Fannie Mae’s manual underwriting update: flag the sale date
The November lender letter changes parts of the manual Eligibility Matrix next February. Save the sale date with the worksheet before you apply a new rule.
What changed
Fannie Mae announced changes to the Eligibility Matrix for manually underwritten loans. The update covers credit-score treatment and reserve requirements for certain scenarios, including cash-out refinances. The effective trigger in the announcement is the date the loan is sold.
What to record
Keep the underwriting method, occupancy, unit count, transaction type and expected sale date with the file. A closing date alone does not establish which version of this change applies.
How to use the worksheet
Use the cash-out calculator for elapsed ownership, first-lien age, estimated proceeds and appraisal-based LTV. Apply the correct Eligibility Matrix separately. This announcement does not change the arithmetic for LTV and the worksheet does not substitute future manual underwriting thresholds.