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fannie mae selling guide updates 2020

fannie mae selling guide updates 2020

As part of our efforts to improve certainty for lenders, we have updated our documentation requirements for the sale of personal assets to reflect the following: As a reminder, proceeds from the sale of personal assets are an acceptable source of funds for the down payment, closing costs, and reserves provided the individual purchasing the asset(s) is not a party to the mortgage transaction. Visit Selling and Servicing Guide Communications and Forms. To account for changes in the location of data between the current and redesigned forms, where possible, we have removed references to specific Form 1003 section numbers and field names. 12/22/2020 : Notification 20-18: Form 4637 : 01/05/2021 : Notification 20-17 Multifamily Underwriting Standards (Form 4660) 12/14/2020 : Guide Update 20-12: Solar Photovoltaic Systems : 12/14/2020 : Guide Update 20-10: Multifamily MBS with REMIC Election : 01/01/2021 We are implementing the changes indicated below beginning with the financial quarter ending Jun. Benchmark CPR Commentary – October October 14, 2020. As a reminder, lenders must ensure the form is filled out completely and accurately before the taxpayer is asked to sign the form. For best results, pose your search like a question. The following data elements must also be included in Loan Delivery: ConstructionMethodType (Sort ID 51): Manufactured Minimum loan term: B2-1.5-02, Loan Eligibility – added a minimum loan term of 85 months to align with whole loan committing and MBS policies. ManufacturedHomeWidthType (Sort ID 33): SingleWide, Effective: Loans secured by single-width manufactured homes can be delivered to us beginning February 1, 2021. feel free to email. The appraiser must always use a minimum of two comparable sales of similar manufactured homes, but we have specifically added a requirement that for a single-width manufactured home, one of the comparable properties must be a closed sale of another single-width manufactured home. The Selling Guide has been updated to include changes to the following: With this update, we are expanding our property eligibility criteria to allow for the sale of loans secured by single-width manufactured home loans that meet all the following property eligibility requirements. Part C, Mortgage Loan Payment Processing, Remitting, Account. Benchmark CPR Commentary – September September 11, 2020. limiting the requirement to obtain an independent valuation of the asset to only those cases where the proceeds from the sale exceed 50% of the total monthly income used in qualifying. Retirement, government annuity, and pension income and employment-related assets as income: updated requirements related to the use of retirement, government annuity, … Updates the foreclosure milestone schedule and eliminates prorated fee requirements. Having Issues with Seeing this Page Correctly? We communicated then that all LIBOR ARMs must be purchased as whole loans on or before December 31, or included in MBS pools with issue dates on or before December 1, 2020. Lender Letter LL-2021-03 – Impact Covid-19 Originations, Lender Letter LL-2021-04 – Impact Covid-19 Appraisals, Lender Letter LL-2021-01 Appraisal Risk Management Policy Reminders and Resources, Announcement SEL-2020-01 – Selling Guide Updates. We recommend that you use the latest version of FireFox or Chrome. PennyMac is aligning with Fannie Mae’s most recent Selling Guide updates in SEL-2020-01, Lender Letter 2020-01, and Freddie Mac’s Bulletin 2020-01, with the exception of all updates to cooperative projects and manufactured homes. Given the impact to reverifications required for loans selected for QC, we encourage lenders to begin using IRS Form 4506-C immediately. Grants are considered donations from others and no longer referred to as gifts. Servicing Guide ... lender letters, notices and more. & Technology, News & Fannie Mae may revoke this limited For example, separate maintenance income has been added to alimony and child support income policy. We have retained some information that is on the current Form 1003 but no longer in the redesigned Form 1003. Effective: Lenders may take advantage of the more flexible requirements immediately. Part E, Default-Related Legal Services, Bankruptcy, Foreclos. In connection with this incorporation, we have also added references to payment deferral throughout the Guide … Visit Selling and Servicing Guide Communications and Forms. This month there are some big changes that will help you do more business. Guide Resources For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. The, limiting the requirement to provide proof of the borrower’s ownership of the asset to only those assets that have a title, for example an automobile title; and. ; Uniform Instruments Freddie Mac and Fannie Mae/Freddie Mac Notes, Riders, Security Instruments, and other documents. As a result of these changes, we have replaced all references to IRS Form 4506-T with IRS Form 4506-C. All other updates are effective immediately. This form must be used to request a tax transcript beginning March 1, 2021. ft. of gross living area, Single-width manufactured homes are eligible for principal residence purchase and limited cash-out refinance transactions but are not eligible for cash-out refinance transactions or as second homes (or investment properties). Part B, Escrow, Taxes, Assessments, and Insurance. be located on an individual lot or in a Fannie Mae-approved project. Refer to the Servicing Announcement for additional information. Part A, Doing Business with Fannie Mae. notices and more. COVID-19 UPDATE: Find out how Fannie Mae is responding. Effective Date: Immediately (unless otherwise noted) On October 7, 2020 Fannie Mae issued Selling Guide Announcement SEL-2020-06 which covered the below referenced topics that are applicable to loans sold under the MPF Xtra product:. The Fannie Mae Selling Guide and Standard ARM Plan Matrix have been updated to include information regarding the SOFR 30-day Index and new SOFR ARM plan numbers. minimum quality control (QC) requirements and includes highly suggested QC best practices. Where necessary for clarity, we have added specific references to fields in Form 1003 (7/05 rev.6/09) and Form 1003 (1/2021). If you have additional questions, Fannie Mae customers can visit Ask Poli to get If you have additional questions, Fannie Mae customers can visit Ask Poli to get 2020 Fannie Mae Published anuary 2020 1 Quality Control . COVID-19 UPDATE: Find out how Fannie Mae is responding. A new DU user interface will also be available on fanniemae.com. 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. added financial and bank account statements to the list of eligible documents to show current receipt of income; clarified the requirements for documenting income from a pension or annuity account when the income will begin on or before the first payment date of the new loan; clarified that a three-year continuance of income is only required for retirement income paid in the form of a distribution from a 401(k), IRA, or Keogh retirement account; are allowing eligible retirement account balances to be combined for the purpose of determining the continuance; and. This will facilitate lenders’ ability to obtain the required transcripts from the IRS without delay. Customers Recommend Ask Poli AskPoli. To further support our commitment to affordable housing, we have simplified our policy for community land trust eligibility with regard to the community land trust’s experience, staff, and annual reports. Servicing Guide. As a result of this deadline, we have removed all references to LIBOR and the LIBOR ARM plan numbers from the Selling Guide and the Standard ARM Plan Matrix. The updates to the Guide are extensive, impacting many topics, and are summarized below. We have incorporated the disaster payment deferral workout option introduced on Jul. IRS Form 4506-C, IVES Request for Transcript of Tax Return. Since we are unable to approve any waivers pre-closing, we are removing this reference. Self-Assessment. Note: As a reminder, on March 1, 2021, all lenders are required to use the redesigned Form 1003 (and the MISMO v3.4 format for DU loan casefiles) for new loan applications. Announcement SEL-2020-06 – Selling Guide Updates. Updates relating to electronic documentation are effective October 14, 2020. The unused, undesignated, and available portions of credit lines, including those for, or partially for, servicing advances, will no longer count as eligible liquidity toward meeting minimum eligibility requirements for non-depository seller/servicers. Freddie Mac Selling Guide Updates – Bulletin 2020-44 – Dated November 13, 2020 Written by: Lloyd Rutherford, Staff Writer Self-Employed borrowers were never super-easy for originators. We have added some new fields that are on the redesigned Form 1003 that have related policies. Allowing the sale of single-width manufactured homes aligns with our affordable housing and Duty to Serve objectives. 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 … The date of the topic has been updated where substantial text updates have been made. & Insights, Pricing & Specifically, we. information from other Fannie Mae published sources. Fannie Mae removed the underwriting changes announced on December 4, 2019, that required the use of estimated property taxes for the establishment of … As stated in Selling Guide A4-1-01, Maintaining Seller/Servicer Eligibility, the minimum liquidity requirement is equal to 0.035% of the unpaid principal balance (UPB) of mortgage loans serviced by a non-depository seller/servicer for Fannie Mae, Freddie Mac, and Ginnie Mae if the Agency SDQ rate is 6% or less. The lender must continue to verify that the borrower has sufficient assets from the list of eligible sources contained in our Guide. With this update that provides clearly defined guidelines, we are removing the prior policy that allowed for alternative documentation if the proceeds from the sale represented a minor percentage of the borrower’s overall financial contribution. Selling, Securitizing & Delivering. (These are the dates in the footer of each form.). Visit Selling and Servicing Guide Communications and Forms. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. We have updated the Selling Guide to reflect changes that are necessary as a result of the redesigned Form. Title waivers: B7-2-05, Title Exceptions and Impediments – removed reference that states that requests for waivers of exceptions to title should be submitted to us in writing. Specifically, we. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. September 2, 2020 Announcement SEL-2020-05 – Selling Guide Updates 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. The retirement income message in DU will be updated in a future release to reflect these changes. If the Agency SDQ rate is above 6%, the seller/servicer … Fannie Mae (Selling Notice – HomeReady Income Limits 2020) and Freddie Mac (Bul letin 2020-26)have now indicated their own instructions for when to begin using HUD’s 2020 tables for Area Median Income (AMI) calculations (rather than the 2019 tables which have been in … For a detailed list of the Guide updates associated with this Bulletin and the topics with which they correspond, access the Bulletin 2020-48 (Selling) Guide Updates Spreadsheet via the Download drop-down available at https://guide.freddiemac.com/app/guide/bulletin/2020-48. ; Forms Forms for Freddie Mac-approved Sellers and Servicers. Part D, Providing Solutions to a Borrower. ; Directory Contact information for specific Guide questions, requests, and documentation. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. Get answers to your policy and guide questions, straight from the source. If the appraiser is unable to find a comparable closed sale of another single-width property, an additional comparable “under contract” sale or active listing may be used. ), Retirement, government annuity, and pension income and employment-related assets as income be legally classified as real property and cannot include an accessory dwelling unit (ADU). For best results, pose your search like a question. The, ConstructionMethodType (Sort ID 51): Manufactured, We updated our requirements related to the use of retirement, government annuity, and pension income. Effective: Non-depository seller/servicers must be compliant with the updated requirements based on financials reported as of March 31, 2021. have a manufacture date of 10 years or less measured from the effective date of the appraisal. Servicing Guide ... lender letters, notices and more. Single-width manufactured homes are eligible for principal residence purchase and limited cash-out refinance transactions but are not eligible for cash-out refinance transactions or as second homes (or investment properties). If you still have Technical Support questions, Fannie Mae issued Selling Guide Announcement SEL-2020-07 (Announcement), setting forth updates to the Selling Guide. ... lender letters, notices and more. Later in 2021 or early 2022, we will update the Guide again to remove all references to the current Form 1003 and data that no applies. IRS Form 4506-C has been created for authorized IVES participants to order tax transcripts with the consent of the taxpayer. Clarified accessory dwelling unit property eligibility requirements and updated comparable sales requirements … In addition, we clarified that a pro-rated tax credit is not an interested party contribution. The requirement for typhoon insurance for Guam properties will remain and is now noted in. be at least 12 feet wide and have a minimum of 400 sq. Updates include but are not limited to the following. The requirement for typhoon insurance for Guam properties will remain and is now noted in Selling Guide B7-3-02, General Property Insurance Coverage. Announcement SEL-2020-07 – Selling Guide Updates. reliability of the session content, Fannie Mae’s Selling and Servicing Guides and their updates, including Guide Announcements and Release Notes, are the official statements of Fannie Mae’s policies and procedures and control in the event of discrepancies between the … Fannie Mae Selling Guide Updates – SEL-2020-07 – Dated December 16, 2020 Written by: Lloyd Rutherford, Staff Writer Selling guide updates are always an important read! The Selling Guide has been updated to include changes to the following: Single-width manufactured homes: expanded eligibility to allow the sale of loans secured by single-width manufactured homes. 15, 2020 in LL-2020-11, and subsequently updated on Aug. 27, 2020, into the Servicing Guide. Customers Recommend Ask Poli AskPoli. Events. Second, in addition to providing the numbers from the HUD Data Plate and Certification Label(s) affixed to the manufactured home, the appraiser must also provide photos of this information. E-2-01, Required Custodial Documents (09/02/2020) Introduction. Get answers to all your policy questions, straight from the source. The terms “loan application” and “Form 1003” generally mean the same thing. You can also download the printable 1,200+ page PDF, which include links. Ask Poli. Due to the nature of title exceptions, we typically cannot grant them because they are requested prior to closing. Along with the above policies, we have updated the manufactured housing appraisal requirements and standards. A hard refresh will clear the browsers cache for a specific page and force the most recent In some topics, there are references to both the current and redesigned Forms. Visit Selling and Servicing Guide Communications and Forms. In addition, we have added an example to illustrate the calculation of the LTV ratio for a community land trust purchase transaction. Effective: Lenders may take advantage of these policy changes immediately. Execution, Learning MPF Xtra Selling Guide Updates . SVC-2020-01, Servicing Guide Updates (02/12/2020) Prorated Attorney Fees and Foreclosure Milestone Invoicing. Ask Poli. The term “online loan application” refers to the DU user interface (or the lender’s loan origination system) where data is collected that is not on the Form 1003. Multifamily Selling and Servicing Guide No portion of this Multifamily Selling and Servicing Guide may be reproduced in any form or by any means without Fannie Mae's prior written permission, except as may be provided herein or We have been working with Freddie Mac for many years to update and implement the redesigned Uniform Residential Loan Application Form 1003 and are very close to the start of widespread usage. Lenders should confirm with their preferred mortgage insurance provider(s) that coverage is available on loans secured by single-width manufactured homes. Center, Apps February 5, 2020 Announcement SEL-2020-01 – Selling Guide Updates 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. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. With COVID, they have become even more difficult. Customers Recommend Ask Poli AskPoli. version of a page. At the direction of the Federal Housing Finance Agency and in collaboration with Freddie Mac, we are modifying our seller/servicer eligibility standards related to minimum liquidity. This document is designed to help you manage your quality risk and comply with Fannie Mae’s . Lenders may also contact their Fannie Mae Account Team if they have questions about this Announcement. All loans secured by a single-width manufactured home must be delivered with Special Feature Codes (SFC) 235 and 791. Fannie Mae will begin accepting SOFR ARM products on August 3, 2020, and will continue to update the Selling Guide. Dec. 16, 2020. Delivery Requirements Retirement, government annuity, and pension income and employment-related assets as income: IRS Form 4506-C, IVES Request for Transcript of Tax Return: A4-1-01, Maintaining Seller/Servicer Eligibility, B7-3-02, General Property Insurance Coverage, B7-2-05, Title Exceptions and Impediments, How to do a hard refresh in Internet Explorer. Bulletins & Industry Letters Updates to, reminders, and restatements of the Single-Family Seller/Servicer Guide requirements. Benchmark CPR Commentary – August ... Fannie Mae Prices $759 Million Multifamily DUS REMIC (FNA 2021-M1) Under Its GeMS Program January 8, 2021. Updated the Selling Guide to implement the flexibilities for the use of remote online notarization introduced in … Selling Guide. Per the Announcement, Fannie Mae updated the Selling Guide to include changes with respect to: Single-width manufactured homes (now eligible for sale to Fannie Mae); Retirement, government annuity, and pension income, and employment-related assets as income; … Fannie Mae will begin accepting SOFR ARM products on August 3, 2020, and will continue to update the Selling Guide. At the direction of the Federal Housing Finance Agency and in collaboration with Freddie Mac, we are modifying our seller/servicer eligibility standards related to minimum liquidity. Research parts of this Multifamily Selling and Servicing Guide, are granted to Fannie Mae-approved Lenders strictly for their own use in originating and selling multifamily Mortgage Loans to, and servicing multifamily Mortgage Loans for, Fannie Mae. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. 30, 2020. Published December 9, 2020. information from other Fannie Mae published sources. Selling Guide Updates December 4, 2019 December updates announce clarifications to calculating monthly real estate tax payments, clarify policies on non-applicant debt, address bridge loan treatment in monthly debt obligations, and more. On January 1, 2021, the Open Production Period will begin, and all lenders may start using the redesigned Form 1003 (and the updated data specification for DU submissions). However, we have taken into account that the current Form 1003 (and related DU loan casefiles) will continue to be used for many months. In accordance with Servicing Guide Announcement SVC-2020-07, we have updated the Selling Guide to remove the requirement for earthquake insurance for loans secured by properties in Puerto Rico and Guam. removed the requirement to reduce the value of retirement assets consisting of stocks, bonds, and mutual funds by 30% when measuring the three-year continuance for retirement income, and for calculating net documented assets when employment-related assets are used as income. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. The unused, undesignated, and available portions of credit lines, including those for, or partially for, servicing advances, will no longer count as eligible liquidity toward meeting minimum eligibility requirements for non-depository seller/servicers. This part describes the requirements associated with the two primary ways lenders transact business with Fannie Mae: selling whole loans for cash and pooling loans into Fannie Mae mortgage-backed securities (MBS), which includes Uniform Mortgage-Backed Securities (UMBS). November 13, 2020. Measuring the effectiveness of your quality control program. Fannie Mae issued a release reviewing all Servicing Guide updates, all Selling Guide updates and Lender Letters from last year. Selling, Securitizing, and Delivering Loans. Have guide questions? Ask Poli features exclusive Q&As and more—plus official Selling & Servicing Guide content. LIBOR references: In February of this year we announced the retirement of LIBOR ARMs with the release of LL-2020-01. We have clarified that pro-rated real estate tax credits provided by the seller at closing in places where real estate taxes are paid in arrears cannot be considered when determining if the borrower has enough funds for the transaction. Note that DU is not able to identify this property type so lenders must apply these requirements manually. However, for topics with minor updates, the topic dates remain unchanged. F-1-14, Processing a Fannie Mae Mortgage Release (Deed-In-Lieu of Foreclosure) F-1-15, Processing a Fannie Mae Short Sale. The Eligibility Matrix has been updated to reflect this change. Read this article to update your knowledge on this important market segment. (Taxpayers may continue to use these forms to obtain transcripts.) The Selling Guide A4-1-01, Maintaining Seller/Servicer Eligibility, has been updated to reflect this change. For a comprehensive list of resources such as forms, announcements, lender letters, COVID-19 UPDATE: Find out how Fannie Mae is responding. In Selling Guide Announcement SEL-2020-02 Fannie Mae provides details about SOFR ARM products and advises that it will begin accepting Single-Family SOFR ARMS on August 3, 2020.

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fannie mae selling guide updates 2020
As part of our efforts to improve certainty for lenders, we have updated our documentation requirements for the sale of personal assets to reflect the following: As a reminder, proceeds from the sale of personal assets are an acceptable source of funds for the down payment, closing costs, and reserves provided the individual purchasing the asset(s) is not a party to the mortgage transaction. Visit Selling and Servicing Guide Communications and Forms. To account for changes in the location of data between the current and redesigned forms, where possible, we have removed references to specific Form 1003 section numbers and field names. 12/22/2020 : Notification 20-18: Form 4637 : 01/05/2021 : Notification 20-17 Multifamily Underwriting Standards (Form 4660) 12/14/2020 : Guide Update 20-12: Solar Photovoltaic Systems : 12/14/2020 : Guide Update 20-10: Multifamily MBS with REMIC Election : 01/01/2021 We are implementing the changes indicated below beginning with the financial quarter ending Jun. Benchmark CPR Commentary – October October 14, 2020. As a reminder, lenders must ensure the form is filled out completely and accurately before the taxpayer is asked to sign the form. For best results, pose your search like a question. The following data elements must also be included in Loan Delivery: ConstructionMethodType (Sort ID 51): Manufactured Minimum loan term: B2-1.5-02, Loan Eligibility – added a minimum loan term of 85 months to align with whole loan committing and MBS policies. ManufacturedHomeWidthType (Sort ID 33): SingleWide, Effective: Loans secured by single-width manufactured homes can be delivered to us beginning February 1, 2021. feel free to email. The appraiser must always use a minimum of two comparable sales of similar manufactured homes, but we have specifically added a requirement that for a single-width manufactured home, one of the comparable properties must be a closed sale of another single-width manufactured home. The Selling Guide has been updated to include changes to the following: With this update, we are expanding our property eligibility criteria to allow for the sale of loans secured by single-width manufactured home loans that meet all the following property eligibility requirements. Part C, Mortgage Loan Payment Processing, Remitting, Account. Benchmark CPR Commentary – September September 11, 2020. limiting the requirement to obtain an independent valuation of the asset to only those cases where the proceeds from the sale exceed 50% of the total monthly income used in qualifying. Retirement, government annuity, and pension income and employment-related assets as income: updated requirements related to the use of retirement, government annuity, … Updates the foreclosure milestone schedule and eliminates prorated fee requirements. Having Issues with Seeing this Page Correctly? We communicated then that all LIBOR ARMs must be purchased as whole loans on or before December 31, or included in MBS pools with issue dates on or before December 1, 2020. Lender Letter LL-2021-03 – Impact Covid-19 Originations, Lender Letter LL-2021-04 – Impact Covid-19 Appraisals, Lender Letter LL-2021-01 Appraisal Risk Management Policy Reminders and Resources, Announcement SEL-2020-01 – Selling Guide Updates. We recommend that you use the latest version of FireFox or Chrome. PennyMac is aligning with Fannie Mae’s most recent Selling Guide updates in SEL-2020-01, Lender Letter 2020-01, and Freddie Mac’s Bulletin 2020-01, with the exception of all updates to cooperative projects and manufactured homes. Given the impact to reverifications required for loans selected for QC, we encourage lenders to begin using IRS Form 4506-C immediately. Grants are considered donations from others and no longer referred to as gifts. Servicing Guide ... lender letters, notices and more. & Technology, News & Fannie Mae may revoke this limited For example, separate maintenance income has been added to alimony and child support income policy. We have retained some information that is on the current Form 1003 but no longer in the redesigned Form 1003. Effective: Lenders may take advantage of the more flexible requirements immediately. Part E, Default-Related Legal Services, Bankruptcy, Foreclos. In connection with this incorporation, we have also added references to payment deferral throughout the Guide … Visit Selling and Servicing Guide Communications and Forms. This month there are some big changes that will help you do more business. Guide Resources For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. The, limiting the requirement to provide proof of the borrower’s ownership of the asset to only those assets that have a title, for example an automobile title; and. ; Uniform Instruments Freddie Mac and Fannie Mae/Freddie Mac Notes, Riders, Security Instruments, and other documents. As a result of these changes, we have replaced all references to IRS Form 4506-T with IRS Form 4506-C. All other updates are effective immediately. This form must be used to request a tax transcript beginning March 1, 2021. ft. of gross living area, Single-width manufactured homes are eligible for principal residence purchase and limited cash-out refinance transactions but are not eligible for cash-out refinance transactions or as second homes (or investment properties). Part B, Escrow, Taxes, Assessments, and Insurance. be located on an individual lot or in a Fannie Mae-approved project. Refer to the Servicing Announcement for additional information. Part A, Doing Business with Fannie Mae. notices and more. COVID-19 UPDATE: Find out how Fannie Mae is responding. Effective Date: Immediately (unless otherwise noted) On October 7, 2020 Fannie Mae issued Selling Guide Announcement SEL-2020-06 which covered the below referenced topics that are applicable to loans sold under the MPF Xtra product:. The Fannie Mae Selling Guide and Standard ARM Plan Matrix have been updated to include information regarding the SOFR 30-day Index and new SOFR ARM plan numbers. minimum quality control (QC) requirements and includes highly suggested QC best practices. Where necessary for clarity, we have added specific references to fields in Form 1003 (7/05 rev.6/09) and Form 1003 (1/2021). If you have additional questions, Fannie Mae customers can visit Ask Poli to get If you have additional questions, Fannie Mae customers can visit Ask Poli to get 2020 Fannie Mae Published anuary 2020 1 Quality Control . COVID-19 UPDATE: Find out how Fannie Mae is responding. A new DU user interface will also be available on fanniemae.com. 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. added financial and bank account statements to the list of eligible documents to show current receipt of income; clarified the requirements for documenting income from a pension or annuity account when the income will begin on or before the first payment date of the new loan; clarified that a three-year continuance of income is only required for retirement income paid in the form of a distribution from a 401(k), IRA, or Keogh retirement account; are allowing eligible retirement account balances to be combined for the purpose of determining the continuance; and. This will facilitate lenders’ ability to obtain the required transcripts from the IRS without delay. Customers Recommend Ask Poli AskPoli. To further support our commitment to affordable housing, we have simplified our policy for community land trust eligibility with regard to the community land trust’s experience, staff, and annual reports. Servicing Guide. As a result of this deadline, we have removed all references to LIBOR and the LIBOR ARM plan numbers from the Selling Guide and the Standard ARM Plan Matrix. The updates to the Guide are extensive, impacting many topics, and are summarized below. We have incorporated the disaster payment deferral workout option introduced on Jul. IRS Form 4506-C, IVES Request for Transcript of Tax Return. Since we are unable to approve any waivers pre-closing, we are removing this reference. Self-Assessment. Note: As a reminder, on March 1, 2021, all lenders are required to use the redesigned Form 1003 (and the MISMO v3.4 format for DU loan casefiles) for new loan applications. Announcement SEL-2020-06 – Selling Guide Updates. Updates relating to electronic documentation are effective October 14, 2020. The unused, undesignated, and available portions of credit lines, including those for, or partially for, servicing advances, will no longer count as eligible liquidity toward meeting minimum eligibility requirements for non-depository seller/servicers. Freddie Mac Selling Guide Updates – Bulletin 2020-44 – Dated November 13, 2020 Written by: Lloyd Rutherford, Staff Writer Self-Employed borrowers were never super-easy for originators. We have added some new fields that are on the redesigned Form 1003 that have related policies. Allowing the sale of single-width manufactured homes aligns with our affordable housing and Duty to Serve objectives. 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 … The date of the topic has been updated where substantial text updates have been made. & Insights, Pricing & Specifically, we. information from other Fannie Mae published sources. Fannie Mae removed the underwriting changes announced on December 4, 2019, that required the use of estimated property taxes for the establishment of … As stated in Selling Guide A4-1-01, Maintaining Seller/Servicer Eligibility, the minimum liquidity requirement is equal to 0.035% of the unpaid principal balance (UPB) of mortgage loans serviced by a non-depository seller/servicer for Fannie Mae, Freddie Mac, and Ginnie Mae if the Agency SDQ rate is 6% or less. The lender must continue to verify that the borrower has sufficient assets from the list of eligible sources contained in our Guide. With this update that provides clearly defined guidelines, we are removing the prior policy that allowed for alternative documentation if the proceeds from the sale represented a minor percentage of the borrower’s overall financial contribution. Selling, Securitizing & Delivering. (These are the dates in the footer of each form.). Visit Selling and Servicing Guide Communications and Forms. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. We have updated the Selling Guide to reflect changes that are necessary as a result of the redesigned Form. Title waivers: B7-2-05, Title Exceptions and Impediments – removed reference that states that requests for waivers of exceptions to title should be submitted to us in writing. Specifically, we. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. September 2, 2020 Announcement SEL-2020-05 – Selling Guide Updates 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. The retirement income message in DU will be updated in a future release to reflect these changes. If the Agency SDQ rate is above 6%, the seller/servicer … Fannie Mae (Selling Notice – HomeReady Income Limits 2020) and Freddie Mac (Bul letin 2020-26)have now indicated their own instructions for when to begin using HUD’s 2020 tables for Area Median Income (AMI) calculations (rather than the 2019 tables which have been in … For a detailed list of the Guide updates associated with this Bulletin and the topics with which they correspond, access the Bulletin 2020-48 (Selling) Guide Updates Spreadsheet via the Download drop-down available at https://guide.freddiemac.com/app/guide/bulletin/2020-48. ; Forms Forms for Freddie Mac-approved Sellers and Servicers. Part D, Providing Solutions to a Borrower. ; Directory Contact information for specific Guide questions, requests, and documentation. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. Get answers to your policy and guide questions, straight from the source. If the appraiser is unable to find a comparable closed sale of another single-width property, an additional comparable “under contract” sale or active listing may be used. ), Retirement, government annuity, and pension income and employment-related assets as income be legally classified as real property and cannot include an accessory dwelling unit (ADU). For best results, pose your search like a question. The, ConstructionMethodType (Sort ID 51): Manufactured, We updated our requirements related to the use of retirement, government annuity, and pension income. Effective: Non-depository seller/servicers must be compliant with the updated requirements based on financials reported as of March 31, 2021. have a manufacture date of 10 years or less measured from the effective date of the appraisal. Servicing Guide ... lender letters, notices and more. Single-width manufactured homes are eligible for principal residence purchase and limited cash-out refinance transactions but are not eligible for cash-out refinance transactions or as second homes (or investment properties). If you still have Technical Support questions, Fannie Mae issued Selling Guide Announcement SEL-2020-07 (Announcement), setting forth updates to the Selling Guide. ... lender letters, notices and more. Later in 2021 or early 2022, we will update the Guide again to remove all references to the current Form 1003 and data that no applies. IRS Form 4506-C has been created for authorized IVES participants to order tax transcripts with the consent of the taxpayer. Clarified accessory dwelling unit property eligibility requirements and updated comparable sales requirements … In addition, we clarified that a pro-rated tax credit is not an interested party contribution. The requirement for typhoon insurance for Guam properties will remain and is now noted in. be at least 12 feet wide and have a minimum of 400 sq. Updates include but are not limited to the following. The requirement for typhoon insurance for Guam properties will remain and is now noted in Selling Guide B7-3-02, General Property Insurance Coverage. Announcement SEL-2020-07 – Selling Guide Updates. reliability of the session content, Fannie Mae’s Selling and Servicing Guides and their updates, including Guide Announcements and Release Notes, are the official statements of Fannie Mae’s policies and procedures and control in the event of discrepancies between the … Fannie Mae Selling Guide Updates – SEL-2020-07 – Dated December 16, 2020 Written by: Lloyd Rutherford, Staff Writer Selling guide updates are always an important read! The Selling Guide has been updated to include changes to the following: Single-width manufactured homes: expanded eligibility to allow the sale of loans secured by single-width manufactured homes. 15, 2020 in LL-2020-11, and subsequently updated on Aug. 27, 2020, into the Servicing Guide. Customers Recommend Ask Poli AskPoli. Events. Second, in addition to providing the numbers from the HUD Data Plate and Certification Label(s) affixed to the manufactured home, the appraiser must also provide photos of this information. E-2-01, Required Custodial Documents (09/02/2020) Introduction. Get answers to all your policy questions, straight from the source. The terms “loan application” and “Form 1003” generally mean the same thing. You can also download the printable 1,200+ page PDF, which include links. Ask Poli. Due to the nature of title exceptions, we typically cannot grant them because they are requested prior to closing. Along with the above policies, we have updated the manufactured housing appraisal requirements and standards. A hard refresh will clear the browsers cache for a specific page and force the most recent In some topics, there are references to both the current and redesigned Forms. Visit Selling and Servicing Guide Communications and Forms. In addition, we have added an example to illustrate the calculation of the LTV ratio for a community land trust purchase transaction. Effective: Lenders may take advantage of these policy changes immediately. Execution, Learning MPF Xtra Selling Guide Updates . SVC-2020-01, Servicing Guide Updates (02/12/2020) Prorated Attorney Fees and Foreclosure Milestone Invoicing. Ask Poli. The term “online loan application” refers to the DU user interface (or the lender’s loan origination system) where data is collected that is not on the Form 1003. Multifamily Selling and Servicing Guide No portion of this Multifamily Selling and Servicing Guide may be reproduced in any form or by any means without Fannie Mae's prior written permission, except as may be provided herein or We have been working with Freddie Mac for many years to update and implement the redesigned Uniform Residential Loan Application Form 1003 and are very close to the start of widespread usage. Lenders should confirm with their preferred mortgage insurance provider(s) that coverage is available on loans secured by single-width manufactured homes. Center, Apps February 5, 2020 Announcement SEL-2020-01 – Selling Guide Updates 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. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. With COVID, they have become even more difficult. Customers Recommend Ask Poli AskPoli. version of a page. At the direction of the Federal Housing Finance Agency and in collaboration with Freddie Mac, we are modifying our seller/servicer eligibility standards related to minimum liquidity. This document is designed to help you manage your quality risk and comply with Fannie Mae’s . Lenders may also contact their Fannie Mae Account Team if they have questions about this Announcement. All loans secured by a single-width manufactured home must be delivered with Special Feature Codes (SFC) 235 and 791. Fannie Mae will begin accepting SOFR ARM products on August 3, 2020, and will continue to update the Selling Guide. Dec. 16, 2020. Delivery Requirements Retirement, government annuity, and pension income and employment-related assets as income: IRS Form 4506-C, IVES Request for Transcript of Tax Return: A4-1-01, Maintaining Seller/Servicer Eligibility, B7-3-02, General Property Insurance Coverage, B7-2-05, Title Exceptions and Impediments, How to do a hard refresh in Internet Explorer. Bulletins & Industry Letters Updates to, reminders, and restatements of the Single-Family Seller/Servicer Guide requirements. Benchmark CPR Commentary – August ... Fannie Mae Prices $759 Million Multifamily DUS REMIC (FNA 2021-M1) Under Its GeMS Program January 8, 2021. Updated the Selling Guide to implement the flexibilities for the use of remote online notarization introduced in … Selling Guide. Per the Announcement, Fannie Mae updated the Selling Guide to include changes with respect to: Single-width manufactured homes (now eligible for sale to Fannie Mae); Retirement, government annuity, and pension income, and employment-related assets as income; … Fannie Mae will begin accepting SOFR ARM products on August 3, 2020, and will continue to update the Selling Guide. At the direction of the Federal Housing Finance Agency and in collaboration with Freddie Mac, we are modifying our seller/servicer eligibility standards related to minimum liquidity. Research parts of this Multifamily Selling and Servicing Guide, are granted to Fannie Mae-approved Lenders strictly for their own use in originating and selling multifamily Mortgage Loans to, and servicing multifamily Mortgage Loans for, Fannie Mae. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. 30, 2020. Published December 9, 2020. information from other Fannie Mae published sources. Selling Guide Updates December 4, 2019 December updates announce clarifications to calculating monthly real estate tax payments, clarify policies on non-applicant debt, address bridge loan treatment in monthly debt obligations, and more. On January 1, 2021, the Open Production Period will begin, and all lenders may start using the redesigned Form 1003 (and the updated data specification for DU submissions). However, we have taken into account that the current Form 1003 (and related DU loan casefiles) will continue to be used for many months. In accordance with Servicing Guide Announcement SVC-2020-07, we have updated the Selling Guide to remove the requirement for earthquake insurance for loans secured by properties in Puerto Rico and Guam. removed the requirement to reduce the value of retirement assets consisting of stocks, bonds, and mutual funds by 30% when measuring the three-year continuance for retirement income, and for calculating net documented assets when employment-related assets are used as income. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. The unused, undesignated, and available portions of credit lines, including those for, or partially for, servicing advances, will no longer count as eligible liquidity toward meeting minimum eligibility requirements for non-depository seller/servicers. This part describes the requirements associated with the two primary ways lenders transact business with Fannie Mae: selling whole loans for cash and pooling loans into Fannie Mae mortgage-backed securities (MBS), which includes Uniform Mortgage-Backed Securities (UMBS). November 13, 2020. Measuring the effectiveness of your quality control program. Fannie Mae issued a release reviewing all Servicing Guide updates, all Selling Guide updates and Lender Letters from last year. Selling, Securitizing, and Delivering Loans. Have guide questions? Ask Poli features exclusive Q&As and more—plus official Selling & Servicing Guide content. LIBOR references: In February of this year we announced the retirement of LIBOR ARMs with the release of LL-2020-01. We have clarified that pro-rated real estate tax credits provided by the seller at closing in places where real estate taxes are paid in arrears cannot be considered when determining if the borrower has enough funds for the transaction. Note that DU is not able to identify this property type so lenders must apply these requirements manually. However, for topics with minor updates, the topic dates remain unchanged. F-1-14, Processing a Fannie Mae Mortgage Release (Deed-In-Lieu of Foreclosure) F-1-15, Processing a Fannie Mae Short Sale. The Eligibility Matrix has been updated to reflect this change. Read this article to update your knowledge on this important market segment. (Taxpayers may continue to use these forms to obtain transcripts.) The Selling Guide A4-1-01, Maintaining Seller/Servicer Eligibility, has been updated to reflect this change. For a comprehensive list of resources such as forms, announcements, lender letters, COVID-19 UPDATE: Find out how Fannie Mae is responding. In Selling Guide Announcement SEL-2020-02 Fannie Mae provides details about SOFR ARM products and advises that it will begin accepting Single-Family SOFR ARMS on August 3, 2020. 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