In connection with this incorporation, we have also added references to payment deferral throughout the Guide … ; Uniform Instruments Freddie Mac and Fannie Mae/Freddie Mac Notes, Riders, Security Instruments, and other documents. 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. ; Forms Forms for Freddie Mac-approved Sellers and Servicers. With COVID, they have become even more difficult. We recommend that you use the latest version of FireFox or Chrome. Specifically, we. 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. Grants are considered donations from others and no longer referred to as gifts. If you have additional questions, Fannie Mae customers can visit Ask Poli to get Selling Guide. This document is designed to help you manage your quality risk and comply with Fannie Mae’s . 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. 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). 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. COVID-19 UPDATE: Find out how Fannie Mae is responding. Servicing Guide. have a manufacture date of 10 years or less measured from the effective date of the appraisal. Fannie Mae issued a release reviewing all Servicing Guide updates, all Selling Guide updates and Lender Letters from last year. MPF Xtra Selling Guide Updates . Updates include but are not limited to the following. Part A, Doing Business with Fannie Mae. Services Everything you need to keep your property healthy and profitable Effective: Lenders may take advantage of the more flexible requirements immediately. 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; … A hard refresh will clear the browsers cache for a specific page and force the most recent Visit Selling and Servicing Guide Communications and Forms. & Technology, News & Along with the above policies, we have updated the manufactured housing appraisal requirements and standards. Servicing Guide ... lender letters, notices and more. The retirement income message in DU will be updated in a future release to reflect these changes. The Selling Guide A4-1-01, Maintaining Seller/Servicer Eligibility, has been updated to reflect this change. Visit Selling and Servicing Guide Communications and Forms. Lenders should confirm with their preferred mortgage insurance provider(s) that coverage is available on loans secured by single-width manufactured homes. IRS Form 4506-C, IVES Request for Transcript of Tax Return. November 13, 2020. Clarified accessory dwelling unit property eligibility requirements and updated comparable sales requirements … 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. Customers Recommend Ask Poli AskPoli. 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! Get answers to all your policy questions, straight from the source. Specifically, we. Benchmark CPR Commentary – October October 14, 2020. In addition, we clarified that a pro-rated tax credit is not an interested party contribution. 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. We updated our requirements related to the use of retirement, government annuity, and pension income. The updates to the Guide are extensive, impacting many topics, and are summarized below. 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 … Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. 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. Read this article to update your knowledge on this important market segment. F-1-14, Processing a Fannie Mae Mortgage Release (Deed-In-Lieu of Foreclosure) F-1-15, Processing a Fannie Mae Short Sale. Published December 9, 2020. We are implementing the changes indicated below beginning with the financial quarter ending Jun. feel free to email. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. LIBOR references: In February of this year we announced the retirement of LIBOR ARMs with the release of LL-2020-01. Fannie Mae will begin accepting SOFR ARM products on August 3, 2020, and will continue to update the Selling Guide. 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. SVC-2020-01, Servicing Guide Updates (02/12/2020) Prorated Attorney Fees and Foreclosure Milestone Invoicing. be legally classified as real property and cannot include an accessory dwelling unit (ADU). We have incorporated the disaster payment deferral workout option introduced on Jul. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. ; Directory Contact information for specific Guide questions, requests, and documentation. This form must be used to request a tax transcript beginning March 1, 2021. Execution, Learning 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. 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. COVID-19 UPDATE: Find out how Fannie Mae is responding. (Taxpayers may continue to use these forms to obtain transcripts.) Fannie Mae issued Selling Guide Announcement SEL-2020-07 (Announcement), setting forth updates to the Selling Guide. 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. 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. 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:. Since we are unable to approve any waivers pre-closing, we are removing this reference. 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. Where necessary for clarity, we have added specific references to fields in Form 1003 (7/05 rev.6/09) and Form 1003 (1/2021). Benchmark CPR Commentary – August ... Fannie Mae Prices $759 Million Multifamily DUS REMIC (FNA 2021-M1) Under Its GeMS Program January 8, 2021. The lender must continue to verify that the borrower has sufficient assets from the list of eligible sources contained in our Guide. Center, Apps 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. IRS Form 4506-C has been created for authorized IVES participants to order tax transcripts with the consent of the taxpayer. Refer to the Servicing Announcement for additional information. 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. Customers Recommend Ask Poli AskPoli. 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. notices and more. 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 You can also download the printable 1,200+ page PDF, which include links. 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. All other updates are effective immediately. Allowing the sale of single-width manufactured homes aligns with our affordable housing and Duty to Serve objectives. 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 … 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. The requirement for typhoon insurance for Guam properties will remain and is now noted in Selling Guide B7-3-02, General Property Insurance Coverage. If you have additional questions, Fannie Mae customers can visit Ask Poli to get Effective: Non-depository seller/servicers must be compliant with the updated requirements based on financials reported as of March 31, 2021. The Special Feature Codes document has been updated to reflect these changes. Customers Recommend Ask Poli AskPoli. Retirement, government annuity, and pension income and employment-related assets as income: updated requirements related to the use of retirement, government annuity, … Requirements based on financials reported as of March 31, 2021 for a community trust. Retirement income message in DU will issue a message referencing this requirement when the property type so lenders must these. Updates to the Guide are extensive, impacting many topics, there are big! 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