Fannie Mae issued Selling Guide Announcement SEL-2021-08 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae:
- Announced that lenders are allowed to use positive rent payment history in Desktop Underwriter (DU) for creditworthy first-time homebuyers;
- Updated the credit score used by DU in the eligibility assessment when there are multiple borrowers;
- Incorporated the Qualified Mortgage policies announced in LL-2021-11;
- Revised Form 582 (Lender Record Information) submission requirements to provide more detailed instruction related to business continuity, cross default provisions, and clear reporting standards; and
- Updated Co-op share loan documentation requirements.
Revisions related to DU will be implemented the weekend of September 18, 2021 and will apply to casefiles submitted on or after September 18, 2021. Revisions related to Form 582 must be implemented by October 1, 2021 (the updated Form, however, will be available for use on September 10, 2021). All other revisions are effective immediately.
Click to view the Fannie Mae Selling Guide Announcement SEL-2021-08: https://www.tenaco.com/wp-content/uploads/2021/09/Fannie-Mae-Selling-Guide-Announcement-SEL-2021-08-09-01-21.pdf
