Fannie Mae issued Selling Guide Announcement SEL-2022-06 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae:
- added requirements for compliance with state Safe at Home Laws (aka Address Confidentiality Programs);
- revised title insurance form requirements to reflect the use of the 2021 American Land Title Association (ALTA) forms and to differentiate between the use of the 2006 and 2021 versions;
- clarified the process for calculating the loan-to-value (and combined loan-to-value and home equity combined loan-to-value ratio, if applicable) for a purchase transaction on an existing manufactured home; and
- updated the list of approved mortgage insurers and approved mortgage insurance forms.
Revisions related to state Safe at Home Laws must be implemented by September 1, 2022 (lenders are, however, encouraged to implement the revisions immediately). Revisions related to the ALTA forms are effective January 1, 2024 (lenders may, however, begin using the 2021 version of the ALTA forms immediately). Revisions related to the calculation of the LTV, CLTV, and/or HCLTV for a purchase transaction on a manufactured home and the updated list of approved mortgage insurers are effective July 6, 2022.
Click to view the Fannie Mae Selling Guide Announcement SEL-2022-06: https://www.tenaco.com/wp-content/uploads/2022/07/Fannie-Mae-Selling-Guide-Announcement-SEL-2022-06-07-06-22.pdf
