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Fannie Warns Lenders on Investment Properties and 2nd Homes

Thursday, March 11, 2021

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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