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.
|Announcement SEL-2022-07 – Selling Guide Updates||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.|
|Announcement SEL-2022-06 – Selling Guide Updates||July 6, 2022-The July Selling Guide update adds requirements for compliance with State Address Confidentiality programs, revises the required version of title insurance forms, and clarifies how to calculate the LTV ratio for manufactured housing subdivisions. This Announcement also describes updates to the list of approved mortgage insurers and approved mortgage insurance forms.|
|Lender Letter LL-2022-03 – Supplemental Consumer Information Form (Form 1103)||July 6, 2022-This Lender Letter notifies lenders of the mandatory use of the Supplemental Consumer Information Form (SCIF/Form 1103) for loans sold to the GSEs with application dates on or after March 1, 2023. The purpose of this Lender Letter is to notify the industry of this requirement well in advance of the mandatory effective date so that they can begin submitting the updated data in their loan submission files.|
|Lender Letter LL-2021-03 – Impact of Covid-19 on Originations||July 6, 2022-This Lender Letter provides reminders and temporary flexibilities to support mortgage originations.|
|Lender Letter LL-2022-02 – Equifax Coding Issue||June 24, 2022-This Lender Letter provides requirements that apply to loans impacted by the Equifax coding issue.|
|Selling Notice - Area Median Incomes 2022||June 22, 2022-On June 24, 2022, the 2022 area median income estimates (AMIs) will be implemented in Desktop Underwriter® (DU®) and published on the HomeReady page.
Note that the AMI data in DU and on our website may differ from the AMI estimates posted on the U.S. Department of Housing and Urban Development’s website.
|Selling Notice - Quality Control Calibrations||June 22, 2022-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.|
|Selling Notice - Equifax Coding Error||June 1, 2022-Fannie Mae was recently informed by Equifax® Inc. of a coding issue that may have resulted in errors to consumer credit scores and credit data reported by Equifax from March 17 to April 6, 2022. In light of the coding issue, lenders are reminded of their obligations under the Selling Guide to correct erroneous credit data, ensure the accuracy of the credit data submitted to Desktop Underwriter® (DU®) at the time of loan sale, and to provide any corrected information to us.|
|Announcement SEL-2022-05 – Selling Guide Updates||June 1, 2022-The June Selling Guide update allows a two-closing construction-to-permanent loan to include certain documented construction cost overruns, clarifies the definition of a group home and related property eligibility, better aligns our policy for calculating the fully indexed Adjustable-Rate Mortgage (ARM) rate with Regulation Z requirements, and more.|
|Announcement SEL-2022-04 – Selling Guide Updates||May 4, 2022-The May Selling Guide update adds requirements for the use of virtual currency, modifies the policy relating to foreign assets, adds details on Community Seconds® provider eligibility, eliminates certain requirements related to unrecorded assignments of mortgage, and more.|
|Announcement SEL-2022-03 – Selling Guide Updates||April 6, 2022-The April Selling Guide update includes changes to allow the use of an attorney title opinion letter in lieu of a title insurance policy for certain transactions, aligns the Selling Guide with high-balance loan-level price adjustment (LLPA) waiver changes announced in LL-2022-01, clarifies when a new desktop appraisal is required based on the age of the appraisal and that American National Standards Institute® (ANSI®) measurement standards do not apply to desktop appraisals, and more.|
|Announcement SEL-2022-02 – Selling Guide Updates||March 2, 2022-The March Selling Guide update includes changes to single-close construction-to-permanent transaction requirements, adds Condo Project Manager™ (CPM™) status designations to align with the enhancements in the March 4 CPM release, and simplifies policy for the allowable interest rate permitted on a Community Seconds® transaction.|
|Announcement SEL-2022-01 – Selling Guide Updates||February 2, 2022-The February Selling Guide update includes changes to allow desktop appraisals for certain purchase transactions, updates the HomeStyle® Renovation loan agreement, modifies certain time frames and processes for HomeStyle® loans, provides a loan-level price adjustment credit for HomePath® properties, simplifies documentation requirements for depository assets, clarifies reporting requirements related to anti-money laundering Bank Secrecy Act requirements, and more.|
|Lender Letter LL-2022-01 – Loan-level Price Adjustments for Second Home and High-balance Loans||January 5, 2022-This Lender Letter provides information about changes to loan-level price adjustments (LLPAs) that will apply to second home and high-balance mortgage loans. The updated LLPAs are effective for all whole loans purchased on or after April 1, 2022, and for loans delivered into MBS pools with issue dates on or after April 1, 2022.|
|Announcement SEL-2021-11 – Selling Guide Updates||December 15, 2021-The December Selling Guide update modifies the definition of principal residence to include military service members on active duty, clarifies required documentation when a borrower has filed an extension with the IRS, expands allowable comparable sales for new (or recently converted) projects, establishes standard requirements for measuring and calculating gross living area, and more.|
|Selling Notice - Considerations for Assisting Borrowers with Refinance Transactions||December 8, 2021-As interest rates continue to remain low, refinances are an attractive option for many borrowers. There are many reasons a borrower may be seeking to refinance – lowering the interest rate, lowering monthly payments, shortening the loan term, moving to a fixed-rate from an ARM, moving to a different ARM index, or taking equity out of the property. We offer several refinance options.|
|Lender Letter LL-2021-16 – Confirmation of Conforming Loan Limits for 2022||November 30, 2021-Fannie Mae loan limits are increasing in 2022. The new loan limit for most of the country will be $647,200 — an 18.05% increase over the 2021 limit — and is effective for whole loans delivered to Fannie Mae and loans in MBS pools with issue dates on or after Jan. 1, 2022.|
|Announcement SEL-2021-10 – Selling Guide Updates||November 3, 2021-The November Selling Guide update modifies and clarifies policies related to military personnel and leave and earnings statement, permits the delivery of loans previously modified following the application of a principal curtailment and recast of the principal balance, and provides other miscellaneous updates.|
|Lender Letter LL-2021-15 – Unrecorded Assignments of Mortgage and New Limited Powers of Attorney||October 20, 2021-This Lender Letter provides notice of upcoming changes to our requirement for unrecorded assignments of mortgage for loans not registered with Mortgage Electronic Registration System, Inc. (MERS). Instead of this requirement, we are requiring a one-time delivery of limited powers of attorney (Form 520), which sellers/servicers are encouraged to submit now but must complete and deliver by March 1, 2022.|
|Lender Letter LL-2021-10 – Expanding Refinance Eligibility with RefiNow||October 20, 2021-(Republished Apr. 6, 2022)This Lender Letter provides information about a new refinance option – RefiNow™ – that will enable more borrowers to refinance to a lower interest rate and reduce their monthly mortgage payment.|