Fannie Mae Selling and Servicing Policy Archives

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.

February 27, 2018 - the following updates were made in February HomeStyle Renovation mortgages expanded to make purchasing and renovating older homes easier; HomeStyle Energy ; business continuity and disaster recovery plans have new requirements to align with the Servicing Guide; and more.

Selling Guide - PDF Version (February 27, 2018)

February 14, 2018 - the following updates were made in February we will consider approving first lien charge-offs and lien releases for delinquent first lien mortgage loans when certain criteria are met; servicers are no longer required to include social security numbers in REOgram or non-delegated workout submissions; content streamlined in the Guides; and more.

Servicing Guide - PDF Version (February 14, 2018)

January 30, 2018 - the following updates were made in January IRS debt not required to be paid off if the borrowers tax repayment plan is included in the DTI ratio; project reviews waived and construction-to-permanent financing allowed for detached condos; minor litigation criteria for condos and co-ops expanded; field reviews on properties valued at $1M no longer required; and more.

Selling Guide - PDF Version (January 30, 2018)

Provides a summary of Selling Guide and policy related communications and updates issued in 2017.

December 20, 2017 - in continued support of the victims of Hurricanes Irma and Maria, we are extending the suspension of all foreclosure sales for mortgages secured by properties in Puerto Rico and the U.S. Virgin Islands located in FEMA-declared disaster areas as a result of these storms, through Mar. 31, 2018.

December 19, 2017 - the following updates were made in December Lenders can underwrite loans for borrowers with frozen credit at only one of the three national credit repositories; premium pricing policy has been clarified; legal changes impact Texas Section 50(a)(6) refinance loans; Selling and Servicing Guides have been simplified; many loans with disaster-related forbearance remain eligible for rep and warrant relief; and more.

Selling Guide - PDF Version (December 19, 2017)