exercise property inspection waivers on properties in a disaster area when Fannie Mae has received a post-disaster appraisal on the property.

Carlos Perez: Key Updates in Latest Announcement (May 1, 2018)

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

Announcement SEL-2018-03: Selling Guide Updates

April 3, 2018 - the following updates were made in April: lenders can choose a full-service certification custodian for whole loans and MBS transactions; lenders can provide borrowers with closing cost assistance; single-closing, construction-to-permanent transactions have been clarified; and more.

Carlos Perez: Key Updates in Latest Announcement (April 4, 2018)

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

Announcement SEL-2018-02: Selling Guide Updates

February 27, 2018 - the following updates were made in February: HomeStyle Renovation mortgages expanded to make purchasing and renovating older homes easier; HomeStyle Energy ; business continuity and disaster recovery plans have new requirements to align with the Servicing Guide; and more.

Carlos Perez: Key Updates in Latest Announcement (February 27, 2018)

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

Announcement SEL-2018-01: Selling Guide Updates

January 30, 2018 - the following updates were made in January: IRS debt not required to be paid off if the borrower’s tax repayment plan is included in the DTI ratio; project reviews waived and construction-to-permanent financing allowed for detached condos; minor litigation criteria for condos and co-ops expanded; field reviews on properties valued at $1M+ no longer required; and more.

Carlos Perez: Key Updates in Latest Announcement (January 30, 2018)

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

Announcement SEL-2017-10: Selling Guide Updates

December 19, 2017 - the following updates were made in December: Lenders can underwrite loans for borrowers with frozen credit at only one of the three national credit repositories; premium pricing policy has been clarified; legal changes impact Texas Section 50(a)(6) refinance loans; Selling and Servicing Guides have been simplified; many loans with disaster-related forbearance remain eligible for rep and warrant relief; and more.

Carlos Perez: Key Updates in Latest Announcement (December 19, 2017)

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

Lender Letter LL-2017-10: Confirmation of Conventional Loan Limits for 2018

November 28, 2017 - this Lender Letter has information on the 2018 general and high-cost area loan limits. The new loan limit in most of the country will be $453,100. This represents a 6.8% increase over the 2017 limit.

Announcement SEL-2017-09: Selling Guide Updates

October 31, 2017 - the following updates were made in October: The new Servicing Marketplace will make it easier for sellers to connect with co-issue servicing partners; properties with Inter Vivos trust ownership interests may be eligible collateral; Selling and Servicing Guides have been simplified; lenders can exclude the PITIA from DTI ratios when a mortgage is paid by someone else; Form 1004D can be uploaded to UCDP; and more.

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

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

Announcement SEL-2017-08: Selling Guide Updates

September 26, 2017 - the following updates were made in September: property inspection waivers are now offered on some purchase transactions; lenders must electronically submit UCD borrower data and Closing Disclosures, but a six-month transition period applies before warnings become fatal; DU Refi Plus and Refi Plus options are extended through Dec. 31. 2018.

Carlos Perez: Key Updates in Latest Announcement (September 26, 2017)

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

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

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.

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.

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.

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.