Fannie Mae Selling and Servicing Policy Archives

Selling Guide - PDF Version (September 1, 2021)

Fannie Mae recognizes that in several states the sheriff’s office performs some or all of the tasks associated with advertising, scheduling, and conducting the foreclosure sale. Foreclosure attorneys are required to work with the sheriffs in these states in order to complete the foreclosure sale.

August 11, 2021 - This Servicing Announcement incorporates previously communicated changes regarding payment deferral gross servicing fee and guarantee fee reimbursement, and foreclosure P&I advance reimbursement. It also extends the mandatory effective date of the IRS reporting changes that were previously announced.

August 4, 2021 – This Selling Guide update includes these changes: reduces asset documentation requirements for refinanced transactions, clarifies when an appraisal update or new appraisal is needed, updates the MBS trade confirmation process, and provides other miscellaneous updates. The announcement also describes updates made to all uniform legal instruments to enhance clarity and usability.

Selling Guide - PDF Version (August 4, 2021)

July 16, 2021 - This Lender Letter announces elimination of the adverse market refinance fee effective Aug. 1, 2021. 

July 14, 2021 - This Servicing Guide update includes changes to broaden the requirements for acceptance of mortgage assistance funds, introduce a new process for filing conventional mortgage insurance (MI) claims in the new Fannie Mae MI Claims Portal (MICP), simplify the REOgram notification process, and include a reference to recently added Selling Guide policies for notarization standards and remote ink-signed notarization.

Servicing Guide - PDF Version (July 14, 2021)

July 7, 2021 – This Selling Guide update includes these changes: reduces asset documentation requirements for refinanced transactions, clarifies when an appraisal update or new appraisal is needed, updates the MBS trade confirmation process, and provides other miscellaneous updates. The announcement also describes updates made to all uniform legal instruments to enhance clarity and usability.

Selling Guide - PDF Version (July 7, 2021)

The Document Custodian Notice includes the following topics:

▪ Document Certification Audit Report Job Aid

June 9, 2021 - This update adjusts our requirements for IRS reporting, streamlines our process for obtaining loss mitigation valuation information, clarifies when borrowers must make full monthly contractual payments during the month of solicitation for a disaster payment deferral, provides an alternative means of verifying borrower income and asset information through third-party vendors, and includes miscellaneous updates.

Servicing Guide - PDF Version (June 9, 2021)

June 2, 2021 – This Selling Guide update includes: new topic on notarization standards with requirements for remote ink-signed notarization; clarifies timing expectations for electronic data submission in Loan Delivery; and clarifies that loans with technical or typographical corrections are not considered modified loans.

Selling Guide - PDF Version (June 2, 2021)

May 26, 2021 - This Lender Letter provides details about underwriting and loan eligibility policies, certain Desktop Underwriter® implementation policies, and a change to our high LTV refinance product to align with the Consumer Financial Protection Bureau’s Revised Qualified Mortgage Rule under the Ability to Repay regulation as required by 2021 amendments to our senior preferred stock purchase agreement. 

During the weekend of Jun. 5, the 2021 AMIs will be implemented in Desktop Underwriter® (DU®) and published on our website for use with manually underwritten loans. DU will apply the 2021 limits to new DU loan casefiles created on or after Jun. 5, 2021. Loan casefiles created prior to Jun. 5, 2021 will continue to use the 2020 limits. For manually underwritten loans, lenders are encouraged to use the 2021 limits immediately, but are required to use them for loans with application dates on or after Jul. 1, 2021.

We are providing advance notice to servicers that effective on July 19, 2021, Fannie Mae will retire its Automated Property Service™ (APS). 

May 5, 2021 – This Selling Guide update includes: enhanced post-closing quality control collateral risk assessment requirements; simplified pool closing process for all MBS settlements; updated Desktop Underwriter® casefile archive policy; and a miscellaneous update to address tax filing published by the IRS.

Selling Guide - PDF Version (May 5, 2021)

Updated April 21, 2021 - this Lender Letter provides temporary flexibilities to our appraisal requirements.

April 8, 2021 – this Lender Letter provides notice that loans we purchase with application dates on and after July 1, 2021 must meet the Consumer Financial Protection Bureau’s Revised Qualified Mortgage Rule under the Ability to Repay regulation. Additional policy and implementation details will be provided in a future communication.

April 7, 2021 - April's Selling Guide update includes: new forms for Fannie Mae review of co-op projects; revised Master Terms and Conditions to the Software Subscription Agreement; clarification of lender responsibilities related to gift funds identified in the Desktop Underwriter® validation service; eligibility of loans secured by second home and investment properties, incorporating the requirements announced in a prior Lender Letter; and a miscellaneous process change.

Selling Guide - PDF Version (April 7, 2021)

The Document Custodian Notice includes the following topics:

• Guidance for the 2021 Agreed Upon Procedures (AUP)