Fannie Mae issued Selling Guide Announcement SEL-2022-04 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae:
- added requirements on the use of virtual currency with respect to income, assets, the purchase price of the property, any earnest money deposit, and the debt-to-income ratio calculation;
- updated requirements on the source of funds used to qualify a borrower from foreign assets (assets located outside of the United States and United States territories);
- included a list of all types of eligible Community Seconds providers and clarified that a Community Seconds loan may only be funded by one of the eligible providers, provided that the provider is not the property seller or other interested party in the transaction;
- eliminated the requirement to provide unrecorded assignments of mortgage to Fannie Mae for loans not registered with Mortgage Electronic Registration Systems, Incorporated; and
- aligned the definition of “purchased” and “funded” for whole loans across Pricing & Executions Whole Loan, Loan Delivery and the Selling Guide.
Revisions related to the use of foreign assets are effective with application dates on and after July 1, 2022 (however, lenders may take advantage of these policy updates immediately). Revisions related to Community Second providers are effective July 1, 2022 (however, lenders may take advantage of these policy updates immediately). Revisions related to the definition of “purchased” and “funded” will result in terminology changes to the Loan Delivery and Pricing & Executions Whole Loan user interfaces beginning May 23, 2022. All other revisions are effective immediately.
Click to view the Fannie Mae Selling Guide Announcement SEL-2022-04: https://www.tenaco.com/wp-content/uploads/2022/05/Fannie-Mae-Selling-Guide-Announcement-SEL-2022-04-05-04-22.pdf
