Selling Policy Communications

Access a list of Selling Announcements, Lender Letters, Notices, and related communications.

Selling Guide updates typically are published on the first Wednesday of the month.

Lender Letter LL-2021-03 – Impact Covid-19 Originations January 14, 2021-This Lender Letter provides reminders and temporary flexibilities to support mortgage originations.
Lender Letter LL-2021-04 – Impact Covid-19 Appraisals January 14, 2021-This Lender Letter provides temporary flexibilities to our appraisal requirements.
Lender Letter LL-2021-01 Appraisal Risk Management Policy Reminders and Resources January 6, 2021-This Lender Letter reiterates lenders’ responsibilities for appraisal review and for compliance with Appraiser Independence Requirements; provides examples of appraisal findings and defects; suggests best practices for lenders’ appraisal-related underwriting and quality control processes; and points out resources to help lenders manage appraisal risk efficiently and effectively.
Announcement SEL-2020-07 – Selling Guide Updates December 16, 2020-The December Selling Guide update expands eligibility to allow the sale of loans secured by single-width manufactured homes; updates requirements related to the use of retirement, government annuity, and pension income; modifies our seller/servicer eligibility standards related to minimum liquidity; updates our sale of personal assets documentation requirements; simplifies our eligibility requirements for community land trusts; removes earthquake insurance requirements in Puerto Rico and Guam; clarifies how lenders may use pro-rated tax credits toward closing; and more.
Lender Letter LL-2020-03 – Impact Covid-19 Originations December 10, 2020-This Lender Letter provides reminders and temporary flexibilities to support mortgage originations.
Lender Letter LL-2020-04 – Impact Covid-19 Appraisals December 10, 2020-This Lender Letter provides temporary guidance on appraisal requirements and completion reports, including allowing exterior-only and desktop appraisals for many transactions.
Lender Letter LL-2020-14 – Confirmation of Conventional Loan Limits for 2021 November 24, 2020-Loan limits in 2021 are increasing. The new loan limit for most of the country will be $548,250 — a 7.42% increase over the 2020 limit — and is effective for whole loans delivered to Fannie Mae and loans in MBS pools with issue dates on or after Jan. 1, 2021.
Lender Letter LL-2020-06 – COVID-19 Selling Loans Forbearance November 13, 2020-This Lender Letter provides temporary liquidity options for certain loans in forbearance after loan closing.
Announcement SEL-2020-06 – Selling Guide Updates October 7, 2020-October’s Selling Guide update includes changes to remote online notarizations; clarifications to project standards requirements; the removal of validation of employment and income using manual verification reports from the Desktop Underwriter® (DU®) validation service; changes to how variances will reflect HomeReady® eligibility; and updates clarifying cash-out refinance vesting requirements when there are multiple borrowers and that gifts of equity are permitted as down payment or toward closing costs.
Lender Letter LL-2020-12 – New Adverse Market Refinance Fee September 24, 2020-This Lender Letter provides information about a new adverse market refinance fee (loan-level price adjustment) that will apply to most refinances.
Announcement SEL-2020-05 – Selling Guide Updates September 2, 2020-September’s Selling Guide update includes changes related to accessory dwelling units, the removal of references to refinanced or modified balloon loan policies, and clarifications regarding non-occupant borrowers.
Announcement SEL-2020-04 – Selling Guide Updates August 5, 2020-The August Selling Guide update clarifies solar panel policies based on different financing structures, revises the representations and warranties framework for loans in forbearance to align the Guide with LL-2020-06 (Selling Loans in Forbearance Due to COVID-19), and removes references to Master Agreements.
Lender Letter LL-2020-10 – Usage of Redesigned Form 1003 July 1, 2020-This Lender Letter provides information about the use of the redesigned Form 1003.
Announcement SEL-2020-03 – Selling Guide Updates June 3, 2020-June's Selling Guide update includes changes to lease review requirements, provides additional flexibility to lenders to choose the late charge amount identified in the note, clarifies project standards policies on horizontal property regimes and environmental hazard assessments, clarifies HomeStyle® Energy debt pay-off policies, and other miscellaneous updates.
Selling Notice – HomeReady Income Limits 2020 June 3, 2020-Area Median Income estimates (AMIs) are provided to Fannie Mae by our regulator, the Federal Housing Finance Agency. These AMIs are used in determining borrower eligibility for HomeReady mortgage loans.
Announcement SEL-2020-02 – Selling Guide Updates April 1, 2020-April’s Selling Guide update includes additional details about the Secured Overnight Financing Rate (SOFR) ARM products we will begin to accept as of Aug. 3; property tax and escrow clarifications; and other miscellaneous updates.
Selling Notice – List of Approved Mortgage Insurance Forms Updated February 12, 2020-As noted in Lender Letter LL-2019-08 dated November 20, 2019, Fannie Mae worked with approved mortgage insurers to update their master primary policies and related endorsements and other forms (Forms).
Lender Letter LL-2020-01 – Important Updates to Adjustable-Rate Mortgage (ARM) Products February 5, 2020-We've issued a Lender Letter to help prepare our customers for a successful transition from LIBOR ARMs to new SOFR ARM products. Lender Letter LL-2020-01 provides details on updated ARM instruments, retirement of LIBOR ARMs, SOFR ARMs, and the future retirement of CMT ARMs.
Announcement SEL-2020-01 – Selling Guide Updates February 5, 2020-February’s Selling Guide update revises our policies on liabilities related to rental housing payment and calculating monthly qualifying rental income; delays a previously announced policy change related to calculating monthly real estate tax payments; and more.
Selling and Servicing Notice – Taxpayer First Act and Use of Tax Return Information (This Notice was replaced on Dec. 16.) December 16, 2019-The Taxpayer First Act was signed into law on July 1, 2019. It includes a provision that persons receiving return information must obtain the express permission of taxpayers prior to disclosing that return information to any other person.