Fannie Mae issued Selling Guide Announcement SEL-2017-02, setting forth updates to the Selling Guide. Under the updated Selling Guide, a borrower is no longer required to complete and sign IRS Form 4506-T if the borrower’s income has been validated by the DU validation service. The Selling Guide has also been updated to clarify requirements pertaining to homeownership education and housing counseling (including updates to definitions and the Certificate of Completion of Housing Counseling form). In addition, the Selling Guide has been updated to clarify the calculation of rental income (or loss) when using market rents reported on Form 1007 or Form 1025. The updates went into effect February 28, 2017.
Click here to view the Fannie Mae Selling Guide Announcement
