Fannie Mae Selling and Servicing Policy Archives

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)

December 13, 2017 - this update simplifies servicing by streamlining content in the Selling and Servicing Guides, establishing a $30 maximum expense reimbursement for insured loss repair inspections, and removing the requirement to report damages after an uninsured loss event.

Servicing Guide - PDF Version (December 13, 2017)

November 28, 2017 - this Lender Letter has information on the 2018 general and high-cost area loan limits. The new loan limit in most of the country will be $453,100. This represents a 6.8 increase over the 2017 limit.

November 8, 2017 - this update simplifies servicing by clarifying requirements for transfers of ownership, releases of liability, and assumptions. We've also updated the Cash Remittance System with new codes to minimize the need for post-remittance clarifications.

Servicing Guide - PDF Version (November 8, 2017)

November 2, 2017 - this Lender Letter introduces the Extend Modification for Disaster Relief, simplifies the process to disburse insurance proceeds to borrowers, and describes the policy for Fannie Mae to reimburse servicers for inspections.

October 31, 2017 - the following updates were made in October The new Servicing Marketplace will make it easier for sellers to connect with co-issue servicing partners; properties with Inter Vivos trust ownership interests may be eligible collateral; Selling and Servicing Guides have been simplified; lenders can exclude the PITIA from DTI ratios when a mortgage is paid by someone else; Form 1004D can be uploaded to UCDP; and more.

Selling Guide - PDF Version (October 31, 2017)

October 11, 2017 - this Lender Letter introduces a new imminent default evaluation that will simplify the evaluation process and provide a better experience for both servicers and borrowers.

October 11, 2017 - this update simplifies servicing by streamlining the Selling and Servicing Guides; revising pre-approval requirements for the reimbursement of additional publication costs; and more.

Servicing Guide - PDF Version (October 11, 2017)

September 26, 2017 - the following updates were made in September property inspection waivers are now offered on some purchase transactions; lenders must electronically submit UCD borrower data and Closing Disclosures, but a six-month transition period applies before warnings become fatal; DU Refi Plus and Refi Plus options are extended through Dec. 31. 2018.

Selling Guide - PDF Version (September 26, 2017)

September 21, 2017 - this Lender Letter contains updates and reminders related to properties impacted by recent hurricanes, including the inspection cost reimbursement process.

September 13, 2017 - this update simplifies servicing by redesigning Form 710 and renaming it the Mortgage Assistance Application; updating requirements for allowable bankruptcy attorney fees; incorporating the Fannie Mae Flex Modification; and more.