Fannie Mae issued Selling Guide Announcement SEL-2019-06 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae amended:
- HomeReady income limits;
- IRS Form 4506-T signature requirements;
- the definition of “relocation loans”;
- DU validation service requirements;
- Project standards for condo or PUD projects; and
- Uniform Appraisal Dataset and the Uniform Collateral Data Portal appraisal report forms and exhibits.
Fannie Mae also updated Section A3-2-01 (Compliance with Laws) with additional clarification for compliance with Department of Treasury Office of Foreign Assets Control regulations regarding servicing loans. In addition, Fannie Mae issued a reminder of the disaster policies set forth in the Selling Guide.
The updates to the HomeReady income limits apply to loan casefiles submitted to DU on or after July 20, 2019. For manually underwritten loans, the updates apply to loans with application dates on or after July 20, 2019. All other changes are effective immediately.
Click Here to View the Fannie Mae Selling Guide Announcement SEL-2019-06
