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Fannie Warns Lenders on Investment Properties and 2nd Homes; Rates Stabilize, But Remain Elevated

Fannie Warns Lenders on Investment Properties and 2nd Homes; Rates Stabilize, But Remain Elevated

Fannie Mae has sent lenders an advanced notice that additional risk criteria is coming for loans it acquires from lenders. Lender Letter 2021-08 lays out changes mandated by amendments to the Senior Preferred Stock Purchase Agreement (PSPA) between the Federal Housing Finance Agency (FHFA) and the Department of the Treasury in mid-January. The letter focuses on the new 7 percent limitation on acquisitions of loans secured by second homes or investment properties. All limits are measured as 52-week moving averages. As the investor and second home share of acquisitions is already above 7 percent and has been since 2013, this new rule will certainly have an impact. In addition to that limit, all second home and investment property loans must be: Underwritten with Desktop Underwriter (DU) Receive
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