MPF Announcement 2024-34

MPF Xtra Selling Updates – FNMA SEL-2024-02

Effective Date: Immediately (unless otherwise noted)

Fannie Mae published SEL-2024-02 which announces the expansion of the Desktop Underwriter® (DU) validation service to allow income and employment validation using an asset verification report.

Originators must order an asset verification report containing at least 12-months of data from the borrower’s checking and/or savings account(s) from an approved third-party vendor.

Effective: The DU validation service will be updated on March 29, 2024, to validate income and employment for new casefiles that reference an eligible third-party asset verification report. Originators must opt-in through DU to participate.

The Fannie Mae Selling Guide has been updated to include the expanded DU validation service.

To gain a full understanding of these topics, PFIs should review the entire Fannie Mae Announcement and any applicable Fannie Mae Selling Guide chapters, forms, or exhibits noted in the announcements.