Fannie Mae issued Selling Guide Announcement SEL-2022-02 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae:
- Updated requirements with respect to single-close construction-to-permanent transactions (the updated requirements include age of credit documentation, appraisal documentation, requalification of the borrower, and Desktop Underwriter service);
- added Condo Project Manager (CPM) status designations to align with the enhancements in the March 4, 2022 CPM release; and
- simplified policy for the allowable interest rate permitted on a Community Seconds transaction.
Revisions related to single-close construction-to-permanent transactions apply where the Note date of the construction loan is on or after June 1, 2022. Revisions related to the interest rate permitted on a Community Seconds transaction are effective for applications dated on and after June 1, 2022 (however, lenders may take advantage of these changes immediately).
Click to view the Fannie Mae Selling Guide Announcement SEL-2022-02: https://www.tenaco.com/wp-content/uploads/2022/03/Fannie-Mae-Selling-Guide-Announcement-SEL-2022-02-03-02-22.pdf
