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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If the borrower went into forbearance after closing but was not employed on the note date will the loan be subject to repurchase?

Note: This FAQ comes from the published COVID-19, FAQs on Forbearance

If, as a result of a QC review on a loan delivered under the temporary flexibilities described in Lender Letter LL-2020-06, Fannie Mae discovers that the borrower went into forbearance after closing but lost their employment on or before the day of closing, will the lender have to repurchase the loan?

If a borrower was not employed on the note date, the loan would be ineligible regardless of the temporary flexibilities in LL-2020-06.  We would cite a significant defect and the loan would be subject to repurchase unless there was other eligible income documented and the loan satisfies our qualification requirements. Our standard QC process includes an opportunity for lenders to provide additional information or documentation in the rebuttal process. 

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