Fannie Mae issued Lender Letter LL-2021-08: Eligibility of Loans Secured by Second Home and Investment Properties. Per the Lender Letter, all loans secured by a second home or investment property must be delivered as a Desktop Underwriter Loan with an Approve/Eligible recommendation. An exception is permitted for high LTV refinance loans that are manually underwritten in accordance with the Alternative Qualification Path and delivered with Special Feature Code 840. The change is effective for whole loans submitted to the Loan Delivery system on or after Aril 1, 2021, and for loans delivered into MBS pools with issue dates on or after April 1, 2021.
Click here to view the Lender Letter LL-2021-08: https://www.tenaco.com/wp-content/uploads/2021/03/Fannie-Mae-Lender-Letter-LL-2021-08.pdf
