Fannie Mae issued Selling Guide Announcement SEL-2021-07 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae:
- clarified policy related to prearranged refinance arrangements;
- specified when credit card reward points can be used as eligible assets;
- removed the expired Version 1 of the representations and warranties framework;
- updated risk factors in Desktop Underwriter; and
- clarified policy on interested party contributions.
Revisions related to prearranged refinance arrangements are effective for refinance transactions with application dates on or after September 1, 2021. All other revisions are effective immediately.
Click to view the Fannie Mae Selling Guide Announcement SEL-2021-07: https://www.tenaco.com/wp-content/uploads/2021/08/Fannie-Mae-Selling-Guide-Announcement-SEL-2021-07-08-04-21.pdf
