Fannie Mae issued Selling Guide Announcement SEL-2018-06 (Announcement), setting forth updates to the Selling Guide. As outlined in the Announcement, Fannie Mae updated the Selling Guide to include changes with respect to: the High Loan-to-Value Refinance option; the Market Conditions Addendum (Form 1004MC); and the disbursement of HomeStyle Renovation funds. Fannie Mae also clarified that a mortgage loan will not be eligible for purchase by Fannie Mae if the first payment date is more than 2 months after the final disbursement date. In addition, Fannie Mae consolidated content related to data quality and integrity, and the prevention, detection, and reporting of mortgage fraud. Lenders must comply with the update regarding first payment date for loans with disbursement dates on or after January 1, 2019 (lenders can, however, take advantage of the change immediately). All other changes are effective immediately.
Click Here to View the Fannie Mae Selling Guide Announcement SEL-2018-06
