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-2022-06 – Confirmation of Conforming Loan Limits Values for 2023 November 29, 2022-Fannie Mae loan limit values are increasing in 2023. The new loan limit for most of the country will be $726,200 — an 12.21% increase over the 2022 limit — and is effective for whole loans delivered to Fannie Mae and loans in MBS pools with issue dates on or after Jan. 1, 2023.
Lender Letter LL-2022-05 Updates to Loan Level Price Adjustments November 4, 2022-In response to our regulator, the Federal Housing Finance Agency, we are making changes to our pricing framework, including waivers of loan-level price adjustments for certain borrowers and affordable mortgage products and changes to LLPAs for some cash-out refinance loans.
Announcement SEL-2022-09 – Selling Guide Updates October 5, 2022-The October Selling Guide update includes changes related to retention of asset verification reports, Social Security income documentation, use of average median credit score for manually underwritten loans, and miscellaneous updates.
Lender Letter LL-2022-04 Maintaining Seller/Servicer Eligibility September 21, 2022-At the direction of our regulator, the Federal Housing Finance Agency, and in coordination with Freddie Mac, we are updating our minimum financial requirements for seller/servicers, including an enhanced minimum net worth requirement applicable to all sellers/servicers, an enhanced minimum liquidity requirement applicable to all non-depository sellers/servicers, a new origination liquidity requirement applicable to certain non-depository sellers/servicers, and new requirements applicable to large non-depository sellers/servicers.
Announcement SEL-2022-08 – Selling Guide Updates September 7, 2022-The September Selling Guide update expands the list of acceptable gift donors and makes several miscellaneous updates.
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.
Lender Letter LL-2021-10 – Expanding Refinance Eligibility with RefiNow April 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.
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.