Fannie Mae issued an update to Lender Letter LL-2021-03 to retire the temporary COVID-19 requirements related to employment verification for self-employed borrowers and to eligibility requirements for purchase and refinance transactions. Per the Lender Letter, the following requirements are retired effective February 15, 2023:
- The requirement that a lender verify the existence of a self-employed borrower’s business within 20 business days of the Note date; and
- The temporary purchase and refinance eligibility requirements for borrowers with existing mortgages (pertaining to whether the payments for each mortgage loan for which the borrower is obligated are current and any missed payments have been resolved).
Click to view the Fannie Mae Update to Lender Letter LL-2021-03: https://www.tenaco.com/wp-content/uploads/2023/02/Fannie-Update-to-Lender-Letter-2021-03-02-15-23.pdf
