Fannie Mae Selling and Servicing Policy Archives

Value acceptance is Fannie Mae’s branded appraisal waiver valuation product.  Value acceptance + property data is Fannie Mae’s branded inspection-based waiver valuation product where a property data collection by a third party is required for delivery to Fannie Mae. 

Provides a summary of Selling Guide, Servicing Guide, and other policy related communications & updates issued in 2025.

February 12, 2025 – The February Servicing Guide update includes changes to information security, business continuity and incident response, as well as clarifications on shared equity.

Servicing Guide - PDF Version  (February 12, 2025)

February 5, 2025 – In February, the Selling Guide has been updated to introduce new and updated cybersecurity requirements for lenders; update the Selling Guide requirements specific to policy changes with the release of DU Version 12.0; provide calculation details for early payoff reimbursement; expand the use of property data collection and hybrid appraisals; simplify program registration and documentation requirements for community land trusts; add military income as an income type eligible for validation using an asset verification report, and other miscellaneous updates.

Selling Guide - PDF Version (February 5, 2025)

This Selling Notice introduces Quality Control Calibrations, an expanded and formalized initiative to engage with a larger segment of our lenders in the calibration of their QC results. In QC, calibration is the process of comparing a lender’s own internal QC results to a known measurement, or standard, to confirm the accuracy of the lender’s results.

Provides a summary of Selling Guide, Servicing Guide, and other policy related communications & updates issued in 2024.

December 18, 2024 – The December Servicing Guide update includes changes to allowable foreclosure attorney fees, bankruptcy attorney fees and Mortgage Release document preparation cost, plus other miscellaneous updates.

Servicing Guide - PDF Version  (December 18, 2024)

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.

December 11, 2024 – In December, the Selling Guide has been updated to allow an energy report, when required for any HomeStyle® Energy mortgage, to be dated no more than 24 months before the note date; add additional exceptions to the borrower ownership requirement for a limited cash-out refinance application; encourage the use of home price indices and other market data to support overall value accuracy; clarify that for HomeStyle® Renovation Loan Agreement, both parties may execute the agreement at any time during the closing process with the agreement date matching the note date, and other miscellaneous updates.

Selling Guide - PDF Version (December 11, 2024)

Updated December 11, 2024 – This Lender Letter contains the policies previously published in LL-2021-12 on Dec. 14, 2022, with the changes noted within. It provides advance notice of upcoming changes to our Master Servicing processes and systems, including updated reporting requirements based on remittance type and clarifications on the timing for summary reporting mortgage loans.

Updated December 5, 2024 – This Lender Letter updates policies to address some of the barriers to entry for very low-income purchase borrowers, we are offering a temporary $2,500 loan-level price adjustment credit on our HomeReady® loan product. This credit can be used for down payment and closing costs on loans delivered after March 1, 2024.

November 26, 2024 - Fannie Mae loan limit values are increasing in 2025. The new loan limit for most of the country will be $806,500 — a 5.21% increase over the 2024 limit — and is effective for whole loans delivered to Fannie Mae and loans in MBS pools with issue dates on or after Jan. 1, 2025.

May 24, 2023 - this Notice specifies that we will require appraisal photographs for the main living areas of property interiors to include the living room, family room, dining room, all bedrooms, and all finished and unfinished areas of the basement for appraisals in loan applications dated on or after Sept. 1, 2023.

November 13, 2024 – The November Servicing Guide update clarifies that sellers and servicers are responsible for preventing, detecting and reporting mortgage fraud, and clarifies eMortgage servicing requirements. It incorporates the changes to reporting due date for summary reporting mortgage loans as well as other miscellaneous updates.

Servicing Guide - PDF Version  (November 13, 2024)

Updated November 13, 2024 - 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.

November 6, 2024 – In November, the Selling Guide has been updated to modernize special property eligibility and underwriting considerations for leasehold estates; revise our project review requirements related to properties secured by manufactured homes; update requirements related to the Market Area analysis of the appraisal report and add standardized definitions relevant to appraisal market areas to the Glossary; clarify that sellers and servicers are responsible for preventing, detecting, and reporting mortgage fraud, and other miscellaneous updates.

Selling Guide - PDF Version (November 6, 2024)

Updated October 2, 2024 - In alignment with Freddie Mac and at the direction of FHFA, this Lender Letter updates the steps for determining the Fannie Mae Flex Modification terms to expand borrower eligibility and provide more equitable payment reduction to eligible borrowers. Servicers may implement these changes starting Nov. 1 but must implement them by Dec. 1.

September 11, 2024 – The September Servicing Guide update clarifies servicer responsibilities related to the charge-off and second lien consideration processes and submission requirements.

Servicing Guide - PDF Version  (September 11, 2024)