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. Since we are unable to approve any waivers pre-closing, we are removing this reference. However, we have taken into account that the current Form 1003 (and related DU loan casefiles) will continue to be used for many months. minimum quality control (QC) requirements and includes highly suggested QC best practices. Note that DU is not able to identify this property type so lenders must apply these requirements manually. 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. ; Uniform Instruments Freddie Mac and Fannie Mae/Freddie Mac Notes, Riders, Security Instruments, and other documents. November 13, 2020. Part C, Mortgage Loan Payment Processing, Remitting, Account. 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:. Customers Recommend Ask Poli AskPoli. be legally classified as real property and cannot include an accessory dwelling unit (ADU). At the direction of the Federal Housing Finance Agency and in collaboration with Freddie Mac, we are modifying our seller/servicer eligibility standards related to minimum liquidity. The date of the topic has been updated where substantial text updates have been made. In some topics, there are references to both the current and redesigned Forms. Effective: Lenders may take advantage of the more flexible requirements immediately. Customers Recommend Ask Poli AskPoli. 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. Ask Poli features exclusive Q&As and more—plus official Selling & Servicing Guide content. ft. of gross living area, 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). IRS Form 4506-C, IVES Request for Transcript of Tax Return. Refer to the Servicing Announcement for additional information. Part E, Default-Related Legal Services, Bankruptcy, Foreclos. reliability of the session content, Fannie Mae’s Selling and Servicing Guides and their updates, including Guide Announcements and Release Notes, are the official statements of Fannie Mae’s policies and procedures and control in the event of discrepancies between the … Specifically, we. 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. Published December 9, 2020. Clarified accessory dwelling unit property eligibility requirements and updated comparable sales requirements … 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 … The retirement income message in DU will be updated in a future release to reflect these changes. 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. Updated the Selling Guide to implement the flexibilities for the use of remote online notarization introduced in … We have updated the Selling Guide to reflect changes that are necessary as a result of the redesigned Form. Effective: Lenders may take advantage of these policy changes immediately but must apply the changes to loans with application dates received on or after February 15, 2021. COVID-19 UPDATE: Find out how Fannie Mae is responding. 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. Along with the above policies, we have updated the manufactured housing appraisal requirements and standards. information from other Fannie Mae published sources. In Selling Guide Announcement SEL-2020-02 Fannie Mae provides details about SOFR ARM products and advises that it will begin accepting Single-Family SOFR ARMS on August 3, 2020. 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. Part B, Escrow, Taxes, Assessments, and Insurance. We recommend that you use the latest version of FireFox or Chrome. Part A, Doing Business with Fannie Mae. Specifically, we. Services Everything you need to keep your property healthy and profitable All other updates are effective immediately. 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. This will facilitate lenders’ ability to obtain the required transcripts from the IRS without delay. 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. Dec. 16, 2020. Bulletins & Industry Letters Updates to, reminders, and restatements of the Single-Family Seller/Servicer Guide requirements. 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. You can also download the printable 1,200+ page PDF, which include links. Get answers to your policy and guide questions, straight from the source. Retirement, government annuity, and pension income and employment-related assets as income: updated requirements related to the use of retirement, government annuity, … Due to the nature of title exceptions, we typically cannot grant them because they are requested prior to closing. 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. ManufacturedHomeWidthType (Sort ID 33): SingleWide, Effective: Loans secured by single-width manufactured homes can be delivered to us beginning February 1, 2021. The Eligibility Matrix has been updated to reflect this change. Benchmark CPR Commentary – October October 14, 2020. A hard refresh will clear the browsers cache for a specific page and force the most recent Benchmark CPR Commentary – August ... Fannie Mae Prices $759 Million Multifamily DUS REMIC (FNA 2021-M1) Under Its GeMS Program January 8, 2021. However, for topics with minor updates, the topic dates remain unchanged. 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