Fannie Mae issued Selling Guide Announcement SEL-2024-08 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae:
- Extended the permitted age of an energy report in connection with a HomeStyle Energy mortgage to no more than 24 months prior to the Note date (previously, no more than 120 days prior to the Note date);
- Added 2 exceptions to the requirement that at least 1 borrower be the owner (on title) of the subject property at the time of the initial application for a limited cash-out refinance;
- Clarified that the payoff of an installment land contract executed more than 12 months prior to the loan application is an acceptable use of a limited cash-out refinance transaction;
- Clarified that a renovation loan agreement may be signed at any time during the closing process for a HomeStyle Renovation Mortgage, but, the agreement date must match the Note date;
- Updated the list of states that allow for remote online notarization to include Maine; and
- Added clarifying language to remind lenders and appraisers the use of home price indices, statistical analysis, modeling, paired sales, or other commonly accepted methods are acceptable for supporting appraisal time adjustments.
Revisions related to the appraisal time adjustment policy are effective for appraisals dated on or after March 1, 2025 (lenders are, however, encouraged to implement the changes immediately). All other revisions are effective December 11, 2024.
Click to view the Fannie Mae Selling Guide Announcement SEL-2024-08: https://www.tenaco.com/wp-content/uploads/2024/12/Fannie-Mae-Selling-Guide-Announcement-SEL-2024-08-12-11-24.pdf
