Fannie Mae issued Selling Guide Announcement SEL-2026-02 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae:
- Updated Chapter B3-3 (Income Assessment) by restructuring Chapter B3-3 (Income Assessment) into a clearer, more modular format that includes:
- General income principles and income-type-specific requirements;
- Separate topics for each income type (such as base income, retirement income, and variable income);
- Standard tables for each income type that consolidate documentation, history, continuity, and calculation requirements; and
- Consistent terminology and level of detail across income sources to reduce interpretation challenges; and
- Added a policy clarification to allow lenders to use a desk review or field review to address deficiencies identified in new appraisals obtained in connection with Texas Section 50(a)(6) loans that, when applicable, the desk review or field review must be:
- Obtained prior to the date of the note and mortgage; and
- Attached with the appraisal to the written acknowledgment of “fair market value”.
Revisions related to income assessment policy updates and clarifications are effective for loans with application dates on or after June 1, 2026 (lenders, however, may apply these changes immediately). Revisions related to an added policy clarification to allow lenders to use a desk review or field review to address deficiencies identified in new appraisals obtained in connection with Texas Section 50(a)(6) loans are effective March 4, 2026.
Click to view the Fannie Mae Selling Guide Announcement SEL-2026-02: https://www.tenaco.com/wp-content/uploads/2026/03/Fannie-Mae-Selling-Guide-Announcement-SEL-2026-02-03-04-26.pdf
