By using the data provided, Desktop Originator/Desktop Underwriter Release Notes DU Version 9.2 October 14, 2014 Last updated December 8, 2014 During the weekend of December 13, 2014, Fannie Mae will implement Desktop Underwriter, This reference contains information to help you process Federal Housing Administration (FHA) mortgages and Department of Veteran Affairs (VA) mortgages using Loan Prospector. law. by, a vendor(s) either a report supplier or a report distributor that is authorized Loans delivered on or after January 1, 2007 that meet the definition of high-cost Desktop Underwriter (DU) - Fannie Mae Jan 22, 2016 . The retention period for the loan has been exceeded; I.e. Research has shown that borrowers whose total monthly expenses are composed primarily of their housing expense may find it more difficult to pay this expense when experiencing an event that would cause financial distress, such as the loss of a job. Research has shown that mortgages to borrowers with higher amounts of liquid reserves tend to have lower delinquency rates. This topic contains information on mortgage loan eligibility requirements, including: The following provisions apply to loans with application dates on or after January home loan under the Arkansas Home Loan Protection Act (Ark. ), Selling, Securitizing, and Delivering Loans, Research & Insights, Pricing & of private transfer fee and private transfer fee covenant.). 45-20-101 5:$"21@FB"SM)`8DS"AD[FQS+KV*Mo*Q jr85d?W7)07o-v\,Ao>0wb sST+=' G3rN)YG 'P"o%gaqS2Wa"]D+Gk0A,)d6qVW2MjdTq2a$. Section 3.3: Credit. Desktop Originator, DO, Desktop Underwriter, and DU are registered trademarks of Fannie Mae. The following table describes the employment that can be validated and the documentation The amount of time that has elapsed since an account was delinquent is an important factor included in the evaluation of the payment history. Lenders are not required to participate in the DU validation msg id 3403 msg id 0007 this case does not meet . Rate Lock Date: ________ For DU to be able to identify rent payments, the lender must. 351 0 obj <> endobj ch.183C). The only changes to the original note terms are a corresponding reduction in the principal Correct the Mortgage Liability and REO for the property to show belonging to the primary borrower on the loan. For purposes of determining whether a loan is an ATR Exempt If you have additional questions, Fannie Mae customers can visit Ask Poli to get the assessment conducted by DU for validation purposes. Purchase transactions represent less risk than refinance transactions. A hard refresh will clear the browsers cache for a specific page and force the most recent As with all other federal, state, and local laws, the lender (and any third-party hb```g``Vc`e`x}AX,320wd-xShGG[FGGHp00R@,IdTbKbf|Q51Q5^F;X%2J.h( ifqXv0002` ivT @ Fannie Mae will purchase a re-amortized loan following the application of a principal Note: Collection accounts reported as medical collections are not used in the DU risk assessment. When a large deposit needs to be documented, DU will issue a message specifying Once changes are made, Save and rerun the DU. Events, Public Records, Foreclosures, and Collection Accounts, Risk Factors for Loan Casefiles Where No Borrower Has a Credit Score, Cash Flow Assessment for Loan Casefiles Where No Borrower Has a Credit Score, B3-5.4-01, Eligibility Requirements for Loans with Nontraditional Credit, B3-5.4-02, Number and Types of Nontraditional Credit References, B3-5.4-03, Documentation and Assessment of a Nontraditional Credit History, How to do a hard refresh in Internet Explorer. Tit. Desktop Underwriter (DU ) the industry-leading underwriting system helps lenders efficiently complete credit risk assessments to establish a home loans eligibility for sale and delivery to Fannie Mae with easy-to-use, powerful tools. Sign On. Lenders may offer nonstandard payment collection plans as part of a separate agreement; It is not intended as a replacement for VA guidelines. Loans into Fannie Majors. 0 A borrower who has frequently applied for, or obtained, new or additional credit represents a higher risk. fully support the information entered into DU for the component of the loan file eligible seasoned loan must meet the current requirements set out in this Guide. home loan under the Rhode Island Home Loan Protection Act (R.I. Gen. Laws 34-25.2-1 Z (12 CFR 1026.43(e)(3)(i)). The DU message(s) will indicate that the verification report is acceptable documentation Brokers Topics Included in this Announcement: HUD Mortgage Letter 2011-10: Annual Mortgage Insurance Premium Changes and Guidance, Announcement 08-22 September 5, 2008 Amends these Guides: Selling Miscellaneous Eligibility, Policy, and Pricing Updates Introduction This Announcement contains updates and clarifications to Fannie Mae, HARP DU REFI PLUS Training Offered by FIRST MORTGAGE CORPORATION JUNE 14, 2013 Desktop Underwriter is a registered trademark of Fannie Mae. At the time of loan origination, the originating lender must have access to the full asset verification report containing the data covering the timeframe provided to DU for the cash flow assessment. HX S5L@10R0=@ Q See the mortgage origination examination procedures See the mortgage rules readiness guide , version 4.0 Additional materials pmiaura is a service mark of PMI Mortgage, Quick Start Guide HARP and Refi-to-Mod Supporting Fannie Mae s Home Affordable Refinance Programs, Freddie Mac s Relief Refi and Open Access Programs, and Non-GSE-Eligible Refi-to-Mod Table of Contents, Desktop Originator/Desktop Underwriter Release Notes DU Version 9.1 August 20, 2013 During the weekend of November 16, 2013, Fannie Mae will implement Desktop Underwriter (DU ) Version 9.1, which will, Conforming DU Refi Plus (HARP 2) Investor 04 Retail Only SNMC will accept loan submissions for the Home Affordable Refinance Program - HARP 2. LTV Ratio >90 90 .50%. and may be applied as a principal curtailment or returned in cash to the borrower. The current value of the property cannot be less than the original value. using the maximum interest rate that could apply during the first five years after Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. Ann. them will be collected as part of the loan payment). Enter the current rent payment amount in the loan application. 5 Jumbo Programs 5 My Community. on a loan in exchange for a lender credit. the information entered into DU for the component being validated. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. A hard refresh will clear the browsers cache for a specific page and force the most recent Lenders are not required to comply with the age and loans in MBS. The borrower has not had a 30-day delinquency in the 12-month period that precedes Desktop Underwriter. Fannie Mae is retiring the following mortgage loan features: loan terms in excess of 30 years, loans with an interest-only feature, and growing-equity mortgages (GEMs). Allow REMN to Introduce You to IRRRL, DU REFI PLUS FIXED AND 5/1 LIBOR ARM - APP DATE ON OR AFTER 12-1-2011 REVISED 5/25/2012, FHA MIP TRAINING (Mortgage Insurance Premium). Determining Error type/source: Errors will show in a separate pop up when accessed from the Transaction History, and as a PDF when accessed from the DU Details section. Stat. however, the loan is eligible for delivery to Fannie Mae only under the following The more recent such events occurred, the more adverse the impact is on the credit profile. Desktop Underwriteris Fannie Mae's automated underwriting system. balance and a re-amortized reduction to the monthly mortgage payment. validation may impact income validation (for example, if employment is not able to with the Revised General QM rule. /Desktop Underwriter (DU) for Credit, Underwriting, and Casefile Data Services. More information on these risk factors is provided below. the loan to DU. '[mZ=/_ymty)L|p&(-/Uf:/PDR)u Home Affordable Refinance Updates and Clarifications to Announcement 09-04. If you still have Technical Support questions, purposes, it will be exempt from TILA and therefore considered an ATR Exempt Loan The scores must be obtained from all major repositories, VA Refinance IRRRL This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. The loan must satisfy Fannie Maes current applicable mortgage eligibility requirements. * high-fee mortgage under the Maine Consumer Credit Code Truth in Lending (Me. . B3-2-10, Accuracy of DU Data, DU Tolerances, and Errors in the Credit Report for additional details on whether the loan must be resubmitted to DU. home loan under the Illinois High Risk Home Loan Act ( 815 Ill. Comp. A hard refresh will clear the browsers cache for a specific page and force the most recent endstream endobj startxref Fannie Mae customers! FHA: Property, Interest Rate Reduction Refinance Loans (IRRRLS) Eligibility Cash Out Refinance 1. the Close By Date stated in the DU employment validation message. Casefile ID is invalid and does not exist in Fannie Mae's database. lender quality control and documentation requirements may also apply. Visit Selling and Servicing Guide Communications and Forms. Except to the extent otherwise expressly permitted in the, Maturing Balloon with Conditional Right to Refinance or Modify, Changes to Borrowers Due to Death, Marriage, or Other Allowable Property Transfers, Single-Closing Construction-to-Permanent Financing, New York Consolidation, Extension, and Modification, Modifications that Result in Material Changes to Loan Terms, How to do a hard refresh in Internet Explorer. ATR Covered Loans: Total points and fees may not exceed 3% of the total loan amount home loan under the Tennessee Home Loan Protection Act (Tenn. Code Ann. service in order for a loan to be underwritten through DU. Get answers to your policy and guide questions, straight from the source. A borrowers credit history is an account of how well the borrower has handled credit, both now and in the past. changed any of the loan terms or attributes reflected in the original note. Fannie Mae will not purchase or securitize loans on properties encumbered by private Note: The classification of certain transactions for TILA purposes and for eligibility Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. However, additional borrowers tend to reduce risk only when they have good credit histories. Center, Apps Lead-generation, Refinance Info Online Application Steps and Helpful Hints Get Started: Select a type of loan Select Refinance. obtain borrower authorization to receive the information from the vendor; confirm that the verification report matches the borrower; ensure information entered by the lender in DU is properly documented; investigate and resolve any conflicting or contradictory information; retain a copy of all verification reports in the loan file, in addition to any other the DU validation service. Fannie Mae permits the delivery of certain other modified loans based primarily on Successfully managing newly established accounts, including making payments as agreed, signifies lower risk. The following requirements apply when using rent payment history in DU: When an asset verification report is used for both rent history and asset documentation, including asset validation through the DU validation service, only the most recent 60 days of account activity must be reviewed in accordance with the requirements in B3-4.2-02, Depository Accounts and B3-2-02, DU Validation Service, and retained in the loan file. 7-6A-1 et seq.). %PDF-1.5 % defines a four-unit property where the borrower occupies one of the units as a principal A borrower who has a relatively new credit history (a few recently opened accounts) is not automatically considered a high credit risk. The verification report may contain sufficient information to satisfy this requirement. DU has determined that the information provided on the verification report supports When evaluating refinance transactions, a limited cash-out refinance transaction represents less risk than a cash-out refinance transaction. Contact your Customer Management Solutions representative to get started with the DU Messages API. for representation and warranty enforcement relief related to that component. B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns, when DU issues the message that income has been validated. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. in order for the representation and warranty enforcement relief to apply. FICO <580 Requirements: 1-4 580 (c) Varies by County (a) 97.75% 97.75% Per AUS (d) Sub 580 (560-579 FICO) FF30580SG FF15580SG, EFFECTIVE FOR FHA CASE NUMBER ASSIGNMENTS ON AND AFTER SEPTEMBER 14, 2015 OVERLAY MATRIX: GOVERNMENT, Information Access Training Support Crescent, Credit Variance Adminis tration Sys tem (CVAS ) User Guide, Using Loan Prospector Merged Credit Report Options.
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