Fannie Mae issued Selling Guide Announcement SEL-2016-07 (Announcement). The Announcement: incorporates references to the impasse, management escalation, and independent dispute resolution processes available to lenders; implements enhancements for underwriting borrowers with nontraditional credit histories; removes the requirement for project-level liability coverage with respect to new attached planned unit development (PUD) projects; provides flexibility when verifying liability insurance with respect to 2- to 4-unit projects reviewed under the Full Review process; removes a lender’s ability to substitute a qualified mortgage loan in an MBS in lieu of repurchase; and updates references with respect to Fannie Mae’s anti-money laundering requirements.
Click here to view the Fannie Mae Selling Guide Announcement
