Fannie Mae Logo

Fannie Mae Issues Selling Guide Announcement SEL-2022-02

Fannie Mae issued Selling Guide Announcement SEL-2022-02 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae:

  • Updated requirements with respect to single-close construction-to-permanent transactions (the updated requirements include age of credit documentation, appraisal documentation, requalification of the borrower, and Desktop Underwriter service);
  • added Condo Project Manager (CPM) status designations to align with the enhancements in the March 4, 2022 CPM release; and
  • simplified policy for the allowable interest rate permitted on a Community Seconds transaction.

Revisions related to single-close construction-to-permanent transactions apply where the Note date of the construction loan is on or after June 1, 2022. Revisions related to the interest rate permitted on a Community Seconds transaction are effective for applications dated on and after June 1, 2022 (however, lenders may take advantage of these changes immediately).

Click to view the Fannie Mae Selling Guide Announcement SEL-2022-02: https://www.tenaco.com/wp-content/uploads/2022/03/Fannie-Mae-Selling-Guide-Announcement-SEL-2022-02-03-02-22.pdf

Sign up for mortgage regulatory updates compiled from Fannie Mae, Freddie Mac, FHA, VA, RHS, Individual State Compliance & more. Subscribe to the TENAlert to receive an email notification the same day new updates are posted!​

TENAlert-Logo-transparent-orange-new

Sign up below to receive regulatory updates from Fannie Mae, Freddie Mac, FHA, individual state compliance and more, delivered right to your inbox. 

TENAlert-Icon-reverse

Thanks for Your Submission!

You will also receive an email with a link to the PDF.

Contact TENA

TENA Logo

TENA Contact Form