Fannie Mae issued Selling Guide Announcement SEL-2018-09 (Announcement), setting forth updates to the Selling Guide. As outlined in the Announcement, Fannie Mae updated the Selling Guide to include changes with respect to: calculation and evaluation of self-employment income, commission income and unreimbursed business expenses; appraisal waivers for loans that are in process at the time of a disaster; on-frame modular homes and modular construction; small business administration loans; property insurance carrier ratings; and flood insurance. In addition, the Selling Guide has been updated to reflect the changes that were announced in the DU/Desktop Originator Version 10.3 Release Notes. The updated changes with respect to appraisal waivers are effective for loan casefiles submitted (or resubmitted) on or after the weekend of December 8, 2018. The updates with respect to small business administration loans must be implemented by March 2019 (lenders are, however, encouraged to implement the updates immediately). The updates with respect to flood insurance are effective March 1, 2019 (lenders and servicers are, however, encouraged to implement the updates immediately). All other changes are effective immediately.
Click Here to View the Fannie Mae Selling Guide Announcement SEL-2018-09
