Fannie Mae Selling Guide Changes for March 2023

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Fannie Mae released Selling Guide Announcement SEL-2023-02 on March 1, 2023. Topics included the following:

Introduction of new appraisal alternatives:
- Value Acceptance (currently known as appraisal waiver)
- Value Acceptance + Property Data
- Hybrid Appraisal
Updates to Lender Quality Control Requirements
- Prefunding Reviews must be equal to 10% of the prior month’s total closings or 750 loans
- The timeframe for post-closing QC Cycle has moved from 120 days to 90 days, with no specification on individual components of the cycle.

Updates to chapter B5-6 regarding sweat equity
Updates to chapter B4-2 requiring the user of Condo Project Manager for all projects being reviewed under the Full Review Process
Updates to the selling guide regarding Maintaining Seller/Servicer Eligibility
Updates to chapter B5-3 regarding the HomeStyle Renovation indicator
Updates to Chapter B6-1 regarding Government loan guaranty or insurance.

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