Announcement SEL-2023-11: Selling Guide Updates

The December Selling Guide has been updated to:

• Permit lenders to use alternative options to meet verbal verification of employment requirements;
• Allow optional use of Income Calculator to determine the monthly qualifying income for self-employed borrowers;
• Add requirements when considering restricted stock units and restricted stock as eligible income;
• Allow lenders to gross-up certain nontaxable income without providing additional documentation;
• Incorporate a list of programs into policy to assist lenders with their review of shared equity providers and transactions;
• Require large non-depository sellers/servicers to report the Mortgage Banker’s Financial Report Short Form (Form 1002A) monthly;
• Incorporate The Guide to Delivering eMortgages to Fannie Mae into the Selling Guide and clarify the use of special purpose legal documents;
• Permit lenders to obtain either a lender’s title insurance policy or, in limited circumstances, an attorney opinion letter;
• And other miscellaneous updates.