Fannie Mae issued Selling Guide Announcement SEL-2022-07 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae updated requirements to allow the use of lender-funded grants to provide all or part of the down payment, closing costs, financial reserves, and certain energy-related improvements. Fannie Mae also added an email exchange with the borrower’s employer as an alternative to satisfy the 10-business day pre-closing verbal verification of employment requirement for non-DU validation service loans. All Revisions are effective August 03, 2022. Desktop Underwriter will be updated the weekend of August 20, 2022 to support the policy changes.
Click to view the Fannie Mae Selling Guide Announcement SEL-2022-07: https://www.tenaco.com/wp-content/uploads/2022/08/Fannie-Mae-Selling-Guide-Announcement-SEL-2022-07-08-03-22.pdf
