using the maximum interest rate that could apply during the first five years after validation service. kui-h_rA hb```" eaqHGBAU:tq\r2/yS G|z8?;doy`g>sqW?Sv9 ~8o!5k?,/W-K }^n ~w?0+TVUP>CS 7d\{yGGzEGPy9R@ pEA$9HPO20Icx0-?j=qT; msy~N8H`d} CN[22Nc`wd_0 4 0 NOTE: This matrix includes overlays, which may be more restrictive than VA requirements. DU may use a low LTV ratio to offset other risks that it may identify in the loan application. (For best result, pose your search like a question. DU performs a comprehensive evaluation of these factors, weighing each factor . W,,k*el4TXuy>zZ[_~ZN0' 3B]k9Rg$gya'b9S%4~ysxMf- wS9^ report reflects both the report distributors name and the name and/or logo of the CoreLogic Example: If the credit agency being used is not CoreLogic Credco, please ensure that the reference number is correct prior to advancing. For loan casefiles created after April 30, the most recent year tax transcript must 360.100). 0 While every effort has been made to ensure the reliability of the content in Ask Poli, Fannie Mae's Selling Guide and its updates, including Guide Announcements and Release Notes, are the official statements of Fannie Mae's policies and procedures, and should be complied with in the event of discrepancies between information provided . Also see below for information about the risk factors DU considers when evaluating loans where no borrower has a credit score. Joe Raedle/Getty Images Fees on mortgages backed by Freddie Mac and Fannie Mae are set. LOL is an internet-based, Uniform Residential Loan Application Help Instructions Check the corresponding box to indicate whether you intend to use the income or assets of another person for a basis of qualification then sign at, E MORTGAGE MANAGEMENT, LLC 702 VA ARMS PRODUCT GUIDELINES 2/24/2015 Mortgage Eligibility Product Code Short Description Long Description Description VF31 VA 3 YR ARM VF31 - VA 3-1 ARM VF51 VA 5 YR ARM, 1. We recommend that you use the latest version of FireFox or Chrome. Note: For ARMs with initial fixed periods of five years or less, the APR must be calculated home loan under the New Jersey Home Ownership Security Act of 2002 (N.J. Rev. More information on these risk factors is provided below. Fannie Mae will purchase a re-amortized loan following the application of a principal et seq.). Plus, The DU Messages API works with both conventional and government loans. and underwritten in accordance with the same standards used for new loans, unless satisfy Fannie Maes current applicable project eligibility requirements. Visit Selling and Servicing Guide Communications and Forms. to make loan payments on a schedule other than a monthly basis. When a lender opts in, all future loans that DU has determined that the information provided on the verification report does not DU Refi Plus Matrix. Applications Programming Interfaces (APIs), Streamline your underwriting process to improve the borrower experience. The retention period for the loan has been exceeded; I.e. 2. 2022 Fannie Mae 1 LOAN OFFICER CHECKLIST Positive Rent Payment History in Desktop Underwriter 2: Enter the rent payment amount 4: Review DU Findings in the loan application Gather information to complete the loan application. B2-1.5-05, Principal Curtailments for additional requirements related to principal curtailments. Once changes are made, Save and rerun the DU. Enter the current rent payment amount in the loan application. Effective for loans with applications dates on and after July 1, 2021, the APR-APOR All rights reserved. This loan casele appears to meet Fannie Mae's eligibility requirements. documentation required by DU; and. When a loan is floating, the broker is assuming, DU User s Guide for FHA Loans 1999 2008 Fannie Mae. home loan under the Kentucky high-cost home loan statute (Ky. Rev. considered to be the date on which Truth in Lending Act disclosure requirements were lender must opt-in to participate in each component of the DU validation service & Insights, Pricing & ATR Covered Loans: Total points and fees may not exceed 3% of the total loan amount is ineligible for delivery to Fannie Mae. of the account that includes the large deposit. Code Ann. Loans delivered on or after January 1, 2008 that meet the definition of high-rate, Once this is input, rerun the DU. All rights reserved. Desktop Originator and Desktop Underwriter are registered trademarks of Fannie Mae. is not eligible for delivery to Fannie Mae by the lender except on a negotiated basis. If the Property being sold will close prior to the Subject Loan, Correct the REO to show as Sold. The DU Messages API eliminates this step by removing the need to check for value acceptance manually. 372 0 obj <>/Filter/FlateDecode/ID[<9AE30FDD406F8B478050E299BE4D622D>]/Index[351 41]/Info 350 0 R/Length 100/Prev 105707/Root 352 0 R/Size 392/Type/XRef/W[1 2 1]>>stream report, is required. Loans delivered on or after September 1, 2003 that meet the definition of high-cost DU has determined that the information provided on the verification report supports those completed in connection with the borrowers employment termination, retirement, to: the loan purchase date for whole loans, or. Certain components of the loan file income, employment, and assets When DU logic can identify rent payments in the asset verification report, it will use the rent payment history to positively supplement the credit risk assessment. (For best result, pose your search like a question. FNMA provides a general walkthrough specific to this, (Click Here), the below details this in H2O. ), Selling, Securitizing, and Delivering Loans, Research information from other Fannie Mae published sources. 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. Note: Additional documentation may be required depending on the type of asset account and Username. DU performs a comprehensive evaluation of these factors, weighing each factor based on the amount of risk it represents and its importance to the recommendation. The status of the title to the property must not have been affected adversely. - including those which may have been attached as prior liens, but which are not now fees and total loan amount must be calculated in accordance with Regulation Z (12 If you still have Technical Support questions, If the lender determines the withdrawal would have a negative This report reflects the report supplier's name and/or logo. however, the loan is eligible for delivery to Fannie Mae only under the following that excludes the retirement account, and resubmit the loan to DU. This is the amount a borrower pays to insure the lender against loss. spread is the maximum difference by which the loan's APR cannot exceed the APOR. Multiple (5-10) Financed Properties Retail and Wholesale, Fannie Mae DU Refi Plus Helping borrowers efficiently refinance Fannie Mae loans, Broker Price Opinions (BPOs) and the Valuation Process, Loan Prospector.com New Merged Credit Options, Home Affordable Refinance Program (HARP) 2.0 DU Refi Plus and Freddie Mac Relief Refinance-Open Access Training Updated - May 4, 2012, Uniform Residential Loan Application Help Instructions, E MORTGAGE MANAGEMENT, LLC 702 VA ARMS PRODUCT GUIDELINES, ditech BUSINESS LENDING FREDDIE MAC ELIGIBLE ARM PRODUCT CORRESPONDENT ONLY, IRRRL s Interest Rate Reduction Refinance Loans. LTV Ratio >95 95 1.15% 1.10% 1.0. Loans delivered on or after January 1, 2004 that meet the definition of high-cost Once all information is input correctly, Re-run the DU Page 22 Caliber Home Loans, Inc. 2013, Common DU Errors Updated: July, 0 0 Rushmore Loan Management Services LLC. H2online Support must correct this error. B3-3.1-07, Verbal Verification of Employment. 2011 0 obj <>stream endstream endobj startxref Tax Return Transcript (Taxpayer Tax Return Summary Report). in this Guide. regulation for the applicable requirements. The most recent tax transcript would be for the prior year (current year An ATR Exempt Loan is, with certain exceptions, a loan that either is not subject Covered Loan must meet the following requirements in addition to the other underwriting Lenders and technology solution partners can submit test loan casefiles created on or after Jan. 16, 2019 to test and validate the new messages. Employment related to the following income types: Employment and Income Verification Report or Employment Verification Report. that DU will require, which may be different than the standard documentation required the loan to DU. To help expedite the processing of your loan application, please be sure that: You review, E MORTGAGE MANAGEMENT, LLC 703 VA HIGH BALANCE PRODUCT GUIDELINES 4/30/2014 Mortgage Eligibility Product Code Short Description Long Description Description VF30HB 30 YR VA HB VF30HB - 30 YR VA HIGH BALANCE, E MORTGAGE MANAGEMENT LLC 303 DU REFI PLUS PRODUCT GUIDELINES 12/8/2014 MORTGAGE ELIGIBILITY Product Description and Product Codes Code Short Description Long Description CF30RP 30 YR REFI PLUS CF30RP, A Strategic Approach to Residential Mortgage Lending Presented by Tracy Jean Ashfield Strategic Mortgage Solutions The Consulting and Training Division of Prime Alliance Solutions, Inc. October 19, 2009, Office Edition RealTAG User Documentation ABOUT REALTAG 4 HOW TO ACCESS REALTAG 4 HOW TO RETRIEVE YOUR USERNAME AND PASSWORD 5 LOGGING IN FOR THE FIRST TIME 5 HOW TO SETUP AGENTS 6 HOW TO, Introduction to FHA Origination A Simplified Overview of FHA Loan Origination Topics of Discussion Introduction to FHA Fundamentals of Loan Origination FHA Loan Limits Borrower Eligibility Property Eligibility, e e@syfile Employer User Guide e@syfile Employer User Guide e@syfile Employer User Guide e@syfile Employer User Guide 2012 e@syfi e@syfile TM Employer USER GUIDE MAY 2012 I r User Guide e@syfile Employer, Desktop Originator /Desktop Underwriter Version 5.5 Release Notes May 20, 2005 Updated June 8, 2005 In July 2005, we will implement DU Version 5.5. The table below provides a comprehensive overview of Fannie Mae requirements applicable B5-3.1-02, Conversion of Construction-to-Permanent Financing: Single-Closing Transactions. When a large deposit needs to be documented, DU will issue a message specifying Loan Prospector is a registered trademark of Freddie Mac. Note: If a loan casefile does not receive an Approve recommendation or if the borrower is unable to meet the DU requirements related to the nontraditional credit references required, the lender may manually underwrite and document the loan according to the nontraditional credit guidelines described in this Guide. This topic contains information on the risk factors evaluated by DU, including: DU considers the following characteristics in the credit report to assess the creditworthiness of borrowers who have traditional credit histories: credit history, delinquent accounts, installment accounts, revolving credit utilization, public records, foreclosures, collection accounts, and inquiries. certainty. Fannie Mae's underwriting policies include an evaluation of the borrower's (or spouse's to the extent required by applicable law) equity investment, credit history, liquid reserves, reliable and recurring income, and the cumulative effect that these and other risk factors have on mortgage loan performance. Borrowers whose revolving debt makes up a smaller percentage of their monthly expense have been shown to represent less risk than those whose revolving debt makes up a large percentage of their monthly expenses. in this Guide. If the lender is unable to warrant that the current As with a low LTV ratio, DU may consider high amounts of reserves as an offset for other risks that it may identify in the loan application. as an account holder for each asset account. 650 0 obj <>stream to support the component that has been validated. Research has shown that a borrower who makes a large down payment or who has considerable equity in their property is less likely to become delinquent on a mortgage loan than a borrower who makes a small down payment or has a small amount of equity in the property. 58-21A-1 This new version will contain a number of enhancements, Table of Contents LTV MATRIX 4 PROGRAM OVERVIEW 4 APPRAISALS & AVM 4 AVM or 2055 Exterior 4 Streamline with an Appraisal (1004 full FHA Appraisal) 5 ASSETS 5 Sourcing of Deposits 5, Secondary 7001.B Policy Wholesale Rate Lock EMM Wholesale Lending, a division of E Mortgage Management, LLC Effective Date: March 26, 2012 Last Updated: April 15, 2013 0 Secondary 7001.B Policy, Wholesale. 219 0 obj <>stream Loans delivered on or after September 1, 2003 that meet the definition of high-cost Loan Prospector is a registered trademark of Freddie Mac. Property Types2 4. feel free to email. FHA Streamline Refi Guidance for the mortgage professional FHA 50 bp Annual MIP reduction! Note that lenders realizing best-in-class savings had extended cycle times when not using the DU validation service, typically about 40-45 days from App-to-Close. Learn more about how utilizing asset validation through the DU validation service can help your borrowers benefit. The DU Validation Service Verification Report Vendors list provides a listing of authorized & Technology, News & * Required. See the following Standard Eligibility Requirements - Desktop Underwriter Page 2, DU for Government Loans Release Notes July 2012 Release, Desktop Originator/Desktop Underwriter Release Notes DU Version 9.3, Lending Guide. or such different amount in accordance with the qualified mortgage provisions of Regulation under Regulation Z and is otherwise not an ATR Exempt Loan (defined below). Table of Contents, navigating premier nationwide lending locking online system Logging in2 pipeline2, Automated Property Service: Frequently Asked Questions, Desktop Originator/Desktop Underwriter Release Notes DU Version 9.1, ELIGIBILITY MATRIX. Having Issues with Seeing this Page Correctly? ELIGIBLE PRODUCTS VA Fixed Rate Product VA Hybrid ARMs VA High Balance Products VA Fixed Rate Product VA Hybrid ARMs VA, Announcement 08-16 June 25, 2008 Amends these Guides: Selling Bankruptcy, Foreclosure, and Conversion of Principal Residence Policy Changes; and Revised Property Value Representation and Warranty Requirements, Crescent Mortgage Company DU Refi Plus & LP Open Access Question and Answer Updated 4-16-2012 Fowler Williams, President Information Access Training Support Crescent I. curtailment received from the borrower. suppliers name and/or logo. : 1 (712) 432-1399 Access Code: 595-396-684 Help Desk No. The lender must provide documentation to show that the current installments of taxes The current value of the property cannot be less than the original value. The term of a first mortgage may not extend more than 30 years beyond the date that 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). Correct the Mortgage Liability and REO for the property to show belonging to the primary borrower on the loan. B3-4.4-02, Requirements for Certain Assets in DU, D1-2-01, Lender Prefunding Quality Control Review Process, and. The loan must be delivered with Special Feature Code 76. Resolutions for Edits Transitioning from Warning to Fatal May 2019 1 of 19 Resolutions for ULDD Phase 3 Fatal Loan . Sign On. A loan whose note was correctedto effect technical or typographical corrections is the DU validation service. 23-53-101 Jr. remove the.) Sales IRRRL Highlights Q&A Webinar Questions We will be collecting questions, Selling Guide Announcement SEL-2011-12 Updates to Refi Plus and DU Refi Plus November 15, 2011 The Federal Housing Finance Agency (FHFA) recently announced changes to the Home Affordable Refinance Program, - WHOLESALE - Summary of Procedures Welcome to Wintrust Mortgage Corporation s Wholesale Lending Program! When a component of the loan file is assessed by the DU validation service, three pricing: B3-4.1-02, Interested Party Contributions (IPCs), B3-4.3-06, Grants and Lender Contributions, B5-5.1-02, Community Seconds Loan Eligibility. A hard refresh will clear the browsers cache for a specific page and force the most recent Loan officers can now identifyloans that are eligible for value acceptance easily and quickly, potentially resulting in timeand cost savings for you and your borrower. Performance statistics on investor loans are notably worse than those of owner-occupied or second home loans. home mortgage loan under the Massachusetts Predatory Home Loan Practices Act (Mass. required in for validation. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. is subject to additional review by Fannie Mae to ensure the loan is eligible for sale. home loans under the New Mexico Home Loan Protection Act (N.M. Stat. transcripts, the following will be used to determine if the transcript contains the Click either the Loan, Automated Underwriting Classroom Text Chapter Four Page 1 Automated Underwriting The Reasoning Behind Automated Underwriting The mortgage industry is rapidly moving into the automated age. Ask Poli is an Artificial Intelligence powered search tool. Reserves are calculated as the total amount of liquid assets remaining after the loan transaction closes divided by the qualifying payment amount. Trademarks of Fannie Mae. Reduce staff time previously spent reviewing the DU Findings Report for value acceptanceeligibility, allowing you to process loans faster. This . & Technology, News & to Fannie Mae upon request. subject to additional terms and conditions. Fannie Mae Desktop Underwriter Release Notes (DU Version 11.0) Newrez LLC "Newrez" Approved Correspondent Clients: please note that during the weekend of September 18, 2021 Desktop Underwriter (DU) will be updated for loan casefiles submitted or resubmitted with the following: Positive Rent Payment History Added to DU Risk Assessment Seasoned loans are loans that are more than one year old from the first payment date to this topic. If a lender makes a cure payment in the amount and C8)3 hE[& 2M' BIo'q4UA3e<5SVX : y]jX&,-=3F|( h|46h4b5(., &hXLE>/W5n4=d|uS>k@:' jSMN)u*T*/%V=$qkCm2czz?B4K-Zo4idQs?o|S-\Ut\VOz\uce|OhJ~sC`_:kyQzoy|?roFs @$.h$J=AFf"12KmLeEvEU/l\-Hb^'8Rc vf=9I^MRA>H\,*68qqepxNMp!&PQ >E. In these instances, the loan must be submitted as part of a bulk transaction, which Desktop Underwriter Version 9.3 (P. 2 3) (P. 4) (P. Web Locking How to Lock Online with Sierra Pacific Mortgage, Refinance Info Online Application Steps and Helpful Hints, Home Affordable Refinance Program (HARP) Training, The SAPPHIRE. In this example, the taxes are $199.25, this must be rounded to $200 in the Liability that must be added, and in the REO record for the property. If any of these conditions are present, the lender must remove the retirement under the following laws of the state in which the property is located (state higher-priced for representation and warranty enforcement relief related to that component. the first payment is due. 351 0 obj <> endobj Appraisal, Credit Variance Adminis tration Sys tem (CVAS ) User Guide February 2014 2014 Fannie Mae. Visit Selling and Servicing Guide Communications and Forms. A thorough reading of this matrix is recommended. obtain an updated verification report that excludes the business account, and resubmit lender must ensure that the gift funds that appear as deposits on the asset verification