Effective: Non-depository seller/servicers must be compliant with the updated requirements based on financials reported as of March 31, 2021. We have retained some information that is on the current Form 1003 but no longer in the redesigned Form 1003. Clarified accessory dwelling unit property eligibility requirements and updated comparable sales requirements … We have incorporated the disaster payment deferral workout option introduced on Jul. Center, Apps The lender must continue to verify that the borrower has sufficient assets from the list of eligible sources contained in our Guide. Benchmark CPR Commentary – August ... Fannie Mae Prices $759 Million Multifamily DUS REMIC (FNA 2021-M1) Under Its GeMS Program January 8, 2021. information from other Fannie Mae published sources. As a result of these changes, we have replaced all references to IRS Form 4506-T with IRS Form 4506-C. In addition, we clarified that a pro-rated tax credit is not an interested party contribution. Updates the foreclosure milestone schedule and eliminates prorated fee requirements. The requirement for typhoon insurance for Guam properties will remain and is now noted in Selling Guide B7-3-02, General Property Insurance Coverage. If you have additional questions, Fannie Mae customers can visit Ask Poli to get Refer to the Servicing Announcement for additional information. 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. The date of the topic has been updated where substantial text updates have been made. MPF Xtra Selling Guide Updates. Updated the Selling Guide to implement the flexibilities for the use of remote online notarization introduced in … 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). 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. Along with the above policies, we have updated the manufactured housing appraisal requirements and standards. 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. 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! Servicing Guide ... lender letters, notices and more. As a result of this deadline, we have removed all references to LIBOR and the LIBOR ARM plan numbers from the Selling Guide and the Standard ARM Plan Matrix. However, for topics with minor updates, the topic dates remain unchanged. This form must be used to request a tax transcript beginning March 1, 2021. 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. Services Everything you need to keep your property healthy and profitable We have updated the Selling Guide to reflect changes that are necessary as a result of the redesigned Form. Visit Selling and Servicing Guide Communications and Forms. Note: As a reminder, on March 1, 2021, all lenders are required to use the redesigned Form 1003 (and the MISMO v3.4 format for DU loan casefiles) for new loan applications. be at least 12 feet wide and have a minimum of 400 sq. Later in 2021 or early 2022, we will update the Guide again to remove all references to the current Form 1003 and data that no applies. 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 … Specifically, we. have a manufacture date of 10 years or less measured from the effective date of the appraisal. IRS Form 4506-C, IVES Request for Transcript of Tax Return. Fannie Mae will begin accepting SOFR ARM products on August 3, 2020, and will continue to update the Selling Guide. Per the Announcement, Fannie Mae updated the Selling Guide to include changes with respect to: Single-width manufactured homes (now eligible for sale to Fannie Mae); Retirement, government annuity, and pension income, and employment-related assets as income; … Measuring the effectiveness of your quality control program. COVID-19 UPDATE: Find out how Fannie Mae is responding. 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. Customers Recommend Ask Poli AskPoli. Bulletins & Industry Letters Updates to, reminders, and restatements of the Single-Family Seller/Servicer Guide requirements. LIBOR references: In February of this year we announced the retirement of LIBOR ARMs with the release of LL-2020-01. Customers Recommend Ask Poli AskPoli. This month there are some big changes that will help you do more business. Effective: Lenders may take advantage of the more flexible requirements immediately. Read this article to update your knowledge on this important market segment. Research If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. You can also download the printable 1,200+ page PDF, which include links. The, ConstructionMethodType (Sort ID 51): Manufactured, We updated our requirements related to the use of retirement, government annuity, and pension income. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. ; Forms Forms for Freddie Mac-approved Sellers and Servicers. ; Uniform Instruments Freddie Mac and Fannie Mae/Freddie Mac Notes, Riders, Security Instruments, and other documents. Part D, Providing Solutions to a Borrower. A new DU user interface will also be available on fanniemae.com. Retirement, government annuity, and pension income and employment-related assets as income: updated requirements related to the use of retirement, government annuity, … information from other Fannie Mae published sources. Selling, Securitizing, and Delivering Loans. Where necessary for clarity, we have added specific references to fields in Form 1003 (7/05 rev.6/09) and Form 1003 (1/2021). Visit Selling and Servicing Guide Communications and Forms. Have guide questions? (Taxpayers may continue to use these forms to obtain transcripts.) Benchmark CPR Commentary – October October 14, 2020. Updates relating to electronic documentation are effective October 14, 2020. Allowing the sale of single-width manufactured homes aligns with our affordable housing and Duty to Serve objectives. 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. The terms “loan application” and “Form 1003” generally mean the same thing. COVID-19 UPDATE: Find out how Fannie Mae is responding. Since we are unable to approve any waivers pre-closing, we are removing this reference. The following data elements must also be included in Loan Delivery: ConstructionMethodType (Sort ID 51): Manufactured be located on an individual lot or in a Fannie Mae-approved project. 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. Selling Guide. IRS Form 4506-C has been created for authorized IVES participants to order tax transcripts with the consent of the taxpayer. Part C, Mortgage Loan Payment Processing, Remitting, Account. 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. Lenders may also contact their Fannie Mae Account Team if they have questions about this Announcement. 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. Part A, Doing Business with Fannie Mae. Self-Assessment. Effective: Lenders may take advantage of these policy changes immediately. Fannie Mae removed the underwriting changes announced on December 4, 2019, that required the use of estimated property taxes for the establishment of … 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. For a comprehensive list of resources such as forms, announcements, lender letters, All loans secured by a single-width manufactured home must be delivered with Special Feature Codes (SFC) 235 and 791. & Technology, News & ), Retirement, government annuity, and pension income and employment-related assets as income 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. 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 Selling Guide A4-1-01, Maintaining Seller/Servicer Eligibility, has been updated to reflect this change. The document custody updates are effective January 4, 2021 (however, sellers are encouraged to implement the changes as soon as possible). This will facilitate lenders’ ability to obtain the required transcripts from the IRS without delay. For best results, pose your search like a question. 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:. version of a page. In connection with this incorporation, we have also added references to payment deferral throughout the Guide … All other updates are effective immediately. Dec. 16, 2020. Announcement SEL-2020-07 – Selling Guide Updates. Get answers to all your policy questions, straight from the source. 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 … Fannie Mae issued a release reviewing all Servicing Guide updates, all Selling Guide updates and Lender Letters from last year. For example, separate maintenance income has been added to alimony and child support income policy. This document is designed to help you manage your quality risk and comply with Fannie Mae’s . Fannie Mae issued Selling Guide Announcement SEL-2020-07 (Announcement), setting forth updates to the Selling Guide. Updates include but are not limited to the following. Announcement SEL-2020-06 – Selling Guide Updates. Ask Poli features exclusive Q&As and more—plus official Selling & Servicing Guide content. 15, 2020 in LL-2020-11, and subsequently updated on Aug. 27, 2020, into the Servicing Guide. 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 … The updates to the Guide are extensive, impacting many topics, and are summarized below. 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. ManufacturedHomeWidthType (Sort ID 33): SingleWide, Effective: Loans secured by single-width manufactured homes can be delivered to us beginning February 1, 2021. Specifically, we. Visit Selling and Servicing Guide Communications and Forms. notices and more. For best results, pose your search like a question. F-1-14, Processing a Fannie Mae Mortgage Release (Deed-In-Lieu of Foreclosure) F-1-15, Processing a Fannie Mae Short Sale. 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. We have added some new fields that are on the redesigned Form 1003 that have related policies. 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. (These are the dates in the footer of each form.). minimum quality control (QC) requirements and includes highly suggested QC best practices. Part E, Default-Related Legal Services, Bankruptcy, Foreclos. 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. Servicing Guide. 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. 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:. Ask Poli. If the Agency SDQ rate is above 6%, the seller/servicer … 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. 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). 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. Grants are considered donations from others and no longer referred to as gifts. Execution, Learning 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. Published December 9, 2020. Benchmark CPR Commentary – September September 11, 2020. As a reminder, lenders must ensure the form is filled out completely and accurately before the taxpayer is asked to sign the form. COVID-19 UPDATE: Find out how Fannie Mae is responding. Guide Resources For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. Servicing Guide ... lender letters, notices and more. In some topics, there are references to both the current and redesigned Forms. Ask Poli. In addition, we have added an example to illustrate the calculation of the LTV ratio for a community land trust purchase transaction. E-2-01, Required Custodial Documents (09/02/2020) Introduction. ... lender letters, notices and more. 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. 12/22/2020 : Notification 20-18: Form 4637 : 01/05/2021 : Notification 20-17 Multifamily Underwriting Standards (Form 4660) 12/14/2020 : Guide Update 20-12: Solar Photovoltaic Systems : 12/14/2020 : Guide Update 20-10: Multifamily MBS with REMIC Election : 01/01/2021 SVC-2020-01, Servicing Guide Updates (02/12/2020) Prorated Attorney Fees and Foreclosure Milestone Invoicing. The Special Feature Codes document has been updated to reflect these changes. 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). 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. However, we have taken into account that the current Form 1003 (and related DU loan casefiles) will continue to be used for many months. Fannie Mae may revoke this limited 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. If you have additional questions, Fannie Mae customers can visit Ask Poli to get Get answers to your policy and guide questions, straight from the source. If you still have Technical Support questions, ; Directory Contact information for specific Guide questions, requests, and documentation. 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. 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. We updated our requirements related to the use of retirement, government annuity, and pension income. MPF Xtra Selling Guide Updates . 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. Part B, Escrow, Taxes, Assessments, and Insurance. The Eligibility Matrix has been updated to reflect this change. 30, 2020. 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. We recommend that you use the latest version of FireFox or Chrome. Having Issues with Seeing this Page Correctly? November 13, 2020. Selling Guide. 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 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. With COVID, they have become even more difficult. 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 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. feel free to email. be legally classified as real property and cannot include an accessory dwelling unit (ADU). 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. Due to the nature of title exceptions, we typically cannot grant them because they are requested prior to closing. The requirement for typhoon insurance for Guam properties will remain and is now noted in. 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. Events. (DU will issue a message referencing this requirement when the property type is a manufactured home. 2020 Fannie Mae Published anuary 2020 1 Quality Control . If the appraiser is unable to find a comparable closed sale of another single-width property, an additional comparable “under contract” sale or active listing may be used. 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. Selling, Securitizing & Delivering. Fannie Mae will begin accepting SOFR ARM products on August 3, 2020, and will continue to update the Selling Guide. Delivery Requirements For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. Customers Recommend Ask Poli AskPoli. 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 … 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. Visit Selling and Servicing Guide Communications and Forms. Lenders should confirm with their preferred mortgage insurance provider(s) that coverage is available on loans secured by single-width manufactured homes. 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. We are implementing the changes indicated below beginning with the financial quarter ending Jun. & Insights, Pricing & Given the impact to reverifications required for loans selected for QC, we encourage lenders to begin using IRS Form 4506-C immediately. 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. Launch Note that DU is not able to identify this property type so lenders must apply these requirements manually. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. A hard refresh will clear the browsers cache for a specific page and force the most recent 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 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. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. & Events policies, we encourage lenders to begin using IRS Form 4506-T with IRS Form 4506-C, Request! Guide to reflect these changes allowing the Sale of single-width manufactured home must delivered... By a single-width manufactured homes aligns with our affordable housing and Duty to Serve.... Requirements all loans secured by a single-width manufactured homes clarified that a pro-rated tax is. 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