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. For a comprehensive list of resources such as forms, announcements, lender letters, 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; … ... lender letters, notices and more. The lender must continue to verify that the borrower has sufficient assets from the list of eligible sources contained in our Guide. All other updates are effective immediately. Ask Poli features exclusive Q&As and more—plus official Selling & Servicing Guide content. A hard refresh will clear the browsers cache for a specific page and force the most recent Research If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. Updated the Selling Guide to implement the flexibilities for the use of remote online notarization introduced in … Part A, Doing Business with Fannie Mae. As a result of these changes, we have replaced all references to IRS Form 4506-T with IRS Form 4506-C. Customers Recommend Ask Poli AskPoli. 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. Selling, Securitizing & Delivering. Ask Poli. 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. 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. Delivery Requirements information from other Fannie Mae published sources. Measuring the effectiveness of your quality control program. Part E, Default-Related Legal Services, Bankruptcy, Foreclos. Servicing Guide ... lender letters, notices and more. Retirement, government annuity, and pension income and employment-related assets as income: updated requirements related to the use of retirement, government annuity, … MPF Xtra Selling Guide Updates . 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. 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. 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. 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! Lenders should confirm with their preferred mortgage insurance provider(s) that coverage is available on loans secured by single-width manufactured homes. 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). Benchmark CPR Commentary – October October 14, 2020. Effective: Lenders may take advantage of these policy changes immediately. We are implementing the changes indicated below beginning with the financial quarter ending Jun. The requirement for typhoon insurance for Guam properties will remain and is now noted in Selling Guide B7-3-02, General Property Insurance Coverage. ; Forms Forms for Freddie Mac-approved Sellers and Servicers. have a manufacture date of 10 years or less measured from the effective date of the appraisal. 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. We recommend that you use the latest version of FireFox or Chrome. The updates to the Guide are extensive, impacting many topics, and are summarized below. 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. Announcement SEL-2020-07 – Selling Guide Updates. 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. Grants are considered donations from others and no longer referred to as gifts. 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). 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. The terms “loan application” and “Form 1003” generally mean the same thing. All loans secured by a single-width manufactured home must be delivered with Special Feature Codes (SFC) 235 and 791. be located on an individual lot or in a Fannie Mae-approved project. If you have additional questions, Fannie Mae customers can visit Ask Poli to get SVC-2020-01, Servicing Guide Updates (02/12/2020) Prorated Attorney Fees and Foreclosure Milestone Invoicing. 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. Note that DU is not able to identify this property type so lenders must apply these requirements manually. E-2-01, Required Custodial Documents (09/02/2020) Introduction. 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. 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. Published December 9, 2020. 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. Based on information we have seen from the IRS Income Verification Express Service (IVES) program, IRS Forms 4506-T and 4506T-EZ are being phased out for use by third parties in early 2021. 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. Customers Recommend Ask Poli AskPoli. Part C, Mortgage Loan Payment Processing, Remitting, Account. If the Agency SDQ rate is above 6%, the seller/servicer … 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). In addition, we clarified that a pro-rated tax credit is not an interested party contribution. November 13, 2020. The Eligibility Matrix has been updated to reflect this change. 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. Fannie Mae will begin accepting SOFR ARM products on August 3, 2020, and will continue to update the Selling Guide. Launch Updates include but are not limited to the following. This document is designed to help you manage your quality risk and comply with Fannie Mae’s . minimum quality control (QC) requirements and includes highly suggested QC best practices. Dec. 16, 2020. Along with the above policies, we have updated the manufactured housing appraisal requirements and standards. Benchmark CPR Commentary – September September 11, 2020. 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 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. Allowing the sale of single-width manufactured homes aligns with our affordable housing and Duty to Serve objectives. Guide Resources For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. The date of the topic has been updated where substantial text updates have been made. Fannie Mae issued Selling Guide Announcement SEL-2020-07 (Announcement), setting forth updates to the Selling Guide. Fannie Mae issued a release reviewing all Servicing Guide updates, all Selling Guide updates and Lender Letters from last year. Specifically, we. 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. Ask Poli. 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 Get answers to your policy and guide questions, straight from the source. COVID-19 UPDATE: Find out how Fannie Mae is responding. Fannie Mae may revoke this limited 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. However, we have taken into account that the current Form 1003 (and related DU loan casefiles) will continue to be used for many months. 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. With COVID, they have become even more difficult. You can also download the printable 1,200+ page PDF, which include links. Selling, Securitizing, and Delivering Loans. 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. This month there are some big changes that will help you do more business. LIBOR references: In February of this year we announced the retirement of LIBOR ARMs with the release of LL-2020-01. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. 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. For example, separate maintenance income has been added to alimony and child support income policy. Events. 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 … 2020 Fannie Mae Published anuary 2020 1 Quality Control . ; Directory Contact information for specific Guide questions, requests, and documentation. Updates the foreclosure milestone schedule and eliminates prorated fee requirements. IRS Form 4506-C, IVES Request for Transcript of Tax Return. Effective: Non-depository seller/servicers must be compliant with the updated requirements based on financials reported as of March 31, 2021. Effective: Lenders may take advantage of these policy changes immediately but must apply the changes to loans with application dates received on or after February 15, 2021. This will facilitate lenders’ ability to obtain the required transcripts from the IRS without delay. The following data elements must also be included in Loan Delivery: ConstructionMethodType (Sort ID 51): Manufactured version of a page. The, ConstructionMethodType (Sort ID 51): Manufactured, We updated our requirements related to the use of retirement, government annuity, and pension income. Visit Selling and Servicing Guide Communications and Forms. notices and more. 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. 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. 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. Bulletins & Industry Letters Updates to, reminders, and restatements of the Single-Family Seller/Servicer Guide requirements. 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 … Get answers to all your policy questions, straight from the source. Since we are unable to approve any waivers pre-closing, we are removing this reference. 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 … For best results, pose your search like a question. 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. Having Issues with Seeing this Page Correctly? 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. Specifically, we. Selling Guide. 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 best results, pose your search like a question. Effective Date: Immediately (unless otherwise noted) On September 2, 2020 Fannie Mae issued Selling Guide Announcement SEL-2020-05 which covered the below referenced topics that are applicable to loans sold under the MPF Xtra product:. 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). feel free to email. The retirement income message in DU will be updated in a future release to reflect these changes. ; Uniform Instruments Freddie Mac and Fannie Mae/Freddie Mac Notes, Riders, Security Instruments, and other documents. Refer to the Servicing Announcement for additional information. (Taxpayers may continue to use these forms to obtain transcripts.) Clarified accessory dwelling unit property eligibility requirements and updated comparable sales requirements … Announcement SEL-2020-06 – Selling Guide Updates. 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. Read this article to update your knowledge on this important market segment. Self-Assessment. Due to the nature of title exceptions, we typically cannot grant them because they are requested prior to closing. The Selling Guide A4-1-01, Maintaining Seller/Servicer Eligibility, has been updated to reflect this change. 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. 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. Effective: Lenders may take advantage of the more flexible requirements immediately. Fannie Mae will begin accepting SOFR ARM products on August 3, 2020, and will continue to update the Selling Guide. (These are the dates in the footer of each form.). COVID-19 UPDATE: Find out how Fannie Mae is responding. In addition, we have added an example to illustrate the calculation of the LTV ratio for a community land trust purchase transaction. Given the impact to reverifications required for loans selected for QC, we encourage lenders to begin using IRS Form 4506-C immediately. & Technology, News & Services Everything you need to keep your property healthy and profitable Servicing Guide. Customers Recommend Ask Poli AskPoli. The Special Feature Codes document has been updated to reflect these changes. be legally classified as real property and cannot include an accessory dwelling unit (ADU). MPF Xtra Selling Guide Updates. Updates relating to electronic documentation are effective October 14, 2020. Benchmark CPR Commentary – August ... Fannie Mae Prices $759 Million Multifamily DUS REMIC (FNA 2021-M1) Under Its GeMS Program January 8, 2021. 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:. We updated our requirements related to the use of retirement, government annuity, and pension income. 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. 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. 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. Where necessary for clarity, we have added specific references to fields in Form 1003 (7/05 rev.6/09) and Form 1003 (1/2021). 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. 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. & Insights, Pricing & A new DU user interface will also be available on fanniemae.com. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. (DU will issue a message referencing this requirement when the property type is a manufactured home. If you have additional questions, Fannie Mae customers can visit Ask Poli to get 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. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. The document custody updates are effective January 4, 2021 (however, sellers are encouraged to implement the changes as soon as possible). We have incorporated the disaster payment deferral workout option introduced on Jul. Selling Guide. Fannie Mae removed the underwriting changes announced on December 4, 2019, that required the use of estimated property taxes for the establishment of … Servicing Guide ... lender letters, notices and more. 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. Center, Apps As a reminder, lenders must ensure the form is filled out completely and accurately before the taxpayer is asked to sign the form. IRS Form 4506-C has been created for authorized IVES participants to order tax transcripts with the consent of the taxpayer. ), Retirement, government annuity, and pension income and employment-related assets as income Have guide questions? We have retained some information that is on the current Form 1003 but no longer in the redesigned Form 1003. 30, 2020. We have updated the Selling Guide to reflect changes that are necessary as a result of the redesigned Form. 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. Part B, Escrow, Taxes, Assessments, and Insurance. COVID-19 UPDATE: Find out how Fannie Mae is responding. In some topics, there are references to both the current and redesigned Forms. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. This form must be used to request a tax transcript beginning March 1, 2021. be at least 12 feet wide and have a minimum of 400 sq. We have added some new fields that are on the redesigned Form 1003 that have related policies. 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. If you still have Technical Support questions, However, for topics with minor updates, the topic dates remain unchanged. Visit Selling and Servicing Guide Communications and Forms. 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. F-1-14, Processing a Fannie Mae Mortgage Release (Deed-In-Lieu of Foreclosure) F-1-15, Processing a Fannie Mae Short Sale. Execution, Learning The requirement for typhoon insurance for Guam properties will remain and is now noted in. Visit Selling and Servicing Guide Communications and Forms. information from other Fannie Mae published sources. ManufacturedHomeWidthType (Sort ID 33): SingleWide, Effective: Loans secured by single-width manufactured homes can be delivered to us beginning February 1, 2021. Lenders may also contact their Fannie Mae Account Team if they have questions about this Announcement. 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