Fannie Mae issued Selling Guide Announcement SEL-2024-04 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae:
- Added Special Feature Code (SFC) 887 for loans delivered using a standby commitment;
- Updated the definition of closing costs to include items related to the real estate and financing transactions;
- Expanded the timeframe for completing borrower in order to obtain a loan level price adjustment in connection with a HomeReady mortgage;
- Retired Form (Certificate of Completion of Housing Counseling) in connection with a HomeReady mortgage;
- Retired Form 2200 (Shared Equity Amendment) for shared equity properties with income and resale price restrictions; and
- Added an exception with respect to private transfer fees to allow the purchase of loans that meet the shared equity loan program requirements for Resale Restriction Programs in FHFA’s Duty to Serve Underserved Markets Regulation, without regard to any household income limit.
Revisions related to SFC 887 are effective with application dates on and after September 4, 2024 (lenders are, however, encouraged to implement these changes immediately). All other revisions are effective June 5, 2024.
Click to view the Fannie Mae Selling Guide Announcement SEL-2024-04: https://www.tenaco.com/wp-content/uploads/2024/06/Fannie-Mae-Selling-Guide-Announcement-SEL-2024-04-06-05-24.pdf
