FNMA Selling Guide Announcement SEL-2012-13

On November 13th, 2012, FNMA released updates to their Selling Guide that are effective immediately.  The updates will affect Gateway’s Client Guide, so it is important that the information is reviewed by our business partners. A summary of topics that may impact Gateway’s Correspondent clients is below. Changes that are related to information inputted to Desktop Underwriter (DU) should be applied manually until the associated DU messages are updated in a future DU release.

The complete announcement can be found by visiting the following link: https://www.fanniemae.com/content/announcement/sel1213.pdf

  • Refinances That Include the Financing of Real Estate Taxes
    • Refinance transactions including delinquent taxes
  • Depository Accounts
    • Verification
    • Indications of Borrowed Funds
  • Reserves
    • Retirement Assets Used for Reserves
    • Clarification of Minimum Reserve Requirements
  • Updates to DU Refi Plus and Refi Plus Mortgages
    • Updates to Eligible Existing Loan Requirements for DU Refi Plus Mortgage Loans
    • Refi Plus Borrower Eligibility
    • New Effective Date for Refi Plus Property Valuation Requirements in Announcement SEL-2012-12
  • Delayed Financing Policy
    • Cash-Out Refinance Transactions
    • Multiple Financed Properties for the Same Borrower
  •  Outstanding Collections
    • Lender requirement update
  • Signature Requirements for HUD-1 Settlement Statements in Escrow States
    • Escrow state requirement update (See Ch. 4 of Client Guide)
  • Miscellaneous Selling Guide Updates
    • Payoff of Land Contract Requirements, Other Sources of Income, Gifts of Equity, Qualifying Impact of Other REO, and Whole Loan Purchasing Process.