Fannie Mae may revoke this limited Effective: Lenders may take advantage of these policy changes immediately. ... lender letters, notices and more. However, for topics with minor updates, the topic dates remain unchanged. Fannie Mae issued Selling Guide Announcement SEL-2020-07 (Announcement), setting forth updates to the Selling Guide. Along with the above policies, we have updated the manufactured housing appraisal requirements and standards. The Fannie Mae Selling Guide and Standard ARM Plan Matrix have been updated to include information regarding the SOFR 30-day Index and new SOFR ARM plan numbers. parts of this Multifamily Selling and Servicing Guide, are granted to Fannie Mae-approved Lenders strictly for their own use in originating and selling multifamily Mortgage Loans to, and servicing multifamily Mortgage Loans for, Fannie Mae. Fannie Mae will begin accepting SOFR ARM products on August 3, 2020, and will continue to update the Selling Guide. The requirement for typhoon insurance for Guam properties will remain and is now noted in. Selling, Securitizing, and Delivering Loans. We have updated the Selling Guide to reflect changes that are necessary as a result of the redesigned Form. Effective Date: Immediately (unless otherwise noted) On September 2, 2020 Fannie Mae issued Selling Guide Announcement SEL-2020-05 which covered the below referenced topics that are applicable to loans sold under the MPF Xtra product:. Get answers to all your policy questions, straight from the source. E-2-01, Required Custodial Documents (09/02/2020) Introduction. We have clarified that pro-rated real estate tax credits provided by the seller at closing in places where real estate taxes are paid in arrears cannot be considered when determining if the borrower has enough funds for the transaction. information from other Fannie Mae published sources. ManufacturedHomeWidthType (Sort ID 33): SingleWide, Effective: Loans secured by single-width manufactured homes can be delivered to us beginning February 1, 2021. Events. MPF Xtra Selling Guide Updates. We updated our requirements related to the use of retirement, government annuity, and pension income. Benchmark CPR Commentary – August ... Fannie Mae Prices $759 Million Multifamily DUS REMIC (FNA 2021-M1) Under Its GeMS Program January 8, 2021. & Insights, Pricing & The, limiting the requirement to provide proof of the borrower’s ownership of the asset to only those assets that have a title, for example an automobile title; and. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. With this update that provides clearly defined guidelines, we are removing the prior policy that allowed for alternative documentation if the proceeds from the sale represented a minor percentage of the borrower’s overall financial contribution. ; Uniform Instruments Freddie Mac and Fannie Mae/Freddie Mac Notes, Riders, Security Instruments, and other documents. Ask Poli. have a manufacture date of 10 years or less measured from the effective date of the appraisal. Specifically, we. Customers Recommend Ask Poli AskPoli. We have retained some information that is on the current Form 1003 but no longer in the redesigned Form 1003. Updated the Selling Guide to implement the flexibilities for the use of remote online notarization introduced in … Selling Guide. Where necessary for clarity, we have added specific references to fields in Form 1003 (7/05 rev.6/09) and Form 1003 (1/2021). Guide Resources For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. Ask Poli. With COVID, they have become even more difficult. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. Minimum loan term: B2-1.5-02, Loan Eligibility – added a minimum loan term of 85 months to align with whole loan committing and MBS policies. Selling Guide. The terms “loan application” and “Form 1003” generally mean the same thing. For best results, pose your search like a question. This form must be used to request a tax transcript beginning March 1, 2021. The Selling Guide has been updated to include changes to the following: Single-width manufactured homes: expanded eligibility to allow the sale of loans secured by single-width manufactured homes. The appraiser must always use a minimum of two comparable sales of similar manufactured homes, but we have specifically added a requirement that for a single-width manufactured home, one of the comparable properties must be a closed sale of another single-width manufactured home. Multifamily Selling and Servicing Guide No portion of this Multifamily Selling and Servicing Guide may be reproduced in any form or by any means without Fannie Mae's prior written permission, except as may be provided herein or Lenders may also contact their Fannie Mae Account Team if they have questions about this Announcement. We have added some new fields that are on the redesigned Form 1003 that have related policies. COVID-19 UPDATE: Find out how Fannie Mae is responding. ; Directory Contact information for specific Guide questions, requests, and documentation. We communicated then that all LIBOR ARMs must be purchased as whole loans on or before December 31, or included in MBS pools with issue dates on or before December 1, 2020. This month there are some big changes that will help you do more business. Lender Letter LL-2021-03 – Impact Covid-19 Originations, Lender Letter LL-2021-04 – Impact Covid-19 Appraisals, Lender Letter LL-2021-01 Appraisal Risk Management Policy Reminders and Resources, Announcement SEL-2020-01 – Selling Guide Updates. The retirement income message in DU will be updated in a future release to reflect these changes. For example, separate maintenance income has been added to alimony and child support income policy. Note that DU is not able to identify this property type so lenders must apply these requirements manually. 15, 2020 in LL-2020-11, and subsequently updated on Aug. 27, 2020, into the Servicing Guide. Freddie Mac Selling Guide Updates – Bulletin 2020-44 – Dated November 13, 2020 Written by: Lloyd Rutherford, Staff Writer Self-Employed borrowers were never super-easy for originators. Published December 9, 2020. We recommend that you use the latest version of FireFox or Chrome. The unused, undesignated, and available portions of credit lines, including those for, or partially for, servicing advances, will no longer count as eligible liquidity toward meeting minimum eligibility requirements for non-depository seller/servicers. Part A, Doing Business with Fannie Mae. The December Selling Guide update expands eligibility to allow the sale of loans secured by single-width manufactured homes; updates requirements related to the use of retirement, government annuity, and pension income; modifies our seller/servicer eligibility standards related to minimum liquidity; updates our sale of personal assets documentation requirements; simplifies our eligibility requirements … (Taxpayers may continue to use these forms to obtain transcripts.) The following data elements must also be included in Loan Delivery: ConstructionMethodType (Sort ID 51): Manufactured Center, Apps Visit Selling and Servicing Guide Communications and Forms. Fannie Mae (Selling Notice – HomeReady Income Limits 2020) and Freddie Mac (Bul letin 2020-26)have now indicated their own instructions for when to begin using HUD’s 2020 tables for Area Median Income (AMI) calculations (rather than the 2019 tables which have been in … Fannie Mae issued a release reviewing all Servicing Guide updates, all Selling Guide updates and Lender Letters from last year. The requirement for typhoon insurance for Guam properties will remain and is now noted in Selling Guide B7-3-02, General Property Insurance Coverage. Delivery Requirements Customers Recommend Ask Poli AskPoli. Services Everything you need to keep your property healthy and profitable Have guide questions? Based on information we have seen from the IRS Income Verification Express Service (IVES) program, IRS Forms 4506-T and 4506T-EZ are being phased out for use by third parties in early 2021. Due to the nature of title exceptions, we typically cannot grant them because they are requested prior to closing. September 2, 2020 Announcement SEL-2020-05 – Selling Guide Updates September’s Selling Guide update includes changes related to accessory dwelling units, the removal of references to refinanced or modified balloon loan policies, and clarifications regarding non-occupant borrowers. We have been working with Freddie Mac for many years to update and implement the redesigned Uniform Residential Loan Application Form 1003 and are very close to the start of widespread usage. SVC-2020-01, Servicing Guide Updates (02/12/2020) Prorated Attorney Fees and Foreclosure Milestone Invoicing. We have incorporated the disaster payment deferral workout option introduced on Jul. information from other Fannie Mae published sources. Visit Selling and Servicing Guide Communications and Forms. Retirement, government annuity, and pension income and employment-related assets as income: updated requirements related to the use of retirement, government annuity, … Title waivers: B7-2-05, Title Exceptions and Impediments – removed reference that states that requests for waivers of exceptions to title should be submitted to us in writing. As stated in Selling Guide A4-1-01, Maintaining Seller/Servicer Eligibility, the minimum liquidity requirement is equal to 0.035% of the unpaid principal balance (UPB) of mortgage loans serviced by a non-depository seller/servicer for Fannie Mae, Freddie Mac, and Ginnie Mae if the Agency SDQ rate is 6% or less. F-1-14, Processing a Fannie Mae Mortgage Release (Deed-In-Lieu of Foreclosure) F-1-15, Processing a Fannie Mae Short Sale. Lenders should confirm with their preferred mortgage insurance provider(s) that coverage is available on loans secured by single-width manufactured homes. Servicing Guide ... lender letters, notices and more. Measuring the effectiveness of your quality control program. The Special Feature Codes document has been updated to reflect these changes. COVID-19 UPDATE: Find out how Fannie Mae is responding. Ask Poli features exclusive Q&As and more—plus official Selling & Servicing Guide content. 30, 2020. Allowing the sale of single-width manufactured homes aligns with our affordable housing and Duty to Serve objectives. To account for changes in the location of data between the current and redesigned forms, where possible, we have removed references to specific Form 1003 section numbers and field names. Read this article to update your knowledge on this important market segment. & Technology, News & The unused, undesignated, and available portions of credit lines, including those for, or partially for, servicing advances, will no longer count as eligible liquidity toward meeting minimum eligibility requirements for non-depository seller/servicers. Execution, Learning For a comprehensive list of resources such as forms, announcements, lender letters, Refer to the Servicing Announcement for additional information. added financial and bank account statements to the list of eligible documents to show current receipt of income; clarified the requirements for documenting income from a pension or annuity account when the income will begin on or before the first payment date of the new loan; clarified that a three-year continuance of income is only required for retirement income paid in the form of a distribution from a 401(k), IRA, or Keogh retirement account; are allowing eligible retirement account balances to be combined for the purpose of determining the continuance; and. Since we are unable to approve any waivers pre-closing, we are removing this reference. November 13, 2020. The lender must continue to verify that the borrower has sufficient assets from the list of eligible sources contained in our Guide. If the Agency SDQ rate is above 6%, the seller/servicer … All loans secured by a single-width manufactured home must be delivered with Special Feature Codes (SFC) 235 and 791. Having Issues with Seeing this Page Correctly? Part D, Providing Solutions to a Borrower. be located on an individual lot or in a Fannie Mae-approved project. The updates to the Guide are extensive, impacting many topics, and are summarized below. To further support our commitment to affordable housing, we have simplified our policy for community land trust eligibility with regard to the community land trust’s experience, staff, and annual reports. All other updates are effective immediately. The term “online loan application” refers to the DU user interface (or the lender’s loan origination system) where data is collected that is not on the Form 1003. feel free to email. Second, in addition to providing the numbers from the HUD Data Plate and Certification Label(s) affixed to the manufactured home, the appraiser must also provide photos of this information. In addition, we clarified that a pro-rated tax credit is not an interested party contribution. PennyMac is aligning with Fannie Mae’s most recent Selling Guide updates in SEL-2020-01, Lender Letter 2020-01, and Freddie Mac’s Bulletin 2020-01, with the exception of all updates to cooperative projects and manufactured homes. be legally classified as real property and cannot include an accessory dwelling unit (ADU). Get answers to your policy and guide questions, straight from the source. You can also download the printable 1,200+ page PDF, which include links. The date of the topic has been updated where substantial text updates have been made. As part of our efforts to improve certainty for lenders, we have updated our documentation requirements for the sale of personal assets to reflect the following: As a reminder, proceeds from the sale of personal assets are an acceptable source of funds for the down payment, closing costs, and reserves provided the individual purchasing the asset(s) is not a party to the mortgage transaction. Servicing Guide. February’s Selling Guide update revises our policies on liabilities related to rental housing payment and calculating monthly qualifying rental income; delays a previously announced policy change related to calculating monthly real estate tax payments; and more. notices and more. Single-width manufactured homes are eligible for principal residence purchase and limited cash-out refinance transactions but are not eligible for cash-out refinance transactions or as second homes (or investment properties). Given the impact to reverifications required for loans selected for QC, we encourage lenders to begin using IRS Form 4506-C immediately. Effective Date: Immediately (unless otherwise noted) On October 7, 2020 Fannie Mae issued Selling Guide Announcement SEL-2020-06 which covered the below referenced topics that are applicable to loans sold under the MPF Xtra product:. Fannie Mae Selling Guide Updates – SEL-2020-07 – Dated December 16, 2020 Written by: Lloyd Rutherford, Staff Writer Selling guide updates are always an important read! Selling Guide Updates December 4, 2019 December updates announce clarifications to calculating monthly real estate tax payments, clarify policies on non-applicant debt, address bridge loan treatment in monthly debt obligations, and more. Launch The Selling Guide has been updated to include changes to the following: With this update, we are expanding our property eligibility criteria to allow for the sale of loans secured by single-width manufactured home loans that meet all the following property eligibility requirements. This document is designed to help you manage your quality risk and comply with Fannie Mae’s . be at least 12 feet wide and have a minimum of 400 sq. In connection with this incorporation, we have also added references to payment deferral throughout the Guide … Research Updates include but are not limited to the following. Part E, Default-Related Legal Services, Bankruptcy, Foreclos. limiting the requirement to obtain an independent valuation of the asset to only those cases where the proceeds from the sale exceed 50% of the total monthly income used in qualifying. We are implementing the changes indicated below beginning with the financial quarter ending Jun. In addition, we have added an example to illustrate the calculation of the LTV ratio for a community land trust purchase transaction. Grants are considered donations from others and no longer referred to as gifts. Benchmark CPR Commentary – September September 11, 2020. Announcement SEL-2020-07 – Selling Guide Updates. As a reminder, lenders must ensure the form is filled out completely and accurately before the taxpayer is asked to sign the form. This part describes the requirements associated with the two primary ways lenders transact business with Fannie Mae: selling whole loans for cash and pooling loans into Fannie Mae mortgage-backed securities (MBS), which includes Uniform Mortgage-Backed Securities (UMBS). The document custody updates are effective January 4, 2021 (however, sellers are encouraged to implement the changes as soon as possible). The Selling Guide A4-1-01, Maintaining Seller/Servicer Eligibility, has been updated to reflect this change. 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