Fannie Mae issued Selling Guide Announcement SEL-2016-02 (Announcement). This Announcement: eliminates the continuity of obligation policy; clarifies lender obligations for reporting a breach of a selling representation or warranty related to the lender’s compliance with applicable laws; updates language regarding the types of losses for which lenders must indemnify Fannie Mae; clarifies that lenders are only required to deliver HomeStyle Renovation mortgage loans with recourse when the loan is delivered to Fannie Mae prior to the completion of the renovations; amends the definition of “relocation loan”; creates new state-specific notes for Pennsylvania; amends the Pennsylvania security instrument; updates the Special Feature Codes list; announces the publication of fillable rental income worksheets; and announces several miscellaneous Selling Guide updates.
Fannie Mae
Fannie Mae Issues Servicing Guide Announcement SVC-2024-06
Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
November 14, 2024
