Selling Guide

Published April 07, 2021

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What updates are included in the April 2021 Selling Guide?

Selling Guide Announcement (SEL-2021-03)

Apr. 07, 2021

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

View the list of impacted topics. 

Click here to access the PDF version of the Apr. 07, 2021 Selling Guide. 

 

New co-op forms for PERS requests

The Project Eligibility Review Service (PERS) is a review method available to lenders to submit new, newly converted, and established projects to us to determine eligibility. The lender completes a project submission package that includes multiple forms that provide us with the necessary information to determine the acceptability of condo, co-op, and or PUD projects. Currently, the PERS document checklist does not include documents specific to co-op projects. With this update, we are introducing a Project Eligibility Review Service Documents Checklist – Co-op Projects (Form 1078) and Limited or Shared Equity Co-op Worksheet (Form 1079). The new checklists will ensure all the required documents for a thorough PERS review have been provided. 

Effective: Lenders may begin using these forms immediately.

 

Software Subscription Agreement update

We have updated the Guide to include the revised Master Terms and Conditions to the Software Subscription Agreement that is published on our website. Substantive changes include the following:

  • added a specific prohibition against Licensee’s use of Licensed Materials to access or use non-public information outside of the United States;
  • expanded an existing prohibition (previously only applicable to APIs and integration interfaces) against the collection of data from a Licensed Application using retrieval applications or devices;
  • included a provision allowing us to remove material transmitted by a Licensee that is determined to be in violation of the Agreement or applicable law, or that may lead to a Performance Incident or Data Breach; and
  • revised the termination provision.

Note: We previously communicated these revised Master Terms and Conditions to our customers via a Bulletin. All changes became effective on Mar. 17, 2021.

 

Asset validation when gift funds are present

Currently, when a Verification of Assets report has been obtained by DU, and gift funds are entered in DU, the DU validation service will not attempt to validate assets. In these cases, DU will issue a message indicating that the loan is not eligible for asset validation because the loan includes a gift. 

In an upcoming release the DU validation service will be updated to allow for the validation of assets when a gift is present. The Guide has been updated accordingly. When assets are validated and a gift is present, lenders are responsible for documenting the gift, and the source of a gift, in accordance with the Selling Guide even when a large deposit message is not issued by DU.

Effective: This change to the DU validation service will be effective for new DU casefiles created on or after Apr. 18, 2021. See the Release Notes for additional information.

 

Eligibility of loans secured by second home and investment properties

We have updated our Guide and the Eligibility Matrix to incorporate changes announced for the eligibility of loans secured by second homes and investment properties. These changes were previously communicated in LL-2021-08.

 

Miscellaneous

E-1-03, List of Contacts: The email address for submission of the Seller’s Designation of Wire Transfer Instructions (Form 482) has changed effective Apr.1, 2021.  


 Impacted Topics

Section of the Announcement Updated Selling Guide Topics (Dated Apr. 07, 2021)
New co-op forms for PERS requests
Software Subscription Agreement update
Asset validation when gift funds are present 
Eligibility of loans secured by second home and investment properties

 

Lenders may also contact their Fannie Mae Account Team if they have questions about this Announcement. 

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Guide Resources

For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more.

Visit Selling and Servicing Guide Communications and Forms

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