The following updates apply to Wholesale and Correspondent loan submissions.

Effective immediately for all Fannie Mae loans, Arc Home will align with the changes communicated in Fannie Mae Announcement SEL-2024-04 for the topic below.

·         Closing Costs Definition: Revised the closing costs definition to include items related to the real estate and financing transactions, which are typically itemized under “Closing Cost Details” on the Closing Disclosure. Refer to Fannie Mae Selling Guide E-3-03 (Acronyms and Glossary of Defined Terms: C) for details.

Effective immediately for all Freddie Mac loans, Arc Home will align with the changes communicated by Freddie Mac in Bulletin 2024-7 for the topics below.

·         Warranty of Completion Alternatives: Enhanced the requirements for verification of completion for new/proposed properties under construction and existing properties requiring repairs. Refer to Freddie Mac Selling Guide 5602.2, 5602.4, 5604.1, 5604.2, 5605.8, and Form 400 for complete details.

·         Lender-Paid Mortgage Insurance: Expanded guidelines to allow lender-paid mortgage insurance in conjunction with super conforming loans. Refer to Freddie Mac Selling Guide 4701.2 for details.