Fannie Mae issued Selling Guide Announcement SEL-2022-03 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae:
- updated title insurance requirements to allow the use of an attorney title opinion letter in lieu of a title insurance policy for certain transactions;
- aligned the Selling Guide with high-balance loan-level price adjustment (LLPA) waiver changes announced in Fannie Mae lender Letter LL-2022-01;
- clarified when a new desktop appraisal is required based on the age of the appraisal;
- clarified that the American National Standards Institute (ANSI) measurement standards do not apply to desktop appraisals;
- removed references to retired constant maturity treasury (CMT) indexed adjustable rate mortgage plans and retired document custody forms; and
- clarified that the Square Footage-Method for Calculating ANSI Z765-2021 standard cannot be used to measure attached (apartment-style) units in PUD, condo, or co-op projects as stated in the ANSI standard.
The Announcement is effective immediately.
Click to view the Fannie Mae Selling Guide Announcement SEL-2022-03: https://www.tenaco.com/wp-content/uploads/2022/04/Fannie-Mae-Selling-Guide-Announcement-SEL-2022-03-04-06-22.pdf
