Fannie Mae Selling and Servicing Policy Archives

Updated December 20, 2023 - This Investor Reporting Manual (Manual) outlines Fannie Mae's requirements for the mortgage loan accounting system it uses for reporting on the status of one- to four-unit mortgage loans either held in its portfolio or pooled in an MBS. (The Fannie Mae investor reporting system is also used for multifamily mortgage loans that are in MBS pools). This Manual is incorporated into the Servicing Guide by reference. In the event that the Manual and the Servicing Guide are conflicting, the servicer must follow the requirements set forth in the Servicing Guide.

December 13, 2023 – The December Selling Guide has been updated to permit lenders to use alternative options to meet verbal verification of employment requirements, allow optional use of Income Calculator to determine the monthly qualifying income for self-employed borrowers, and more.

Selling Guide - PDF Version (December 13, 2023)

Updated December 13, 2023 - The Servicing Notice announces that the replacement index that will be used for servicing our legacy single-family LIBOR mortgage loans is the spread-adjusted term SOFR administered by the CME Group Benchmark Administration, LTD. and published by Refinitiv Limited. The Federal Reserve Board selected the replacement rates as required by the Adjustable Interest Rate (LIBOR) Act and in anticipation of LIBOR’s cessation on the day after June 30, 2023.

Updated December 13, 2023 – This Lender Letter updates policies previously published in LL-2023-07 (and updated on Aug. 9 2023) to clarify that, when the servicer is evaluating a borrower for a Fannie Mae Flex Modification in the circumstance where the borrower has become 60 days delinquent within 6 months of a COVID-19 payment deferral’s effective date and the servicer has been unable to achieve QRPC, the servicer is not required to have reported the mortgage loan with reason for delinquency code 022, Energy-Environment Costs, prior to the date of the Flex Modification evaluation.

Updated November 29, 2023 - The October Servicing Guide updates the Loan Modification Agreement including with additional instructions, updates Fannie Mae’s minimum requirements for law firms selected and retained for default-related legal services, and other miscellaneous updates.

November 28, 2023 - Fannie Mae loan limit values are increasing in 2024. The new loan limit for most of the country will be $766,550 — a 5.56% increase over the 2023 limit — and is effective for whole loans delivered to Fannie Mae and loans in MBS pools with issue dates on or after Jan. 1, 2024.

November 1, 2023 – The November Selling Guide has been updated to prohibit an employment offer or contract for future employment from a family member or interested party to a transaction, updates general lender requirements regarding lender staffing, training, and policies and procedures to maintain seller/servicer eligibility, clarifies the policy to acknowledge an unauthorized transfer of ownership or change in occupancy status, and updates the Special Lender Approval Form (Form 1000A) to make it easier for lenders to apply to sell or acquire servicing for HomeStyle® Renovation Mortgages.

Selling Guide - PDF Version (November 1, 2023)

October 18, 2023 – With the guidance of our regulator, the Federal Housing Finance Agency (FHFA), and in coordination with Freddie Mac, loans previously or currently in a COVID-19 forbearance may be eligible for relief from enforcement of representations and warranties using the criteria that apply to loans subject to a disaster-related forbearance in Selling Guide A2-3.2-02, Enforcement Relief for Breaches of Certain Representations and Warranties Related to Underwriting and Eligibility (the “framework”).

Prior Version Updated October 11, 2023 - This Investor Reporting Manual (Manual) outlines Fannie Mae's requirements for the mortgage loan accounting system it uses for reporting on the status of one- to four-unit mortgage loans either held in its portfolio or pooled in an MBS. (The Fannie Mae investor reporting system is also used for multifamily mortgage loans that are in MBS pools). This Manual is incorporated into the Servicing Guide by reference. In the event that the Manual and the Servicing Guide are conflicting, the servicer must follow the requirements set forth in the Servicing Guide.

Servicing Guide - PDF Version  (October 11, 2023)

October 4, 2023 – The The October Selling Guide: 

• Updates requirements for rental income use towards qualifying;
• Allows less than 24-month history of self-employment, and one year of personal and business tax returns if certain criteria are met;
• Requires either the HUD Data Plate or HUD Certification Label information be provided in the appraisal report for existing properties;
• Clarifies policy that property data collection must be obtained and submitted to Property Data API prior to the note date;
• And other miscellaneous updates

Selling Guide - PDF Version (October 4, 2023)

September 6, 2023 – The September Selling Guide clarifies requirements for personal gifts and gifts of equity, clarifies property eligibility and comparable sale requirements for 3D printed homes, updates policy for using income earned from a trust towards qualifying, and includes other miscellaneous updates.

Selling Guide - PDF Version (September 6, 2023)

Updated August 9, 2023 - This lender letter provides an update to the standard payment deferral workout option. Key changes include allowing the deferral of at least two and up to six months of past due principal and interest (P&I) payments, including escrow and servicing advances paid to third parties. The borrower may not defer more than 12 months of cumulative past-due P&I payments over the life of the loan. Servicers may implement these changes starting July 1 but must implement by Oct. 1.

Updated August 9, 2023 - Updates the provisions regarding the suspension of foreclosure-related activities and filing motions for relief from the automatic stay in certain bankruptcy cases.

August 2, 2023 – The August Selling Guide update revises the Appraiser Independence Requirements, introduces Property Data Collector Independence Requirements, and makes miscellaneous changes.

Selling Guide - PDF Version (August 2, 2023)

July 12, 2023 - The July Servicing Guide update adjusts the requirements for partial release of security and makes miscellaneous changes.

Servicing Guide - PDF Version  (July 12, 2023)

This Reverse Mortgage Loan Servicing Manual (Manual) incorporates all Fannie Mae servicing-related guidelines for reverse mortgage loans. While the Manual sets forth specific servicing requirements unique to reverse mortgage loans, servicers must continue to comply with servicing requirements in the Fannie Mae Single-Family Servicing Guide (Servicing Guide) for reverse mortgage loans to the extent such requirements are not in conflict with the provisions contained in the Manual.

July 5, 2023 – The July Selling Guide update revises our policies and review requirements for condo and co-op project eligibility for properties in need of critical repairs and/or that have special assessments, and more; adjusts eligibility requirements for limited cash-out refinance transactions, requiring at least one borrower to be a current owner of the subject property; and incorporates eligibility requirements for the sale of loans aged six months or less.

Selling Guide - PDF Version (July 5, 2023)