The newly-updated Fannie Mae Selling Guide modernizes eligibility criteria for leasehold estates and revises project review requirements. Lease provisions and definitions are clarified.
Sellers and servicers are now responsible for the prevention, detection, and reporting of mortgage fraud, emphasizing the importance of their roles in compliance and security.
The Guide clarifies leasehold provisions, ensuring the first-lien enforceability on eligible properties, which includes a definitive list and important updates to lease requirements.
Manufactured homes must have a homeowners association as the lessee within projects, while co-op projects are explicitly ineligible for Fannie Mae delivery.
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