Selling Guide

Published June 3, 2020

The Selling Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae. To begin browsing, select from any of the sections below. You may also download the entire Selling Guide in PDF format.

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What changes can lenders expect to see in DU due to the pandemic?

Note: This FAQ comes from the published COVID-19, FAQs on DU Validation Service

What changes can lenders expect to see in DU?  

The Desktop Underwriter® (DU®) validation service will temporarily suspend representation and warranty relief for employment validation. The standard DU verbal VOE (VOE) message will appear in the DU Underwriting Findings (Findings) report, even if an VOI/VOE report is submitted to DU. The DU Findings report will suppress the DU validation service message that would normally appear for “employment validated.” This update will apply to all new casefiles created in DU on or after May 4, 2020. 

Verbal VOE message example: Perform and document a verbal VOE for each borrower. For all borrowers who are not self-employed no more than 10 business days prior to the note date, or self-employed within 120 calendar days prior to the note date. Direct verification by a third-party employment verification vendor is acceptable if completed within the same timeframes, and the information is not more than 35 days old (120 days old if self- employed) as of the note date. If the borrower is in the military, obtain either a Military Leave and Earnings Statement within 31 calendar days prior to the note date or a VOE through the Defense Manpower Data Center (https://mla.dmdc.osd.mil/mla/#/home). Lenders also have the option of obtaining the verbal VOE after the note date (and prior to delivery of the loan to Fannie Mae), but when using this option must ensure compliance with the Selling Guide

Note: Lenders should reference the Selling Guide and LL-2020-03 flexibilities to satisfy the  verbal VOE requirement message.  Employment verification reports provided by third-party vendors are acceptable for verbal employment verification requirements.

For more information, refer to the published Lender Letter LL-2020-03, Impact of COVID-19 on Originations.

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