Fannie Mae issued Selling Guide Announcement SEL-2019-01 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae removed the requirement that the initial Uniform Residential Loan Application be signed by the borrower and retained in the loan file.
In addition, Fannie Mae:
- Introduced a new special feature code that must be used on all loans that have documents that were remotely notarized;
- Updated requirements for acceptable title insurers by removing prescriptive ratings; and
- Revised a limited number of policies that reference specific IRS tax forms to incorporate changes made to the IRS forms as a result of the Tax Cuts and Jobs Act.
The updated requirements for title insurer acceptability apply to loan applications dated on or after September 1, 2019 (lenders may, however, implement the update immediately). In addition, the new special feature code applies to loans delivered on or after September 1, 2019 (lenders may, however, begin using the new code immediately). All other changes are effective immediately).
Click Here to View the Fannie Mae Selling Guide Announcement SEL-2019-05
