Fannie Mae issued Selling Guide Announcement SEL-2025-04 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae
- Introduced a policy supplement outlining key changes to appraisal forms, policies, and requirement for lenders using Uniform Appraisal Dataset (UAD) 3.6;
- Updated measurement terminology to align with American National Standards Institute (ANSI) Z765-2021(“ANSI Standard”);
- Introduced updates and flexibilities to clarify Fannie Mae’s expectations for Quality Control programs and processes and to enable lender efficiencies; and
- Clarified that when Desktop Underwriter (DU) is able to identify the borrower’s existing loan is owned (or securitized) by Fannie Mae, the lender may rely on the DU finding as documentation for the LTV, CLTV, or HCLTV ratio of 95.01% – 97% requirement found in B2-1.3-02 (Limited Cash-Out Refinance Transactions) and B5-6-01 (HomeReady Mortgage Loan and Borrower Eligibility).
Revisions related to UAD 3.6 changes are effective for all new appraisal reports submitted to the UCDP on or after Nov. 2, 2026 (lenders, however, are encouraged to use UAD 3.6 and implement these policy changes beginning Jan. 26, 2026). Revisions related to ANSI Z765-2021 (“ANSI Standard”) measurement terminology are effective for all loan applications dated on and after Sept. 8, 2025. Revisions related to Quality Control programs are effective for all QC reviews conducted on or after Sept. 2, 2025 (lenders, however, are encouraged to implement these changes immediately). All other revisions are effective June 4, 2025.
Click to view the Fannie Mae Selling Guide Announcement SEL-2025-04: https://www.tenaco.com/wp-content/uploads/2025/06/Fannie-Mae-Selling-Guide-Announcement-SEL-2025-04-06-04-25.pdf
