Fannie Mae Selling and Servicing Policy Archives

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.

Updated December 21, 2022 - 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.

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.

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

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 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).

December 7, 2022 - This Lender Letter provides information related to the Making Home Affordable Supplemental Directive 22-01 issued by the U.S. Department of the Treasury (Treasury), and its impact to Fannie Mae HAMP Modification policies.

November 29, 2022 - Fannie Mae loan limit values are increasing in 2023. The new loan limit for most of the country will be $726,200 — an 12.21% increase over the 2022 limit — and is effective for whole loans delivered to Fannie Mae and loans in MBS pools with issue dates on or after Jan. 1, 2023.

Document Custodian Notice RDC-2022-07

October 12, 2022 – The October Servicing Guide update includes changes to the property valuation fees for borrower-initiated mortgage insurance termination; amending the requirement that a servicer cancel an active mortgage loan modification trial period plan when mortgage assistance funds fully reinstate the mortgage loan; and miscellaneous updates.

Servicing Guide - PDF Version (October 12, 2022)

October 5, 2022 - The October Selling Guide update includes changes related to retention of asset verification reports, Social Security income documentation, use of average median credit score for manually underwritten loans, and miscellaneous updates.

Selling Guide - PDF Version (October 5, 2022)

Sept 21, 2022 - At the direction of our regulator, the Federal Housing Finance Agency, and in coordination with Freddie Mac, we are updating our minimum financial requirements for seller/servicers, including an enhanced minimum net worth requirement applicable to all sellers/servicers, an enhanced minimum liquidity requirement applicable to all non-depository sellers/servicers, a new origination liquidity requirement applicable to certain non-depository sellers/servicers, and new requirements applicable to large non-depository sellers/servicers.

September 7, 2022 - The September Selling Guide update expands the list of acceptable gift donors and makes several miscellaneous updates.

Selling Guide - PDF Version (September 7, 2022)

August 10, 2022 – The August Servicing Guide update incorporates new policies requiring servicer maintenance of certain fair lending data elements.

Servicing Guide - PDF Version (August 10, 2022)

August 3, 2022 - The August Selling Guide update includes permitting lender-funded grants for certain transactions and adding an alternative to satisfy the verbal verification of employment requirement for non-DU® validation service loans.

Selling Guide - PDF Version (August 3, 2022)

Servicing Guide - PDF Version (July 13, 2022)