Fannie Mae issued Selling Guide Announcement SEL-2025-01 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae:
- Introduced new and updated cybersecurity requirements for lenders;
- Updated requirements specific to policy changes implemented in DU version 12.0 related to cash flow assessment with bank statements, positive rent payment history, and risk assessment for DU loan casefiles when no borrower has a credit score and when at least one borrower has no credit score and another borrower has a credit score;
- Provided calculation details for early payoff reimbursement related to mortgage backed security swap transactions;
- Expanded the use of property data collection and hybrid appraisals;
- Simplified program registration and documentation requirements for community land trusts related to shared equity; and
- Added military income as an income type eligible for DU validation using an asset verification report.
Revisions related to cybersecurity requirements must be fully implemented by August 12, 2025 (lenders are, however, encouraged to implement these changes immediately). Revisions related to implementation of DU version 12.0 are being applied to loan casefiles underwritten with DU Version 12.0 the weekend of January 11, 2025 (loan casefiles underwritten with DU Version 11.1 will continue to be underwritten using prior guidelines). Revisions related to early payoff reimbursement will apply to loans paid off within 120 days beginning with May 1, 2025 issued pools. Revisions related to hybrid appraisals are effective March 22, 2025, to include DU version 12.0 messaging specifying eligibility for a hybrid appraisal. Revisions related to community land trusts are effective February 5, 2025. Revisions related to military income DU validation are effective for all casefiles submitted and resubmitted on and after April 4, 2025.
Click to view the Fannie Mae Selling Guide Announcement SEL-2025-01: https://www.tenaco.com/wp-content/uploads/2025/02/Fannie-Mae-Selling-Guide-Update-SEL-2025-01-02-05-25.pdf
