Fannie Mae issued Selling Guide Announcement SEL-2022-09 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae:
- Updated documentation requirements with respect to asset verification reports used for the assessment of a borrower’s rent payment history;
- Expanded documentation options for borrowers drawing social security income from the borrower’s own account or work record to include Form SSA-1099 or the most recent signed federal income tax returns (or tax transcripts);
- Updated the policy for manually underwritten loans to allow the use of the average median credit score to determine compliance with Fannie Mae’s minimum credit score requirements;
- Revised requirements related to power of attorney exceptions;
- Updated appraiser selection criteria requirements to describe the requirements more clearly; and
- Removed the word “estimate” from the description of the ANSI Z765-2021 Standard required for measuring gross living area.
Manually underwritten loans where the lender has used the average median credit score for eligibility purposes can be sold to Fannie beginning October 28, 2022. All other updates are effective October 5, 2022.
Click to view the Fannie Mae Selling Guide Announcement SEL-2022-09: https://www.tenaco.com/wp-content/uploads/2022/10/Fannie-Mae-Selling-Guide-Announcement-SEL-2022-09-10-05-22.pdf
