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.

What is required concerning gap coverage in lenders’ title insurance policies during the pandemic?

Note: This FAQ comes from the published COVID-19, FAQs on Closing & Title

What are Fannie Mae’s requirements concerning “gap coverage” in lenders’ title insurance policies?

The Selling Guide Chapter B7-2 requires a loan title insurance policy that satisfies Fannie Mae’s requirements, written on the 2006 ALTA loan title insurance form or local equivalent, be obtained by a lender before a mortgage loan is sold to Fannie Mae.

The 2006 ALTA form includes “gap coverage” in Covered Risk 14 for matters arising between the date a mortgage loan is closed and when the mortgage is recorded. Similarly, if title insurance is obtained on an alternate form, the Selling Guide requires coverage be provided for the period between the closing date of the loan and the date when the mortgage is recorded.

Lenders must continue to ensure that no unacceptable title impediments or policy exceptions exist in accordance with B7-2-05, Title Exceptions and Impediments.

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

Related Articles

What are the requirements to use business assets?

Business Assets Business assets may be an acceptable source of funds for the down payment, closing costs, and financial reserves when a borrower...

Read more

What are the requirements when employment is scheduled to begin after the loan closes?

Employment Offers or ContractsIf the borrower is scheduled to begin employment under the terms of an employment offer or contract, the lender may deliver...

Read more

Are collection accounts and non-mortgage charge-offs required to be paid off?

Manually Underwritten LoansFor manually underwritten loans, collection accounts and charge-offs on non-mortgage accounts do not have to be paid off ...

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.