Fannie Mae issued Selling Guide Announcement SEL-2016-09 (Announcement). The Announcement: expands the optional Desktop Underwriter (DU) validation service to include validation services for assets and employment; offers enforcement relief from representations and warranties related to the property value when the loan receives a DU Approve/Eligible recommendation and the appraisal has a Collateral Underwriter risk score of 2.5 or lower; adds “FPO or DPO” to the military address designations permitted when obtaining a credit report for a DU loan casefile; updates the email submission process lenders must follow when requesting recourse removal with respect to HomeStyle Renovation mortgage loans; and amends requirements with respect to the surrender of certificates of title for manufactured housing in Mississippi.
Click here to view the Fannie Mae Selling Guide Announcement
