Fannie Mae issued Selling Guide Announcement SEL-2021-10 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae:
- expanded the acceptable age of documentation requirement with respect to a military borrower’s Leave and Earnings Statement (LES) used in lieu of a verbal verification of employment (may now be dated up to 120 calendar days prior to the note date rather than 30 or 31 calendar days);
- clarified that military base pay and entitlements must be documented with the borrower’s recent LES;
- updated the principal curtailment policy to permit the delivery of loans that were previously modified due to the application of a principal curtailment and recast of the principal balance over the remaining loan term prior to delivery;
- removed a reference to the effective date of the appraisal in alignment with current requirements of Uniform Standards of Professional Appraisal Practice (USPAP); and
- clarified that any valuation referencing or based on a protected class under the Fair Housing Act is expressly prohibited.
All updates are effective immediately.
Click to view the Fannie Mae Selling Guide Announcement SEL-2021-10: https://www.tenaco.com/wp-content/uploads/2021/11/Fannie-Mae-Selling-Guide-Announcement-SEL-2021-10-11-03-21.pdf
