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 updates are included in the June 2020 Selling Guide?

June 3, 2020

Overview of Selling Guide  Updates 

The Selling Guide has been updated to include changes to the following:

  • Lease review requirements: no longer requiring lenders, at the loan-level, to obtain and review the lease agreement for the specific purpose of identifying contractual tenant rights. 
  • Late charge on the note: providing additional flexibility to lenders to choose the late charge amount identified in the note.
  • Escrow waiver on limited cash-out refinance: no longer requiring borrowers to establish an escrow account when including non-delinquent taxes within a limited cash-out refinance transaction.
  • Project standards policy clarifications: clarified requirements related to horizontal property regimes and environment hazards.
  • HomeStyle Energy debt pay-off: clarified that partial pay offs are not eligible when HomeStyle Energy is being used to pay off energy-related debt.
  • Miscellaneous updates: Appraisal process alignments, Mortgage Banker’s Financial Reporting Form 1002, Form 1008 effective date, Lender’s QC notification process

Announcement SEL-2020-03 details these updates and lists the impacted Selling Guide topics.

For more information, visit the Fannie Mae Selling Policy Communications to access a list of Selling Announcements, Lender Letters, Notices, and related communications.

The PDF version of the current Selling Guide can be found here.

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