Fannie Mae Selling and Servicing Policy Archives

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)

The Document Custodian Notice includes the following topics:

• Update to Requirements for Document Custodian (RDC) Section 8.1 - Mortgage (or Deed of Trust) Note
• Update of the Active Document Custodians list for 202

June 7, 2023 – The June Selling Guide update allows temporary interest rate buydowns for mortgages secured by manufactured homes; allows 7- and 10-year ARM borrowers to be qualified using only the note rate; adds clarifying details for amounts that may be included with the payoff of existing loans in limited cash-out refinance transactions; and makes miscellaneous updates.

Selling Guide - PDF Version (June 7, 2023)

May 31, 2023 – Effective June 12, 2023, the 2023 area median income estimates (AMIs) will be implemented in Desktop Underwriter® (DU®), HomeReady® Application Programming Interfaces (API), Loan Delivery, the Area Median Income Lookup Tool, and published on the HomeReady®, RefiNow®, and Duty to Serve pages.

May 17, 2023 – This Lender Letter rescinds the DTI ratio loan-level price adjustment (LLPA) attribute that was scheduled to apply to loans purchased on and after Aug. 1, 2023.

May 10, 2023 – The May Servicing Guide update introduces and clarifies requirements for servicing mortgage loans subject to resale restrictions or shared equity provisions; automates the Non-Routine Litigation form and requires electronic submission; and provides an updated agreement for refinancing an eNote in New York..

Servicing Guide - PDF Version  (May 10, 2023)

May 3, 2023 – The May Selling Guide update revises the requirements for loans with shared equity or shared appreciation provisions; clarifies eligibility requirements for subordinate liens; and allows alternative documentation for IRS Form 4868 as evidence the borrower has filed an extension for the prior year’s tax returns.