Fannie Mae has issued the following Announcement:

• Announcement 09-24: Delivery of Higher-Priced Mortgage Loans, Revised Qualifying Rate Requirements, Assessment of Late Charges, Clarifications to Points and Fees Limitation, and Updates to Reporting under the Home Mortgage Disclosure Act

With Announcement 09-24, Fannie Mae is updating or clarifying several origination, selling, servicing, and loan delivery policies and requirements, including:

·    delivery requirements for higher-priced mortgage loans in accordance with 2008 amendments to Regulation Z;

·    qualifying rate requirements for certain ARM loans, loans subject to temporary interest rate buydowns, and step-rate mortgage loans;

·    policy regarding late charges and application of mortgage payments;

·    policy regarding the points and fees limitation; and

·    delivery requirements in response to recent Home Mortgage Disclosure Act (HMDA) amendments.

These changes or clarifications are applicable to loans including manually underwritten loans and loan casefiles underwritten with Desktop Underwriter^® (DU^®).

For more information, including effective dates, refer to Announcement 09-24 and the updated Field Definitions for the 2000-Character Loan Delivery File Format.