Fannie Mae issued Selling Guide Announcement SEL-2023-07 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae:
- Updated Appraiser Independence Requirements to:
- Clarify that mortgage brokers, loan originators, loan officers and production staff may not order appraisals, or be involved in the collateral valuation process;
- Clarify that appraisers, appraisal management companies, and appraisal firms all fall under the same protections and are referred to as “Independent Parties”; and
- Improve readability and clarity through reorganization of the content;
- Introduced new Property Data Collector Independence Requirements (PDCIR) similar to the Appraiser Independence Requirements;
- Clarified that when the borrower has an Army Post Office, Fleet Post Office, or Diplomatic Post Office military address, the address does not need to be located within the U.S. to obtain a credit report compatible with Desktop Underwriter loan casefile requirements;
- amended requirements to allow lenders to arrange for a concurrent sale of servicing in Servicing Marketplace to an approved Fannie Mae servicer; and
- Removed the Triparty Wiring Instruction Agreement from the Selling Guide to align with the onboarding process for new customers.
Revisions related to PDCIR are effective for loans with application dates on and after Nov. 1, 2023. All other revisions are effective August 2, 2023.
Click to view the Fannie Mae Selling Guide Announcement SEL-2023-07: https://www.tenaco.com/wp-content/uploads/2023/08/Fannie-Mae-Selling-Guide-Announcement-SEL-2023-07-08-02-23.pdf
