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.

View All Selling Policy Updates

Download PDF

Hint: Ask in a form of a question.

How should I apply the temporary policy on age of documentation to third-party verifications that are not used as part of the DU validation service?

Note: This FAQ comes from the published COVID-19, FAQs on Underwriting & General.

How should lenders apply the temporary policy on age of documentation to third-party vendor employment or income verification reports that are not used as part of the DU validation service?

Lender Letter LL-2020-03, Impact of COVID-19 on Originations did not change the age of documentation requirements for third-party vendor employment verifications. Therefore, lenders must continue to comply with the requirements in B3-3.1-07, Verbal Verification of Employment, which require the vendor report date to be no more than 10 days prior to the note date, and the information in the vendor’s database (For example, “current as of” date) to be no more than 35 days prior to the note date.

Lender Letter LL-2020-03, Impact of COVID-19 on Originations did update the age of documentation requirements for third-party vendor income verifications:

  • For loan applications prior to Apr. 14, 2020, the vendor report date must be no more than 120 days prior to the note date.
  • For loan applications on or after Apr. 14, 2020 through May 18, 2020, the information in the vendor’s database (For example, “current as of” date) must be no more than 60 days prior to the note date.

Note: The above guidance does not apply to loans with employment or income validated with the DU Validation Service. See B3-2-02, DU Validation Service for more information.

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

Related Articles

How will the HUD Certification Label be obtained for appraisals on manufactured homes during the pandemic?

Note: This FAQ comes from the published COVID-19, FAQs on Appraisals.  Manufactured home appraisals require specific, and detailed information...

Read more

Are manufactured homes covered if there is no exterior-only appraisal form to support them during the pandemic? 

Note: This FAQ comes from the published COVID-19, FAQs on Appraisals.  Are manufactured homes and two- to four-unit properties covered even...

Read more

Does an exterior-only appraisal have to include subject property and comparable sales photos?

Note: This FAQ comes from the published COVID-19, FAQs on Appraisals.  Does an appraisal report have to include subject property and comparable...

Read more

Have guide questions? Get answers to all of your policy questions, straight from the source.

Get Started
X
Having Issues with Seeing this Page Correctly?

Use Firefox or Chrome   How to do a hard refresh in Internet Explorer
We recommend that you use the latest version of FireFox or Chrome.

Download Firefox
Download Chrome
  A hard refresh will clear the browsers cache for a specific page and force the most recent version of a page.
    Hold the Ctrl key and press the F5 key.
     

Email Us
If you still have Technical Support questions, feel free to emailAsk_Poli@fanniemae.com.