The Federal Housing Finance Agency published a final rule requiring Fannie Mae and Freddie Mac to provide advance notice to FHFA before offering a new activity and to obtain prior approval from FHFA before offering new products. The final rule, which FHFA summarized in a fact sheet, clarifies the scope of a new activity and a new product, as well as which activities are excluded from the review and approval requirements. For example, any activity that enhances, alters or modifies the automated underwriting system is not considered to be a new activity or product.