Guide Update 23-03
:  Credit Underwriting Updates
Effective:
Retired: 09/18/23
Credit Underwriting (Redline).pdf

HIGHLIGHTS

Effective for Mortgage Loans Committed as of April 3, 2023, underwriting information was updated in:

 

  • Part II, Chapter 1: Attributes and Characteristics;
  • Part II, Chapter 2: Valuation and Income; and 
  • multiple Part III chapters. 

 

Primary Changes

Updated multiple Guide chapters and glossary terms regarding:

  • single-family structures;
  • when more than 1 Property secures a Mortgage Loan, guidance for
    • determining whether the multiple Properties should be considered part of a single Project,
    • entering data in C&D and DUS Gateway if the Properties are not a single Project, and
    • Appraised Value requirements for a Property consisting of more than 1 Project;
  • commercial
    • space,
    • leases, and
    • income;
  • real estate taxes;
  • actual acquisition costs;
  • cash out analysis; and
  • refinance risk analysis. 

 

Superseded Publication
 

This publication supersedes Notification 22-14: Data Entry Requirements for Properties Consisting of Non-Contiguous Parcels.

 

Questions

Please contact the Fannie Mae Deal Team with any questions.