Fannie Mae issued Selling Guide Announcement SEL-2016-02 (Announcement). This Announcement: eliminates the continuity of obligation policy; clarifies lender obligations for reporting a breach of a selling representation or warranty related to the lender’s compliance with applicable laws; updates language regarding the types of losses for which lenders must indemnify Fannie Mae; clarifies that lenders are only required to deliver HomeStyle Renovation mortgage loans with recourse when the loan is delivered to Fannie Mae prior to the completion of the renovations; amends the definition of “relocation loan”; creates new state-specific notes for Pennsylvania; amends the Pennsylvania security instrument; updates the Special Feature Codes list; announces the publication of fillable rental income worksheets; and announces several miscellaneous Selling Guide updates.
Freddie Mac
Freddie Mac Issues Bulletin 2024-05: Servicing Updates
Freddie Mac issued Bulletin 2024-05 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac updated Exhibit 93 (Evaluation Notices) to remove
April 12, 2024
