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.


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