Fannie Mae issued Selling Guide Announcement SEL-2017-03, setting forth updates to the Selling Guide. Under the updated Selling Guide, a lender may obtain a verification report (formerly known as a vendor report) from a “report supplier” or from a “report distributor” when using the Desktop Underwriter validation service. The amended Selling Guide also states that loans with Collateral Underwriter (CU) risk scores of 2.5 or below on the appraisal are eligible for “certainty” on appraised value, regardless of whether the loan was underwritten through DU (aligning with policy announced with CU version 4.1). In addition, Texas Section 50(a)(6) mortgages have been added to the list of transactions that are not eligible for a property inspection waiver (aligning the Property Inspection Waivers section of the Selling Guide with existing policy covered in another topic of the Selling Guide). The updates went into effect March 28, 2017.
Click here to view the Fannie Mae Selling Guide Announcement
