Selling Policy Communications
Access a list of Selling Announcements, Lender Letters, Notices, and related communications.
Selling Guide updates typically are published on the first Wednesday of the month.
Selling Notice - Effective Date for Main Living Area Photographs in Appraisals | May 24, 2023-This Notice specifies that we will require appraisal photographs for the main living areas of property interiors to include the living room, family room, dining room, all bedrooms, and all finished and unfinished areas of the basement for appraisals in loan applications dated on or after Sept. 1, 2023. |
Lender Letter LL-2023-06 – Rescission of Loan-level Price Adjustments Based on DTI Ratio | May 17, 2023-This Lender Letter rescinds the DTI ratio loan-level price adjustment (LLPA) attribute that was scheduled to apply to loans purchased on and after Aug. 1, 2023. |
Announcement SEL-2023-04: Selling Guide Updates | May 3, 2023-The May Selling Guide update revises the requirements for loans with shared equity or shared appreciation provisions; clarifies eligibility requirements for subordinate liens; and allows alternative documentation for IRS Form 4868 as evidence the borrower has filed an extension for the prior year’s tax returns. |
Announcement SEL-2023-03: Selling Guide Updates | April 5, 2023-The April Selling Guide update aligns Guide policy for the treatment of medical collections with the risk assessment performed by Desktop Underwriter®; adds reporting requirements for penalties and enforcement actions related to compliance with Office of Foreign Assets Control regulations; allows the use of a borrower’s earned real estate commission for down payment and closing costs; and makes miscellaneous updates. |
Lender Letter LL-2023-01 – New Loan-level Price Adjustment Framework | March 22, 2023-This updated Lender Letter provides information about future changes to loan-level price adjustments (LLPAs) and an overall redesign of the LLPA matrix. It will be effective for all whole loans purchased on or after May 1, 2023, and for loans delivered into MBS with issue dates on or after May 1, 2023, with the exception of the DTI ratio LLPA, which will be effective Aug. 1, 2023. |
Lender Letter LL-2023-02 – Private Transfer Fee Covenants: Exception for Certain Shared Equity Transactions | March 8, 2023-Effective for loans with note dates on or after July 1, 2023, shared equity loans that are secured by properties subject to private transfer fee covenants will now be eligible for sale to Fannie Mae if they meet certain conditions. Loans with private transfer fee covenants are currently prohibited by the Selling Guide, unless permitted by the Private Transfer Fee Regulation. |
Announcement SEL-2023-02: Selling Guide Updates | March 1, 2023- The March Selling Guide update introduces, as part of valuation modernization, our transition to a range of options to establish a property’s market value, with the option matching the risk of the collateral and loan transaction; provides additional guidance on the use of sweat equity and nonprofit program providers; revises timelines and expectations for lenders’ prefunding and post-closing quality control reviews; requires the use of Condo Project Manager™ for projects when a lender Full Review is required; and makes miscellaneous updates. |
Lender Letter LL-2021-03 – Impact of Covid-19 on Originations | February 15, 2023-This Lender Letter provides reminders and temporary flexibilities to support mortgage originations. |
Announcement SEL-2023-01: Selling Guide Updates | February 1, 2023-The February Selling Guide update; helps to provide equitable and sustainable access to housing by expanding the use of site-built homes as comparable sales for MH Advantage® homes, and making enhancements to support borrowers with nontraditional credit; promotes safe and responsible lending by implementing new eligibility requirements for cash-out refinance transactions; makes several miscellaneous updates. |
Announcement SEL-2022-10 – Selling Guide Updates | December 14, 2022-The December Selling Guide update; helps to provide equitable and sustainable access to housing by expanding manufactured home eligibility, simplifying use of HomeStyle® Energy loans, and updating valuation options for certain deed-restricted properties; promotes safe and responsible lending by updating: property, flood, and project insurance requirements, and requirements for maintaining seller and servicer approval status; simplifies documentation requirements for use of business assets; clarifies certain requirements related to grants and borrower contribution requirements, and temporary leave income; and includes several miscellaneous updates. |
Lender Letter LL-2022-08 – Florida’s Temporary Market Stabilization Arrangement | December 7, 2022-This Lender Letter contains temporary guidance on the provisional acceptance of property insurance policies in Florida in conjunction with the Florida Office of Insurance Regulation’s (FLOIR) establishment of a temporary reinsurance arrangement through Citizens Property Insurance Corporation (Citizens). |
Lender Letter LL-2022-06 – Confirmation of Conforming Loan Limit Values for 2023 | November 29, 2022-Fannie Mae loan limit values are increasing in 2023. The new loan limit for most of the country will be $726,200 — an 12.21% increase over the 2022 limit — and is effective for whole loans delivered to Fannie Mae and loans in MBS pools with issue dates on or after Jan. 1, 2023. |
Lender Letter LL-2022-05 Updates to Loan Level Price Adjustments | November 4, 2022-(Updated Feb. 1, 2023) In response to our regulator, the Federal Housing Finance Agency, we are making changes to our pricing framework, including waivers of loan-level price adjustments for certain borrowers and affordable mortgage products and changes to LLPAs for some cash-out refinance loans. |
Announcement SEL-2022-09 – Selling Guide Updates | October 5, 2022-The October Selling Guide update includes changes related to retention of asset verification reports, Social Security income documentation, use of average median credit score for manually underwritten loans, and miscellaneous updates. |
Lender Letter LL-2022-04 Maintaining Seller/Servicer Eligibility | September 21, 2022-At the direction of our regulator, the Federal Housing Finance Agency, and in coordination with Freddie Mac, we are updating our minimum financial requirements for seller/servicers, including an enhanced minimum net worth requirement applicable to all sellers/servicers, an enhanced minimum liquidity requirement applicable to all non-depository sellers/servicers, a new origination liquidity requirement applicable to certain non-depository sellers/servicers, and new requirements applicable to large non-depository sellers/servicers. |
Announcement SEL-2022-08 – Selling Guide Updates | September 7, 2022-The September Selling Guide update expands the list of acceptable gift donors and makes several miscellaneous updates. |
Announcement SEL-2022-07 – Selling Guide Updates | August 3, 2022-The August Selling Guide update includes permitting lender-funded grants for certain transactions and adding an alternative to satisfy the verbal verification of employment requirement for non-DU® validation service loans. |
Announcement SEL-2022-06 – Selling Guide Updates | July 6, 2022-The July Selling Guide update adds requirements for compliance with State Address Confidentiality programs, revises the required version of title insurance forms, and clarifies how to calculate the LTV ratio for manufactured housing subdivisions. This Announcement also describes updates to the list of approved mortgage insurers and approved mortgage insurance forms. |
Lender Letter LL-2022-03 – Supplemental Consumer Information Form (Form 1103) | July 6, 2022-This Lender Letter notifies lenders of the mandatory use of the Supplemental Consumer Information Form (SCIF/Form 1103) for loans sold to the GSEs with application dates on or after March 1, 2023. The purpose of this Lender Letter is to notify the industry of this requirement well in advance of the mandatory effective date so that they can begin submitting the updated data in their loan submission files. |
Lender Letter LL-2022-02 – Equifax Coding Issue | June 24, 2022-This Lender Letter provides requirements that apply to loans impacted by the Equifax coding issue. |