Fannie Mae Updates Property Eligibility And Appraisal Requirements, Other Selling Policies

more+
less-
more+
less-

On April 15, Fannie Mae issued Selling Guide Announcement SEL 2014-03, which includes numerous selling policy updates. Based on a comprehensive review of its current requirements, the announcement provides a series of new or updated property eligibility and appraisal requirements, which must be implemented no later than August 1, 2014. The announcement also states that Fannie Mae is retiring its two-step ARM mortgage, as well as standard ARM plans 1030 and 1031. For mortgage loans with notes dated on or after October 15, 2014 where the lender is registered with MERS, Fannie Mae will also require the use of a new rider to modify the standard security instruments in Montana, Oregon, and Washington. The announcement includes numerous additional miscellaneous policy updates, and notes again the recent publication of the Selling Guide on Fannie Mae’s corporate website.

Topics:  Appraisal, Fannie Mae, Mortgages

Published In: Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© BuckleySandler LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »