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-2021-16 – 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-(Updated) 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.
Lender Letter LL-2021-14 Temporary Requirements for Condo and Co-op Projects October 13, 2021-This Lender Letter specifies temporary requirements that impact the eligibility of certain condo and co-op projects. These requirements relate to significant deferred maintenance and unsafe conditions, special assessments, reserve requirements, project eligibility waivers, and more. Additionally, these requirements are designed to protect borrowers from physically unsafe or financially unstable projects, and to prudently manage risk for Fannie Mae, our lenders, and investors.
Announcement SEL-2021-09 – Selling Guide Updates October 6, 2021-This Selling Guide update modifies the permitted homeownership education and counseling providers to allow qualified third parties to administer homeownership education and counseling, no longer requiring the sole use of the Framework® program, when it becomes effective January 2022. Other changes include the removal of constant maturity treasury indexed-ARMs and the replacement of references to the Software Subscription Agreement Master Terms and Conditions with a new Consolidated Technology Licensing Guide.
Announcement SEL-2021-08 – Selling Guide Updates September 1, 2021-This Selling Guide update allows lenders to use positive rent payment history in Desktop Underwriter ® (DU®) to help increase homeownership opportunities for certain first-time homebuyers, updates the credit score used by DU in the eligibility assessment when there are multiple borrowers, incorporates qualified mortgage policies addressed in LL-2021-11, revises Form 582 submission requirements, updates co-op document requirements, and more.
Lender Letter LL-2021-03 – Impact of Covid-19 on Originations August 11, 2021-This Lender Letter provides reminders and temporary flexibilities to support mortgage originations.
Announcement SEL-2021-07 – Selling Guide Updates August 4, 2021-This Selling Guide update clarifies the policy related to prearranged refinance arrangements, specifies when credit card reward points can be used as eligible assets, removes the expired Version 1 of the representations and warranties framework, updates risk factors in Desktop Underwriter® (DU®), and clarifies the policy on interested party contributions.
Lender Letter LL-2021-13 – Elimination of the Adverse Market Refinance Fee July 16, 2021-This Lender Letter announces elimination of the adverse market refinance fee effective Aug. 1, 2021.
Announcement SEL-2021-06 – Selling Guide Updates 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.
Announcement SEL-2021-05 – Selling Guide Updates 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.
Lender Letter LL-2021-11 – Loan Eligibility Qualified Mortgage Rule 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.
Selling Notice - Area Median Incomes 2021 May 19, 2021-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.
Announcement SEL-2021-04 – Selling Guide Updates 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.
Lender Letter LL-2021-04 – Impact of Covid-19 on Appraisals April 21, 2021-This Lender Letter provides temporary flexibilities to our appraisal requirements.
Lender Letter LL-2021-09 – Introduction of Changes to Loan Eligibility Due to the PSPA and Qualified Mortgage Rule 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.
Announcement SEL-2021-03 – Selling Guide Updates April 7, 2021-This 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.
Lender Letter LL-2021-08 – Second Home and Investment Properties Eligibility March 10, 2021-This Lender Letter updates our policies to require that any loan secured by a second home or investment property be delivered as a Desktop Underwriter® (DU®) loan with an Approve/Eligible recommendation (with one exception).
Announcement SEL-2021-02 – Selling Guide Updates March 3, 2021-This Selling Guide update revises power of attorney eligibility and documentation requirements, removes references to the Servicing Execution Tool™ ahead of the transition to Servicing Marketplace®, updates the list of risk factors evaluated by Desktop Underwriter® , and aligns the definition of planned unit development across the Guide.