Fannie Mae Communicates Changes to Loan Eligibility
Today, Fannie Mae released Lender Letter (LL-2021-09), Introduction of Changes to Loan Eligibility Due to the Preferred Stock Purchase Agreement and Qualified Mortgage Rule, to its single-family sellers.
Recent amendments to our senior preferred stock purchase agreement (PSPA) with the U.S. Department of Treasury impose additional criteria on the loans we acquire. Under the terms of the amended PSPA, we are obligated to establish a program on or before Jul. 1, 2021 that ensures that loans we acquire meet specified criteria.
This Lender Letter introduces policies we will be implementing in alignment with Freddie Mac and under the guidance of FHFA. For additional details view the Lender Letter.
For questions, please contact the Fannie Mae Investor Help Line at 1-800-232-6643, Option 3 or by e-mail.