Fannie Mae issued Selling Guide Announcement SEL-2022-01 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae now allows desktop appraisals for purchase transactions of 1-unit principal residences with LTV ratios of 90% or less. The appraisal must be completed using Form 1004 Desktop (Uniform Residential Appraisal Report (Desktop)), and must include a floor plan of the subject property. For eligible transactions, Desktop Underwriter (DU) will issue a message informing the lender they can choose to obtain a desktop appraisal.
Fannie Mae also:
- Updated documentation requirements for the verification of assets for certain refinance transactions underwritten in DU.
- Removed the restriction requiring lenders to negotiate the sale of loans secured by properties in Guam.
- Updated HomeStyle Renovation loan renovation requirements.
- Announced a loan-level price adjustment credit for HomePath properties.
- Clarified reporting requirements related to anti-money laundering.
Revisions related to desktop appraisals, documentation requirements for the verification of assets on refinances, and loans secured by properties located in Guam are effective March 19, 2022. Revisions related to updated HomeStyle Renovation loan requirements are effective May 1, 2022. All other updates are effective immediately.
Click to view the Fannie Mae Selling Guide Announcement SEL-2022-01: https://www.tenaco.com/wp-content/uploads/2022/02/Fannie-Mae-Selling-Guide-Announcement-SEL-2022-01-02-02-22.pdf
