22-04: Fannie Mae Single Close Construction Program Deadline for QM Patch Loans
Pennymac aligned with Fannie Mae Lender Letter 2021-11, Loan Eligibility under the Preferred Stock Purchase Agreement and Revised General Qualified Mortgage Rule which provided requirements and a 7/1/2021 effective date for compliance with the new revised QM rule.
An extension to the effective date was given for Fannie Mae Single Close Construction to Permanent loans.
As a result of the approaching Fannie Mae deadline, Correspondents are advised that any Fannie Mae Single Close loan with an application date prior to 7/1/2021 that meets the former QM Patch rules but does not meet the new revised QM rule must be delivered on or before 1/31/2022.
Exceptions to the deadline date are not available.
Please contact your Sales Representative with any questions.