Fannie Mae issued Selling Guide Announcement SEL-2022-08 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae:
- expanded the list of acceptable gift donors to include a non-relative that shares a familial relationship with the borrower (i.e., a former relative, relative of domestic partner, and godparent);
- clarified that evidence of electronic transfer of funds from a donor’s account to the borrower’s account or to the closing agent represents acceptable documentation to meet the requirement for verifying donor availability of funds and transfer of gift funds;
- updated the list of states that allow for the use of remote online notarization;
- aligned the Selling Guide with the “potential red flag” messages in DU that are designed to help lenders detect inconsistencies in loan casefiles;
- clarified that the difference between standard pooling and same month pooling is not an option to be selected as a “Pool Indicator” in Loan Delivery, but rather if the lender chooses to deliver a loan in the same month it is originated, it is automatically considered same month pooling; and
- delayed the requirement to use Condo Project Manager by September 2022.
All Revisions are effective September 07, 2022.
Click to view the Fannie Mae Selling Announcement SEL-2022-08: https://www.tenaco.com/wp-content/uploads/2022/09/Fannie-Mae-Selling-Guide-Announcement-SEL-2022-08-09-07-22.pdf
