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-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. |
| 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. |
| Lender Letter LL-2021-06 Mortgage Insurance Updates | February 17, 2021-This Lender Letter updates the MassHousing Mortgage Insurance Fund’s Loan Loss Reserve Agreement, Commitment/Certificate, and Mortgage Payment Protection Endorsement Forms as well as the list of Approved Mortgage Insurance Forms. |
| Announcement SEL-2021-01 – Selling Guide Updates | February 3, 2021-The February Selling Guide update simplifies the verification requirements related to seasonal and secondary income, updates the seller/servicer post-purchase adjustment (PPA) process to require the use of the PPA form, and removes references to lenders authorizing release of MI data to us. |
| Lender Letter LL-2021-05 - Retirement of CMT Adjustable-Rate Mortgage Products | February 3, 2021-This Lender Letter provides advance notice that we will cease purchasing Constant Maturity Treasury (CMT)-indexed ARMs later this year. While the CMT index is not going away, we will no longer acquire loans based on this index. |
| 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. |
