Selling Guide

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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B5-5.1-03, Community Seconds Delivery Considerations (07/28/2015)

Introduction

This topic contains information on Community Seconds delivery considerations, including:


Special Feature Codes and Other Reporting

The lender must always report SFC 118 when it delivers a first mortgage that is originated as part of a Community Seconds transaction. Additionally, SFC 630 must also be delivered if the affordable LTV ratio calculation method was used (see B5-5.1-02, Community Seconds Loan Eligibility) .

The lender must report all other applicable special feature codes.

The lender is required to provide the Community Seconds mortgage amount and the principal and interest payment for the Community Seconds mortgage so that the CLTV ratio and monthly housing expenses are accurately reported.


Loan-Level Price Adjustments

If subordinate financing qualifies as a Community Seconds, loan-level price adjustments otherwise applicable to subordinate financing do not apply.

Related Articles

B5-5.1-01, Community Seconds Mortgages (04/09/2013)

IntroductionThis topic contains information on Community Seconds mortgages, including: Community Seconds Overview  Review of Community Seconds...

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B5-5.1-02, Community Seconds Loan Eligibility (06/05/2018)

IntroductionThis topic contains information on Community Seconds loan eligibility, including: Community Seconds Mortgage Terms/Proceeds  Rural...

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