Fannie Mae issued Selling Guide Announcement SEL-2017-08, setting forth updates to the Selling Guide. The Selling Guide Updates: consolidate and streamline duplicative content between the Selling and Servicing Guides pertaining to electronic records, signatures and other electronic transactions; permit lenders to exclude a borrower’s monthly housing expense from the debt-to-income ratio when the transaction involves multiple financed properties and the mortgage debt is paid by others; allow lenders to submit the Appraisal Update and/or Completion Report (Form 1004D) directly through the Uniform Collateral Data Portal for conventional mortgage loans delivered to Fannie Mae; revise the condo, co-op, and planned unit development (PUD) project insurance requirements for DU Refi Plus loans to remove the requirement for liability insurance coverage; state that Fannie Mae is not currently approving lenders for, or accepting deliveries of, second mortgages; and revise the Texas Deed of Trust (Form 3044) to align with recent changes to Texas Law pertaining to foreclosure sale dates. Lenders must use the revised Texas Deed of Trust as of April 1, 2018 (however, lenders are encouraged to use the updated Deed of Trust immediately). All other updates are effective immediately.
Click here to view the Fannie Mae Selling Guide Announcement SEL-2017-09
