Fannie Mae issued Selling Guide Announcement SEL-2022-10 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae:
- updated single-width manufactured home requirements to allow financing of older single-width manufactured homes by removing the maximum 10-year age;
- revised valuation options for deed-restricted properties to allow lenders to use a desktop appraisal or appraisal waiver for deed-restricted properties that do not contain resale restrictions based on price;
- expanded the list of exceptions to the home energy report to include ENERGY STAR-certified improvements;
- modified requirements for maintaining seller and servicer approval status;
- clarified borrower contribution requirements when there is a grant or lender-funded grant;
- clarified policy when a borrower’s temporary leave from employment is employer-initiated;
- simplified documentation requirements when business assets are used for non self- employed loans;
- updated property, flood, and project insurance requirements to align with current industry standards and practices; and
- modified requirements with respect to Form 1103 (Supplemental Consumer Information Form), gift letters, electronic consent based social security number verification, and assumption policies.
Revisions related to property, flood, and project insurance requirements are effective for all loans with application dates on and after May 1, 2023. Revisions related to requirements for maintaining seller and servicer approval status are effective January 1, 2024, for sale and servicing activity in 2023. All other updates are effective December 14, 2022.
Click to view the Fannie Mae Selling Guide Announcement SEL-2022-10: https://www.tenaco.com/wp-content/uploads/2022/12/Fannie-Mae-Selling-Guide-Announcement-SEL-2022-10-12-14-22.pdf
