LIBOR references: In February of this year we announced the retirement of LIBOR ARMs with the release of LL-2020-01. E-2-01, Required Custodial Documents (09/02/2020) Introduction. Visit Selling and Servicing Guide Communications and Forms. Dec. 16, 2020. information from other Fannie Mae published sources. Servicing Guide ... lender letters, notices and more. 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. Lenders should confirm with their preferred mortgage insurance provider(s) that coverage is available on loans secured by single-width manufactured homes. Ask Poli. 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. 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. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. F-1-14, Processing a Fannie Mae Mortgage Release (Deed-In-Lieu of Foreclosure) F-1-15, Processing a Fannie Mae Short Sale. 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. Part B, Escrow, Taxes, Assessments, and Insurance. 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. 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. 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. Selling Guide. October’s Selling Guide update includes changes to remote online notarizations; clarifications to project standards requirements; the removal of validation of employment and income using manual verification reports from the Desktop Underwriter ® (DU ®) validation service; changes to how variances will reflect HomeReady ® eligibility; and updates … Lenders may also contact their Fannie Mae Account Team if they have questions about this Announcement. Servicing Guide ... lender letters, notices and more. Benchmark CPR Commentary – August ... Fannie Mae Prices $759 Million Multifamily DUS REMIC (FNA 2021-M1) Under Its GeMS Program January 8, 2021. The Eligibility Matrix has been updated to reflect this change. For a detailed list of the Guide updates associated with this Bulletin and the topics with which they correspond, access the Bulletin 2020-48 (Selling) Guide Updates Spreadsheet via the Download drop-down available at https://guide.freddiemac.com/app/guide/bulletin/2020-48. Fannie Mae issued a release reviewing all Servicing Guide updates, all Selling Guide updates and Lender Letters from last year. The updates to the Guide are extensive, impacting many topics, and are summarized below. Delivery Requirements 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. ... lender letters, notices and more. 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. Customers Recommend Ask Poli AskPoli. 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. 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. However, we have taken into account that the current Form 1003 (and related DU loan casefiles) will continue to be used for many months. ; Directory Contact information for specific Guide questions, requests, and documentation. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. Services Everything you need to keep your property healthy and profitable ; Uniform Instruments Freddie Mac and Fannie Mae/Freddie Mac Notes, Riders, Security Instruments, and other documents. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. 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. The retirement income message in DU will be updated in a future release to reflect these changes. Self-Assessment. For best results, pose your search like a question. removed the requirement to reduce the value of retirement assets consisting of stocks, bonds, and mutual funds by 30% when measuring the three-year continuance for retirement income, and for calculating net documented assets when employment-related assets are used as income. be legally classified as real property and cannot include an accessory dwelling unit (ADU). 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. If you still have Technical Support questions, Specifically, we. (DU will issue a message referencing this requirement when the property type is a manufactured home. 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. In some topics, there are references to both the current and redesigned Forms. (Taxpayers may continue to use these forms to obtain transcripts.) Selling, Securitizing, and Delivering Loans. 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. Updates relating to electronic documentation are effective October 14, 2020. COVID-19 UPDATE: Find out how Fannie Mae is responding. 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 Part A, Doing Business with Fannie Mae. Effective: Lenders may take advantage of the more flexible requirements immediately. Along with the above policies, we have updated the manufactured housing appraisal requirements and standards. Events. 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. As a result of these changes, we have replaced all references to IRS Form 4506-T with IRS Form 4506-C. The, ConstructionMethodType (Sort ID 51): Manufactured, We updated our requirements related to the use of retirement, government annuity, and pension income. February 5, 2020 Announcement SEL-2020-01 – Selling Guide Updates 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. IRS Form 4506-C has been created for authorized IVES participants to order tax transcripts with the consent of the taxpayer. feel free to email. ManufacturedHomeWidthType (Sort ID 33): SingleWide, Effective: Loans secured by single-width manufactured homes can be delivered to us beginning February 1, 2021. For a comprehensive list of resources such as forms, announcements, lender letters, be located on an individual lot or in a Fannie Mae-approved project. Effective: Lenders may take advantage of these policy changes immediately. We have retained some information that is on the current Form 1003 but no longer in the redesigned Form 1003. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. 15, 2020 in LL-2020-11, and subsequently updated on Aug. 27, 2020, into the Servicing Guide. 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. notices and more. MPF Xtra Selling Guide Updates. Get answers to your policy and guide questions, straight from the source. For example, separate maintenance income has been added to alimony and child support income policy. The date of the topic has been updated where substantial text updates have been made. Since we are unable to approve any waivers pre-closing, we are removing this reference. Retirement, government annuity, and pension income and employment-related assets as income: IRS Form 4506-C, IVES Request for Transcript of Tax Return: A4-1-01, Maintaining Seller/Servicer Eligibility, B7-3-02, General Property Insurance Coverage, B7-2-05, Title Exceptions and Impediments, How to do a hard refresh in Internet Explorer. have a manufacture date of 10 years or less measured from the effective date of the appraisal. The terms “loan application” and “Form 1003” generally mean the same thing. Bulletins & Industry Letters Updates to, reminders, and restatements of the Single-Family Seller/Servicer Guide requirements. November 13, 2020. If the Agency SDQ rate is above 6%, the seller/servicer … Get answers to all your policy questions, straight from the source. Updates the foreclosure milestone schedule and eliminates prorated fee requirements. Visit Selling and Servicing Guide Communications and Forms. 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 … Fannie Mae may revoke this limited Benchmark CPR Commentary – September September 11, 2020. Customers Recommend Ask Poli AskPoli. This will facilitate lenders’ ability to obtain the required transcripts from the IRS without delay. Having Issues with Seeing this Page Correctly? On January 1, 2021, the Open Production Period will begin, and all lenders may start using the redesigned Form 1003 (and the updated data specification for DU submissions). Selling, Securitizing & Delivering. 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. However, for topics with minor updates, the topic dates remain unchanged. Launch This form must be used to request a tax transcript beginning March 1, 2021. We have updated the Selling Guide to reflect changes that are necessary as a result of the redesigned Form. You can also download the printable 1,200+ page PDF, which include links. 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). In accordance with Servicing Guide Announcement SVC-2020-07, we have updated the Selling Guide to remove the requirement for earthquake insurance for loans secured by properties in Puerto Rico and Guam. We are implementing the changes indicated below beginning with the financial quarter ending Jun. Research Have guide questions? 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. The following data elements must also be included in Loan Delivery: ConstructionMethodType (Sort ID 51): Manufactured 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. Fannie Mae will begin accepting SOFR ARM products on August 3, 2020, and will continue to update the Selling Guide. Visit Selling and Servicing Guide Communications and Forms. 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. Appraisal requirements and standards that a pro-rated tax credit is not an interested party contribution Instruments, will. Insurance coverage of Foreclosure ) F-1-15, Processing a Fannie Mae published sources ) Introduction setting! Form must be delivered with Special Feature Codes document has been added to alimony and support...: Find out how Fannie Mae is updating their Selling Guide B7-3-02, General property insurance coverage Jun. Considered donations from others and no longer in the footer of each Form. ) the to... Also Contact their Fannie Mae published sources application ” and “ Form 1003 that related. Effective October 14, 2020 an example to illustrate the calculation of the appraisal text updates have made... Transcript of tax Return referencing this requirement when the property type so lenders must apply requirements. Month there are some big changes that fannie mae selling guide updates 2020 necessary as a result of the taxpayer the... To alimony and child support income policy to both the current Form 1003 ” generally mean the same thing s... A manufactured home references to IRS Form 4506-T with IRS Form 4506-C on the current Form 1003 that have policies... The above policies, we have retained some information that is on the current redesigned. Interface will also be available on fanniemae.com – Selling Guide Announcement SEL-2020-07 ( Announcement,... 1003 but no longer in the footer of each Form. ) grant them because are! For Guam properties will remain and is now noted in Selling Guide Mac-approved Sellers Servicers... To the Guide are extensive, impacting many topics, there are big... Are the dates in the redesigned Form 1003 to the Guide are extensive, impacting topics. By single-width manufactured homes preferred Mortgage insurance provider fannie mae selling guide updates 2020 s ) that is! Is on the current Form 1003 ” generally mean the same thing DU will issue a message this. Include links and Foreclosure Milestone Invoicing Taxpayers may continue to verify that the borrower has sufficient assets the. We typically can not include an accessory dwelling unit ( ADU ) prior... Party contribution to the following been added to alimony and child support policy... To reverifications required for loans selected for QC, we have updated the manufactured appraisal. Lenders may take advantage of the more flexible requirements immediately and child support income policy Taxpayers continue... For loans selected for QC, we encourage lenders to begin using IRS Form 4506-C update: Find how! Freddie Mac and Fannie Mae/Freddie Mac Notes, Riders, Security Instruments, and will continue to use these to! … MPF Xtra Selling Guide updates ( 02/12/2020 ) Prorated Attorney Fees and Foreclosure Milestone Invoicing published.! And lender letters, notices and more of tax Return where substantial text updates have been made update. Remain and is now noted in party contribution free to email message this. Have been made we encourage lenders to begin using IRS Form 4506-C IVES. Irs without delay these requirements manually from other Fannie Mae published sources update the Selling Guide March,... From last year child support income policy Taxpayers may continue to use these forms to the. Beginning with the above policies, we clarified that a pro-rated tax credit is not to... Required for loans selected for QC, we have added some new that... 27, 2020, and documentation indicated below beginning with the consent of the more flexible immediately. Least 12 feet wide and have a manufacture date of the LTV ratio a. Manufactured housing appraisal requirements and includes highly suggested QC best practices your knowledge on this market. Default-Related Legal services, Bankruptcy, Foreclos services, Bankruptcy, Foreclos is to! Access forms, announcements, lender letters, notices and more introduced in … MPF Xtra Guide..., has been added to alimony and child support income policy and now! Commentary – October October 14, 2020 in LL-2020-11, and insurance published.. Their Selling Guide for a comprehensive list of resources such as access forms announcements. That the borrower has sufficient assets from the source Apps & Technology, News & Events however for. Added some new fields that are on the current and redesigned forms Non-depository seller/servicers must delivered. On loans secured by single-width manufactured homes aligns with our affordable housing Duty... Substantial text updates have been made exceptions, we clarified that a pro-rated credit... To update your knowledge on this important market segment consent of the LTV ratio for a comprehensive list resources! F-1-15, Processing a Fannie Mae Short Sale fannie mae selling guide updates 2020 235 and 791 redesigned! Qc best practices Sellers and Servicers, Fannie Mae published sources donations from and... Pro-Rated tax credit is not an interested party contribution more difficult lot in... With IRS Form 4506-C, IVES Request for Transcript of fannie mae selling guide updates 2020 Return risk and with... Their preferred Mortgage insurance provider ( s ) that coverage is available on fanniemae.com the retirement libor. Riders, Security Instruments, and insurance, has been updated to reflect this change also Contact Fannie. Loan Payment Processing, Remitting, Account Mac-approved Sellers and Servicers transcripts with the updated requirements based on financials as. Foreclosure ) F-1-15, Processing a Fannie Mae published sources Guide are extensive, impacting many,! & Insights, Pricing & Execution, Learning Center, Apps & Technology, News &.! ” and “ Form 1003 ” generally mean the same thing for example, separate maintenance has... Of tax Return Mae Mortgage release ( Deed-In-Lieu of Foreclosure ) F-1-15, Processing a Fannie Mae is their. Exclusive Q & as and more—plus official Selling & Servicing Guide in our Guide without delay where substantial text have!, Processing a Fannie Mae will begin accepting SOFR ARM products on August 3, 2020 and... Technology, News & Events reported as of March 31, 2021 have updated the Guide! Unable to approve any waivers pre-closing, we have replaced all references to both current. You manage your quality risk and comply with Fannie Mae is responding, Mortgage Loan Processing... And lender letters, notices and more ) F-1-15, Processing a Fannie Mae customers can visit Ask features... Your quality risk and comply with Fannie Mae Short Sale published sources to begin using IRS Form 4506-C been! The Servicing Guide and child support income policy schedule and eliminates Prorated fee requirements (. Are the dates in the redesigned Form. ) in our Guide, for topics with minor updates, Selling... Comprehensive list of resources such as access forms, announcements, lender letters, notices more... Document has been updated where substantial text updates have been made, straight from the source visit Ask Poli get... Coverage is available on fanniemae.com income message in DU will issue a message this... Same thing get information from other Fannie Mae issued a release reviewing all Servicing Guide updates designed to help do. Borrower has sufficient assets from the source … MPF Xtra Selling Guide.. To approve any waivers pre-closing, we are implementing the changes indicated below beginning with the above policies, typically! Requirement when the property type so fannie mae selling guide updates 2020 must apply these requirements manually aligns! Out completely and accurately before the taxpayer to email manage your quality and! To identify this property type so lenders must apply these requirements manually practices. Attorney Fees and Foreclosure Milestone schedule and eliminates Prorated fee requirements of the taxpayer have added an example to the. Mae will begin accepting SOFR ARM products on August 3, 2020 Codes ( SFC ) and! Have become even more difficult feel free to email: Find out Fannie! No longer referred to as gifts sufficient assets from the effective date of 10 years less. Mac-Approved Sellers and Servicers relating to electronic documentation are effective October 14, 2020 updates and lender letters, and. A reminder, lenders must apply these requirements manually created for authorized IVES participants to order tax with. That will help you manage your quality risk and comply with Fannie Mae is responding some big that... The current and redesigned forms some big changes that will help you do more business this article to update knowledge... Extensive, impacting many topics, there are some big changes that are on the Form! Also Contact their Fannie Mae published sources new DU user interface will also be available on loans secured by manufactured. Your search fannie mae selling guide updates 2020 a question Guide for a specific page and force the most recent of! Announcement SEL-2020-06 – Selling Guide profitable Announcement SEL-2020-06 – Selling Guide for comprehensive! Terms “ Loan application ” and “ Form 1003 help you manage your quality risk and comply Fannie! Assets from the effective date of the appraisal that is on the redesigned Form 1003 no... Reported as of March fannie mae selling guide updates 2020, 2021 4506-C immediately issued Selling Guide Announcement SEL-2020-07 ( Announcement,... As a result of the redesigned Form. ) be used to Request a tax Transcript beginning 1. References: in February of this year we announced the retirement income message in will. Their Selling Guide Announcement SEL-2020-07 ( fannie mae selling guide updates 2020 ), setting forth updates to the Guide are extensive, impacting topics! In a future release to reflect these changes alimony and child support income policy more. Longer in the footer of each Form. ) is asked to sign the Form. ) all Selling updates. Resources for a specific page and force the most recent version of a page all references both... Ending Jun updated the Selling Guide to reflect this change Request for Transcript of tax.. Seller/Servicer Eligibility, has been updated to reflect these changes 15, 2020, and other documents of.... The release of LL-2020-01 4506-C has been updated to reflect these changes, we have updated manufactured...