Fannie Mae issued Selling Guide Announcement SEL-2018-02 (Announcement), setting forth updates to the Selling Guide.
As outlined in the Announcement, Fannie Mae: updated requirements with respect to the HomeStyle Renovation mortgage and the HomeStyle Energy program; established requirements with respect to business continuity and disaster recovery procedures; formalized previously announced temporary flexibilities with respect to age of documentation requirements for loans secured by properties impacted by a disaster; and streamlined and simplified language regarding responsible lending and prohibited refinance practices in Part A of the Guide. The updated requirements with respect to the HomeStyle Renovation mortgage have three different effective dates (March 17, 2018, June 1, 2018, September 1, 2018). All other updates are effective immediately.
Click here to view the Fannie Mae Selling Guide Announcement SEL-2018-02
