Fannie Mae issued Selling Guide Announcement SEL-2017-08 (Announcement), setting forth updates to the Selling Guide. Under the updated Selling Guide, lenders must electronically submit to Fannie Mae (prior to loan delivery) the UCD XML file containing the borrower’s data and the PDF copy of the borrower Closing Disclosure. The Selling Guide updates also permit lenders to obtain property inspection waivers with respect to certain purchase transactions, and prohibit property inspection waivers when there is a “gift of equity” (i.e., a gift provided by the seller to the buyer) or when rental income is used to qualify the borrower. In addition, the Selling Guide updates reflect the extension of DU Refi Plus and Refi Plus (as previously communicated in Lender Letter LL-2017-05). The new UCD XML requirement applies to all conventional loans with note dates on or after September 25, 2017. All other updates are effective immediately.
Click here to view the Fannie Mae Selling Guide Announcement
