Fannie Mae issued Selling Guide Announcement SEL-2020-07 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae updated the Selling Guide to include changes with respect to:
- Single-width manufactured homes (now eligible for sale to Fannie Mae);
- Retirement, government annuity, and pension income, and employment-related assets as income;
- Liquidity eligibility requirements for non-depository seller/servicers;
- Borrower sale of personal assets;
- Community land trust eligibility;
- Earthquake insurance requirements;
- IRS Form 4506-C (IVES Request for Transcript of Tax Return);
- The redesigned URLA;
- Pro-rated real estate tax credits;
- LIBOR references;
- Title waivers; and
- Minimum loan terms.
Revisions relating to single-width manufactured homes are effective February 1, 2021. Revisions related to retirement, government annuity, and pension income, and employment-related assets as income are effective for loans with application dates on or after February 15, 2021 (lenders may, however implement the revisions immediately). Non-depository seller/servicers must be compliant with the updated liquidity eligibility requirements based on financials reported as of March 31, 2021. Revisions relating to IRS Form 4506-C are effective March 1, 2021. All other updates are effective immediately.
Click to view the Fannie Mae Selling Guide Announcement SEL-2020-07: https://www.tenaco.com/wp-content/uploads/2020/12/Fannie-Mae-Selling-Guide-Announcement-SEL-2020-07.pdf
