Fannie Mae Selling and Servicing Policy Archives

September 4, 2018 - these updates were made in September the term appraisal waiver replaces what was previously called property inspection waiver or property fieldwork waiver; a new appraisal waiver option is available for certain home purchases; condo insurance requirements have been clarified; and more.

Selling Guide - PDF Version (September 4, 2018)

August 15, 2018 - the following updates were made in August MI Factor makes it easier to file mortgage insurance claims; policies related to inspecting and preserving properties after a disaster clarified; insurance loss repair inspection reimbursements limits have been increased; and more.

Servicing Guide - PDF Version (August 15, 2018)

August 7, 2018 - the following updates were made in August provided a new high LTV refinance option; removed requirement for appraisers to complete Form 1004MC; allowed lenders to disburse HomeStyle Renovation funds by wire transfer; and more.

Selling Guide - PDF Version (August 7, 2018)

July 18, 2018 - this Lender Letter provides reminders and updates to our disaster policies.

July 18, 2018 - this Lender Letter provides updates to simplify the process of evaluating borrower-initiated requests for the termination of conventional mortgage insurance (MI), we are updating our requirements. These new requirements will result in a better customer experience for both servicers and borrowers.

July 11, 2018 - the Reverse Mortgage Loan Servicing Manual has been updated to include changes related to REO Hazard Insurance Coverage Requirements. This policy change is applicable only to Home Equity Conversion Mortgage (HECM) reverse mortgage loans.

Servicing Guide - PDF Version (June 13, 2018)

June 13, 2018 - the following updates were made in June servicers have simpler forbearance plan options to assist borrowers during short-term hardships; time frames associated with escrow advances on delinquent loans removed; and Form 1022 should be submitted only when a servicemember's payments are impacted by a military indulgence.

Selling Guide - PDF Version (June 5, 2018)

June 5, 2018 - the following updates were made in June introduced MH Advantage, an innovative new homeownership option that pairs affordable financing with specially designated manufactured housing having characteristics typical of site-built homes; simplified condo policies add more flexibilities and align with industry standards; certain manufactured housing inspections can be performed by a third party; and more.

May 22, 2018 - this Lender Letter provides updates and additional details for the high loan-to-value refinance option.

May 22, 2018 - On June 23, 2018, the 2018 HomeReady income limits will be implemented in Desktop Underwriter (DU) and published on our website for use with manually underwritten loans. DU will apply the 2018 limits to new DU loan casefiles created on or after June 23, 2018.

Selling Guide - PDF Version (May 1, 2018)

May 1, 2018 - the following updates were made in April Native American tribes and their sovereign instrumentalities can provide Community Seconds loans; and lenders can exercise property inspection waivers on properties in a disaster area when Fannie Mae has received a post-disaster appraisal on the property.

April 11, 2018 - The Reverse Mortgage Loan Servicing Manual has been updated to provide servicers more flexibility when submitting claims for reimbursement, require servicers to reconcile mortgage loan status codes on a monthly basis, and more.

Servicing Guide - PDF Version (April 11, 2018)

April 11, 2018 - the following updates were made in April servicers are no longer required to provide servicing transfer welcome calls to borrowers when certain requirements are met; and escrow shortages can be spread over a period of up to 60 months.

Servicing Guide - PDF Version (March 14, 2018)

Selling Guide - PDF Version (April 3, 2018)

April 3, 2018 - the following updates were made in April lenders can choose a full-service certification custodian for whole loans and MBS transactions; lenders can provide borrowers with closing cost assistance; single-closing, construction-to-permanent transactions have been clarified; and more.

March 14, 2018 - the following updates were made in March servicers must follow updated requirements for renovations financed by HomeStyle Renovation loans; changes to certain maximum allowable foreclosure-related attorney fees; and more.

March 7, 2018 - with this Lender Letter Fannie Mae provided a temporary suspension of foreclosure sales for properties located within a FEMA-declared disaster area eligible for Individual Assistance in Puerto Rico and the U.S. Virgin Islands until March 31, 2018.