Retirement, government annuity, and pension income and employment-related assets as income: updated requirements related to the use of retirement, government annuity, … ft. of gross living area, Single-width manufactured homes are eligible for principal residence purchase and limited cash-out refinance transactions but are not eligible for cash-out refinance transactions or as second homes (or investment properties). All other updates are effective immediately. Due to the nature of title exceptions, we typically cannot grant them because they are requested prior to closing. Benchmark CPR Commentary – September September 11, 2020. Get answers to your policy and guide questions, straight from the source. As a result of this deadline, we have removed all references to LIBOR and the LIBOR ARM plan numbers from the Selling Guide and the Standard ARM Plan Matrix. The following data elements must also be included in Loan Delivery: ConstructionMethodType (Sort ID 51): Manufactured In Selling Guide Announcement SEL-2020-02 Fannie Mae provides details about SOFR ARM products and advises that it will begin accepting Single-Family SOFR ARMS on August 3, 2020. Clarified accessory dwelling unit property eligibility requirements and updated comparable sales requirements … be located on an individual lot or in a Fannie Mae-approved project. & Technology, News & Selling Guide Updates December 4, 2019 December updates announce clarifications to calculating monthly real estate tax payments, clarify policies on non-applicant debt, address bridge loan treatment in monthly debt obligations, and more. Effective Date: Immediately (unless otherwise noted) On October 7, 2020 Fannie Mae issued Selling Guide Announcement SEL-2020-06 which covered the below referenced topics that are applicable to loans sold under the MPF Xtra product:. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. ManufacturedHomeWidthType (Sort ID 33): SingleWide, Effective: Loans secured by single-width manufactured homes can be delivered to us beginning February 1, 2021. be legally classified as real property and cannot include an accessory dwelling unit (ADU). We have retained some information that is on the current Form 1003 but no longer in the redesigned Form 1003. Grants are considered donations from others and no longer referred to as gifts. IRS Form 4506-C, IVES Request for Transcript of Tax Return. Later in 2021 or early 2022, we will update the Guide again to remove all references to the current Form 1003 and data that no applies. Effective: Non-depository seller/servicers must be compliant with the updated requirements based on financials reported as of March 31, 2021. We recommend that you use the latest version of FireFox or Chrome. In addition, we clarified that a pro-rated tax credit is not an interested party contribution. Part B, Escrow, Taxes, Assessments, and Insurance. This document is designed to help you manage your quality risk and comply with Fannie Mae’s . Note that DU is not able to identify this property type so lenders must apply these requirements manually. We have incorporated the disaster payment deferral workout option introduced on Jul. Announcement SEL-2020-07 – Selling Guide Updates. Read this article to update your knowledge on this important market segment. The terms “loan application” and “Form 1003” generally mean the same thing. The retirement income message in DU will be updated in a future release to reflect these changes. 2020 Fannie Mae Published anuary 2020 1 Quality Control . limiting the requirement to obtain an independent valuation of the asset to only those cases where the proceeds from the sale exceed 50% of the total monthly income used in qualifying. The term “online loan application” refers to the DU user interface (or the lender’s loan origination system) where data is collected that is not on the Form 1003. February 5, 2020 Announcement SEL-2020-01 – Selling Guide Updates February’s Selling Guide update revises our policies on liabilities related to rental housing payment and calculating monthly qualifying rental income; delays a previously announced policy change related to calculating monthly real estate tax payments; and more. Customers Recommend Ask Poli AskPoli. Updates relating to electronic documentation are effective October 14, 2020. Effective: Lenders may take advantage of the more flexible requirements immediately. To account for changes in the location of data between the current and redesigned forms, where possible, we have removed references to specific Form 1003 section numbers and field names. MPF Xtra Selling Guide Updates . 30, 2020. In some topics, there are references to both the current and redesigned Forms. The appraiser must always use a minimum of two comparable sales of similar manufactured homes, but we have specifically added a requirement that for a single-width manufactured home, one of the comparable properties must be a closed sale of another single-width manufactured home. ; Forms Forms for Freddie Mac-approved Sellers and Servicers. As a reminder, lenders must ensure the form is filled out completely and accurately before the taxpayer is asked to sign the form. November 13, 2020. At the direction of the Federal Housing Finance Agency and in collaboration with Freddie Mac, we are modifying our seller/servicer eligibility standards related to minimum liquidity. LIBOR references: In February of this year we announced the retirement of LIBOR ARMs with the release of LL-2020-01. The Selling Guide A4-1-01, Maintaining Seller/Servicer Eligibility, has been updated to reflect this change. Specifically, we. 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