Fannie Mae issued Selling Guide Announcement SEL-2018-03 (Announcement), setting forth updates to the Selling Guide. As outlined in the Announcement, the Selling Guide has been updated to include changes with respect to: full-service certification custodians; lender-sourced contributions used to fund closing costs and prepaid fees; the conversion of construction-to-permanent financing (single-closing transactions); and the monthly Out of Compliance report. The changes pertaining to single-closing construction-to-permanent transactions are effective August 1, 2018 (however, lenders can take advantage of the changes immediately). All other changes are effective immediately.
Click Here to view the Fannie Mae Selling Guide Announcement SEL-2018-03
