Fannie Mae guideline changes: every announcement, summarized with effective dates

Applies to: Applies to manually underwritten conventional loans delivered to Fannie Mae on or after Feb. 22, 2027.

What to review: Review the revised manual underwriting criteria in the Eligibility Matrix to evaluate the aligned credit score requirements across score models and product types for deliveries beginning Feb. 22, 2027. AWACS interpretation

Applies to: Fannie Mae servicers filing IRS Form 1099-C must review the Do Not Send 1099-C list; higher allowable attorney fees apply to foreclosure and bankruptcy matters still active on Jan. 1, 2027.

What to review: Review first the new requirement, effective Jan. 15, 2027, to access and review the loan-level Do Not Send 1099-C list through Fannie Mae Connect by the 10th business day in January; then note that from Jan. 1, 2027 servicers may pay up to the higher maximum foreclosure and bankruptcy attorney fees on matters still active that day, and the Florida trial fee no longer applies. AWACS interpretation

What to review: Start with the new requirement to complete a verbal VOE for borrowers who qualify with Schedule K-1 income from a business they own less than 25% of. It applies to applications dated on or after December 2, 2026 and does not apply when the K-1 reports only rental income. Then look at the optional changes that take effect immediately: lenders may use any reasonable, verifiable verbal VOE method, measure income continuance from the application date, show acceptance of an employment offer by email or other verifiable means, treat a tenant right of first refusal that comes from a statute or local ordinance as not making a loan ineligible, and submit wire instructions through the new self-service application that replaces the PDF Form 482 process and retires Form 360. AWACS interpretation

Applies to: Appraisal reports submitted to Fannie Mae through UCDP by all Sellers, with lenders holding an approved temporary policy exception permitted to submit UAD 2.6 reports until UAD 2.6 support ends.

What to review: First, decide whether the lender will meet UAD 3.6 by Nov. 2, 2026; if not, request the temporary exception, which lets an approved lender keep submitting UAD 2.6 and 3.6 reports through May 19, 2027. Then plan for reduced functionality starting March 1, 2027, the UAD 3.6 requirement starting May 20, 2027, and the end of UAD 2.6 acceptance on June 28, 2027, keeping in mind that lenders are encouraged, but not required, to move to UAD 3.6 before March 1, 2027. AWACS interpretation

Applies to: Conventional loans serviced for Fannie Mae with mortgage insurance that may be close to or have reached the LTV requirements for termination based on current property value.

What to review: No change is mandatory, so first review Servicing Guide B-8.1-04 to decide whether to use the option, effective immediately, to proactively solicit borrowers on conventional loans serviced for Fannie Mae whose loans may be close to or have reached the LTV requirements for MI termination based on current value, and to notify them of the actions required. AWACS interpretation

Applies to: Fannie Mae loans using rental income for qualifying with application dates on or after Dec. 1, 2026, and UAD 3.6 appraisal reports; NACLI loans benefit from expanded eligibility.

What to review: First review the mandatory changes: the restructured rental income policy for application dates on or after Dec. 1, 2026 (early implementation allowed) and the immediate highest and best use requirements for UAD 3.6 appraisals; then note that lenders may use the expanded NACLI eligibility to sell NACLI loans without special approval, if they choose. AWACS interpretation

Applies to: Fannie Mae servicers must implement the LL-2026-03 property insurance requirements, including for renovation and second lien mortgage loans, by Jan. 1, 2027.

What to review: First review the LL-2026-03 property insurance changes in sections B-2-01 and B-2-02, which servicers must implement by Jan. 1, 2027 and may implement now, then note that the minor renovation and second lien alignment edits and the Chapter B-2 reorganization are effective immediately without being mandatory actions. AWACS interpretation

Applies to: Fannie Mae loans where approved lenders choose VantageScore 4.0 credit scores; lenders not approved continue to use classic FICO.

Applies to: Fannie Mae Seller/Servicers that use AI/ML in originating loans sold to or guaranteed by Fannie Mae or in servicing loans on its behalf.

What to review: First review whether your AI/ML use in Fannie Mae originations or servicing is covered by documented policies and procedures, supplement compliance, vendor governance and prompt disclosure readiness, all effective 2026-08-06. AWACS interpretation

Applies to: Fannie Mae sellers and servicers applying income assessment policy under Chapter B3-3 and servicing transfer reviews; servicers of loans in Stop Delinquency Advance process benefit from the removed guaranty fee advance requirement.

What to review: First review the mandatory income assessment updates to Selling Guide Chapter B3-3, which may be applied immediately but must be applied by June 1, 2026; then note that servicers may use the remittance clarifications (guaranty fee advance removal for Stop Delinquency Advance loans, and removed buydown funds language) immediately. AWACS interpretation

Applies to: Fannie Mae loans involving MH Advantage or CHOICEHome manufactured homes with application dates on or after June 4, 2026, and loans using gift funds.

What to review: No change is marked mandatory, so first review the revised acceptable gift donor definition in B3-4.3-04, which is effective immediately. Then review the MH Advantage and CHOICEHome alignment in B4-1.4-01, which lenders participating in the broad production of UAD 3.6 or legacy 2.6 may apply to manufactured home loans with application dates on or after June 4, 2026. AWACS interpretation

Applies to: All Fannie Mae servicers and seller/servicers must implement the cybersecurity requirements; the shared equity clarification affects community land trust ground lease loans.

What to review: "Review the mandatory cybersecurity requirements first, including the 36-hour Cybersecurity Incident reporting and the Aug. 12, 2025 full implementation date, then note that servicers may use the shared equity clarification immediately, which allows Freddie Mac's equivalent of the Community Land Trust Ground Lease Rider as an alternative." AWACS interpretation