Fannie Mae Updates Selling Guide

Fannie Mae Mortgage Origination

On May 28, Fannie Mae issued Selling Guide Announcement SEL-2013-04 to identify numerous updates to the Selling Guide. With regard to income and documentation requirements, the announcement (i) extends the maximum age of credit documents; (ii) requires documentation of continuance for Social Security benefits other than those of the borrower (e.g., a dependent’s benefits); and (iii) clarifies documentation requirements for “other” income types. Fannie Mae also updated the Selling Guide with regard to, among other things, single-entity ownership in a project, calculation of real estate taxes for housing expense, and measurement of waiting periods.