Fannie Mae issued Selling Guide Announcement SEL-2017-07 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, lenders must use the new Fannie Mae/Freddie Mac MERS Mortgage Assignment (Form 3749) with respect to mortgage loans that are registered with MERS and secured by property located in Maine. Mortgage loans that are secured by property located in Maine are ineligible for delivery to Fannie Mae if the Maine security instrument names MERS as the original mortgagee of record solely as nominee for the lender, or if the mortgage loan has been assigned to MERS using an assignment form other than Form 3749. The Announcement also sets forth updates to several topics in Selling Guide Part A (Doing Business with Fannie Mae) pertaining to general contract terms, indemnification provisions and the use of Fannie Mae trade names and trademarks. In addition, the Selling Guide updates amend credit report requirements in connection with how public record information is reported in light of the National Consumer Assistance Plan. The updates went into effect August 29, 2017. However, the use of the new MERS Mortgage Assignment Form 3749 is required for mortgage loans with a note date on or after January 1, 2018 (however, sellers may begin using the form immediately).
Click here to view the Fannie Mae Selling Guide Announcement
