Fannie Mae Selling and Servicing Policy Archives

Selling Guide - PDF Version (May 3, 2023)

This Document Custodian Notice includes the following topics:
▪ Update to Requirements for Document Custodians (RDC) – Dated April 2023
▪ Update to Document Certification Job Aid – Dated April 2023

April 12, 2023 – We’ve made miscellaneous Servicing Guide updates related to compliance with requirements and laws; Disaster Response Network™ and Know Your Options™ references; loan property address changes; and certain Fannie Mae contact information. We also posted borrower-facing documents related to our recently updated payment deferral policy.

Servicing Guide - PDF Version  (April 12, 2023)

April 5, 2023 – The April Selling Guide update aligns Guide policy for the treatment of medical collections with the risk assessment performed by Desktop Underwriter®; adds reporting requirements for penalties and enforcement actions related to compliance with Office of Foreign Assets Control regulations; allows the use of a borrower’s earned real estate commission for down payment and closing costs; and makes miscellaneous updates.

Selling Guide - PDF Version (April 5, 2023)

Updated March 22, 2023 - This updated LLPAs provides information about future changes to loan-level price adjustments (LLPAs) and an overall redesign of the LLPA matrix. It will be effective for all whole loans purchased on or after May 1, 2023, and for loans delivered into MBS with issue dates on or after May 1, 2023, with the exception of the DTI ratio LLPA, which will be effective Aug. 1, 2023. 

The Document Custodian Notice includes the following topic:
▪ Updated Single-Family Custody Operations Points of Contact and Associate Assignments List 

March 8, 2023 – The March Servicing Guide update includes changes to pre-foreclosure property preservation requirements – specially, updates to property inspections and preservation expense reimbursement limits and guidance; and miscellaneous updates.

Servicing Guide - PDF Version (March 8, 2023)

March 8, 2023 - Effective for loans with note dates on or after July 1, 2023, shared equity loans that are secured by properties subject to private transfer fee covenants will now be eligible for sale to Fannie Mae if they meet certain conditions. Loans with private transfer fee covenants are currently prohibited by the Selling Guide, unless permitted by the Private Transfer Fee Regulation.

Selling Guide - PDF Version (March 1, 2023)

March 1, 2023 – The March Selling Guide update introduces, as part of valuation modernization, our transition to a range of options to establish a property’s market value, with the option matching the risk of the collateral and loan transaction; provides additional guidance on the use of sweat equity and nonprofit program providers; revises timelines and expectations for lenders’ prefunding and post-closing quality control reviews; requires the use of Condo Project Manager™ for projects when a lender Full Review is required; and makes miscellaneous updates.

Updated February 15, 2023 - this Lender Letter provides reminders and temporary flexibilities to support mortgage originations.

Selling Guide - PDF Version (February 1, 2023)

February 1, 2023 - February Selling Guide update: 

• helps to provide equitable and sustainable access to housing by expanding the use of site-built homes as comparable sales for MH Advantage® homes, and making enhancements to support borrowers with nontraditional credit 
• promotes safe and responsible lending by implementing new eligibility requirements for cash-out refinance transactions
• makes several miscellaneous updates

Updated February 1, 2023 - In response to our regulator, the Federal Housing Finance Agency, we are making changes to our pricing framework, including waivers of loan-level price adjustments for certain borrowers and affordable mortgage products and changes to LLPAs for some cash-out refinance loans.

The Document Custodian Notice includes the following topics:

• Independent Audit Requirements for Document Custodians (IARDC)
•  Update to Requirements for Document Custodian (RDC) Section 9.2.2 - eNotes Delivered Subject to A Security Interest

Provides a summary of Selling Guide, Servicing Guide, and other policy related communications & updates issued in 2022.

Servicing Guide - PDF Version (December 21, 2022)

December 21, 2022 – The December Servicing Guide update aligns the property, flood, and project insurance requirements with updates in the Selling Guide; clarifies compensatory fees for delinquency status reporting; makes updates related to allowable foreclosure attorney fees and costs; and includes miscellaneous updates.

Selling Guide - PDF Version (December 14, 2022)

Updated Dec.14, 2022 - This Lender Letter provides advance notice of upcoming changes to our investor reporting processes and systems. which will simplify and streamline servicer reporting.

December 14, 2022 - The December Selling Guide update: 

• helps to provide equitable and sustainable access to housing by expanding manufactured home eligibility, simplifying use of HomeStyle® Energy loans, and updating valuation options for certain deed-restricted properties
• promotes safe and responsible lending by updating: property, flood, and project insurance requirements, and requirements for maintaining seller and servicer approval status
• simplifies documentation requirements for use of business assets; clarifies certain requirements related to grants and borrower contribution requirements, and temporary leave income; and includes several miscellaneous updates

December 7, 2022 - This Lender Letter contains temporary guidance on the provisional acceptance of property insurance policies in Florida in conjunction with the Florida Office of Insurance Regulation’s (FLOIR) establishment of a temporary reinsurance arrangement through Citizens Property Insurance Corporation (Citizens).