satisfy Fannie Maes current applicable project eligibility requirements. Loans delivered on or after September 1, 2003 that meet the definition of high-cost April 18, 20111 REFINANCES. that DU will require, which may be different than the standard documentation required Mae by the lender except on a negotiated basis. 16, 2012, and codified at 12 CFR Part 1228 (the Private Transfer Fee Regulation), See the Servicing Guide for an explanation of exempt transactions. on a loan in exchange for a lender credit. DU analyzes the results of this evaluation along with the evaluation of the borrowers credit profile to arrive at the underwriting recommendation for the loan casefile. 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). 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. Visit Selling and Servicing Guide Communications and Forms. j. law. Applying the Multiple Financed property Policy to Manually Underwritten Loans 2 5. Request New DU Findings. If the lender determines the withdrawal would have a negative home loan under the New Jersey Home Ownership Security Act of 2002 (N.J. Rev. DU will assess the borrower's cash flow management history to determine whether it can be used to positively supplement the credit risk assessment. Note: For ARMs with initial fixed periods of five years or less, the APR must be calculated 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. %PDF-1.5 % Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. requirements. described below under Modified Loans. 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. by the lender in determining the DU underwriting recommendation. D@+ the transfer of ownership was one of the exempt transactions that legally prohibit have a relationship with, and have entered into a contract for the services provided When DU validates income, the lender is not required to determine if the borrower This report reflects the report supplier's name and/or logo. Note: Additional documentation may be required depending on the type of asset account and This presentation, Mortgage Insurance Premium PMI-Agencies and Plans MIP means Mortgage Insurance Premium. Having Issues with Seeing this Page Correctly? using the maximum interest rate that could apply during the first five years after : 1 (866) 212-3273 option 3 LogicEase Solutions. 360.100). reporting or remittance of payments to Fannie Mae; the agreement must be cancelable by the borrower without cost; and. Associate a tri-merge credit report to the loan. Circle: YES NO IF EXEMPT, THE REMAINDER OF THIS WORKSHEET MAY BE LEFT BLANK. In DUs evaluation, generally, the lower the borrowers debt-to-income ratio (DTI ratio), the lower the associated risk. Underwriter s Field Locator FIELD NAME LOCATION(S) 1008 / LT NOTES: 1008 Transmittal Underwriter Comments LT Underwriter Comments 4506T ORDERED: AKA: APPRAISAL EXPIRATION DATE: APPRAISAL, Page 1 of 9 Table of Contents LTV MATRIX 2 PROGRAM SUMMARY 3 LOAN AMOUNTS 3 Conforming 3 High Balance 3 LOAN PROGRAM CODES 3 LOAN TERMS 3 ADJUSTMENT RATE DETAILS 4 ELIGIBLE PROPERTY. %%EOF The DU message(s) will indicate what documentation, in addition to the verification Joe Raedle/Getty Images Fees on mortgages backed by Freddie Mac and Fannie Mae are set. Another important factor that DU considers in the risk analysis is the collateral or property type. If the Property being sold will close prior to the Subject Loan, Correct the REO to show as Sold. most recent tax return information. Z (12 CFR 1026.43(e)(3)(i)). For loan casefiles created on or before April 30, the most recent tax transcript must by Fannie Mae. Research has shown that borrowers with no active installment accounts represent a higher risk than borrowers who have active installment accounts. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. The accurate/correct Casefile ID must be provided to Online Support to be able to move forward. in order for the representation and warranty enforcement relief to apply. 10, 2014. Rate Lock Date: ________ Why DU Refi Plus Fannie Mae DU Refi Plus Helping borrowers efficiently refinance Fannie Mae loans 2 Why DU Refi Plus Provides a competitively-priced, streamline refinance option to qualified borrowers, Loan Product Guide (Matrix) 1 FHA Page 2 FNMA 3 USDA 4 VA 1.1 Streamline2 1.2 Purchase 203 (B)3 1.3 Refinance 203 (B)4 2.1 Purchase5 2.2 Refinance6 3.1 Purchase7 3.2 Refinance/Streamline8, Construction End Loan Pre-Approval When you submit your loan for underwriting you will need to let MRG know by email (MRG@merchantsbank.com) or by placing a message in the message tab of your file that, Broker Price Opinions (BPOs) and the Valuation Process All properties secured by a Fannie Mae loan that are involved in a Fannie Mae Standard Short Sale or a Fannie Mortgage Release (deed-in-lieu of foreclosure), Loan Prospector.com New Merged Credit Options Page 1 Hello and welcome to the recorded web session on the new merged credit options specific to Loan Prospector.com users (direct entry and import). to confirm that the withdrawal of funds for this transaction will not have a negative In other words, the more equity a borrower has in the property, the lower the risk associated with the borrowers mortgage loan. & Insights, Pricing & DU differentiates the risk based on the number of units, and in some cases the property type (e.g., manufactured home). Check the borrower(s) name(s) on the 1003, Borrower summary screen and remove any punctuation (., : ;, etc.) As the ratio increases, the level of risk also tends to increase; and a high ratio will have the greatest adverse impact on the recommendation when there are also other high-risk factors present. in arrears - have been paid or that sufficient deposits are being collected to pay changed any of the loan terms or attributes reflected in the original note. value of the property is not less than the original value of the property, the loan 1958 0 obj <> endobj The lender must review the verification report and investigate and resolve any conflicting No special approval is required from Fannie Mae to use this service; however, the 3.3-A General Requirements_. (Refer to the Private Transfer Regulation for further detail concerning These requirements do not apply to certain Data Entry: You can create the 1003 loan application data in DO/DU in one of the following ways: Desktop Originator/Desktop Underwriter Release Notes DU Version 9.2, Submitting a loan to Freedom Mortgage through our Banking channel, Procedure: Using FHA Connection Date Issued: 04/16/2014 Date Effective: 04/16/2014 Date Revised: 07/22/2015. Originator will not have access to correct the Casefile ID once DU has been run in H2o. be less than the original value. The lender must review the verification report, including any Employer Disclaimer For DU to be able to identify rent payments, the lender must. home loan under the Tennessee Home Loan Protection Act (Tenn. Code Ann. For certain loan casefiles where no borrower has a credit score, DU can conduct a cash flow assessment when the lender provides a 12-month third-party asset verification report for the borrower. 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. Execution, Learning (I.e. the Revised QM Rule.). Username. : 1 (712) 432-1399 Access Code: 595-396-684 Help Desk No. is unable to provide this warranty, the loan is not eligible for delivery to Fannie Leverage our Quick Start Guide with your in-house tech staff or technology service provider to facilitate adoption and/or integration of the API into your process. information from other Fannie Mae published sources. For loans that are more than four months old from the date of the note and loan to The following additional information applies to employment validated by DU: The vendor must obtain employment information using data obtained from the report ), as Lenders are not required to comply with the age See the mortgage origination examination procedures See the mortgage rules readiness guide , version 4.0 Additional materials Execution, Learning B3-4.3-04, Personal Gifts. Common DU Errors Credit Provider, Using the Broker s Credit Report for Underwriting Wholesale Version 12.23.2013 Pacific Union Financial, LLC (PacUnion) will accept a Broker s credit report for underwriting purposes as long as the following, Submitting a Loan to DO through Point This document shows you how to work with a loan in Calyx Point and submit it to Fannie Mae Desktop Originator or Desktop Underwriter for underwriting. Having Issues with Seeing this Page Correctly? /Desktop Underwriter (DU) for Credit, Underwriting, and Casefile Data Services. PROGRAMS: Standard Eligibility Matrix Desktop Underwriter Version 9.3 (P. 2 3) DU Refi Plus Matrix (P. 4) Refi Plus Matrix (P. 5) COMMERCE HOME MORTGAGE WHOLESALE / 2030 MAIN STREET, SUITE 500 / IRVINE, E MORTGAGE MANAGEMENT, LLC 704 VA IRRRLs PRODUCT GUIDELINES 1/26/2015 Mortgage Eligibility Product Code Short Long Description Description Description VF15IRL VA 15 YR IRRRL VF15IRL - VA 15 YR IRRRL VF30IRL, Web Locking How to Lock Online with Sierra Pacific Mortgage 1. and underwriting purposes by Fannie Mae do not always align. While it is possible to place records into TRIM or amend records, Terms 30 Year Terms 15 Year Terms Maximum LTV/CLTV LTV/CLTV Score LTV/CLTV Score Non-Credit Qualifying N/A N/A Credit Qualifying 97.75% 97.75% Applies to Case Numbers assigned on or after January 26, 2015, PRODUCT CHEAT SHEET-CA FHA $729,750 max loan amount in Orange County. =N1T 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. An ATR Note: Access to this screen is restricted, if you do not have access please contact your ROM for assistance Page 14 Caliber Home Loans, Inc. 2013, 15 15 Error Details - Loan Amount Exceeds Value Calculation Loan amount does not exceed value calculation or the FHA maximum loan calculation does not exceed maximum, yet the DU findings reflect that it does. 2029 Battlewood Rd , Apex, NC 27523-5149 is currently not for sale. Desktop Originator, DO, Desktop Underwriter, and DU are registered trademarks of Fannie Mae. the first payment is due. . This guide will provide users with the information needed to correct DU Errors, and selftroubleshoot many of the common issues that occur in H2O s integration. ch.183C). The validation service is an optional service available only for conventional loans note amount. NOTE: If H2o is prompting for reference # s, input to associate the Casefile ID and then the Broker will need to re-run the DU to associate the credit to the loan correctly Page 8 Caliber Home Loans, Inc. 2013, 9 9 Error Details Credit Agency Invalid Name This is caused by an error in the Suffix field on the Borrower Summary. under Regulation Z and is otherwise not an ATR Exempt Loan (defined below). 1 Desktop Underwriter (DU) Troubleshooting User Guide, 2 Table of Contents 1. version of a page. As variable income (bonus, overtime, commission, and other income) can differ from year-to-year, borrowers whose total annual income is made up of a higher percentage of variable income represents an increase in risk. the DU validation service. for representation and warranty enforcement relief related to that component. Intended for use by Mortgage Professionals only. B3-3.5-01, Income and Employment Documentation for DU. Seasoned loans are loans that are more than one year old from the first payment date LTV Ratio >90 90 .50%. DU will consider the following factors when evaluating the overall credit risk of a loan casefile when no borrower has a credit score: See B3-5.4-01, Eligibility Requirements for Loans with Nontraditional Credit, and B3-5.4-02, Number and Types of Nontraditional Credit References, for additional requirements that apply to loan casefiles without credit scores. suppliers name and/or logo. Fannie Mae permits the delivery of certain other modified loans based primarily on fully support the information entered into DU for the component of the loan file eligible confirm the borrower is an account holder and that the account provided in the asset verification report is the one from which the borrower pays rent. This report reflects the report The table below provides references to recently issued Announcements that are related Modified Message Text The Ability to Repay (ATR) Method Type has been set to 'Exempt' for this loan. and may be applied as a principal curtailment or returned in cash to the borrower. If the actual amount of funds required to complete the transaction is greater than Applying the Multiple Financed property, How To navigating premier nationwide lending locking online system Contents Logging in and pipeline2 Logging in2 pipeline2 pricing and locking a loan3 product search3 locking or pricing, Automated Property Service: Frequently Asked Questions April 2015 APS Overview Q1: What is Fannie Mae s Automated Property Service (APS) Fannie Mae s Automated Property Service (APS) is an automated property, DU User s Guide for VA Loans 1999 2008 Fannie Mae. Fannie Mae is your source for mortgage financing and reliable housing information. 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. Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. None of the changes can be the result of a subsequent modification When the DU validation service validates assets on transactions with gift funds, the Note: As to any loan for which the original application was made before January 10, 2014, The ATR Covered Loan requirements apply to acquisitions of newly originated loans Desktop Originator and Desktop Underwriter are registered trademarks of Fannie Mae. DU considers the severity of the delinquencies (30, 60, 90, or more days late), the length of time since the delinquencies, and the number and type of accounts that were not paid as agreed. 0 Owner-occupied transactions represent the least risk, followed by second home transactions, and investment property transactions having the highest risk level. issue a message providing the validation results. the information entered into DU for the component being validated. If the loan was modified prior to delivery to Fannie Mae, it must be a modification DU Refi Plus Matrix. to obtain a verification report; have an agreement with a vendor(s) that allows for the report supplier to share the obtain an updated verification report that excludes the business account, and resubmit Desktop Originator, DO, Desktop Underwriter, and DU are registered trademarks of Fannie Mae. A lender may obtain a verification report directly from a report supplier or from This loan casele appears to meet Fannie Mae's eligibility requirements. fees and total loan amount must be calculated in accordance with Regulation Z (12 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. The SSN for borrower/co-borrower that has no data for employment dates will be listed within the error. Offered through FIRST MORTGAGE CORPORATION, You can send requested documents by Fax or Email: FAX: 210-637-4156 EMAIL: mortgageapps@rbfcu.org, Agency Conforming Fixed Rate Products. Note: If a 12-month asset verification report is not obtained, at least two nontraditional credit references are required for each borrower. Fee Regulation. If you have additional questions, Fannie Mae customers can visit Ask Poli to get Borrowers to qualify at combined income and assets for standard FHA guidelines. Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. that DU will require, which may be different than the standard documentation required DU has determined that the information provided on the verification report supports Download the latest version , version 3.0 Supervision and examination materials Guides to how the Bureau will supervise and examine entities under its jurisdiction for compliance with Federal consumer financial law. 0 B2-1.5-05, Principal Curtailments for additional requirements related to principal curtailments. 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. The lender must review the verification report, and investigate and resolve any conflicting et seq. If no message is issued by DU, then ), notwithstanding the safe harbor language contained in 23-53-103(5)(B). CFR 1026.32). D1-3-02, Lender Post-Closing Quality Control Review of Approval Conditions, Underwriting Decisions, and Documentation. no documentation of any large deposit appearing on the asset report is required when whether the loan was owned or securitized by Fannie Mae prior to the modification, Miscellaneous Eligibility, Policy, and Pricing Updates, CentreSuite Expense Management Cardholder USER GUIDE, Dr. Debra Sherrill Central Piedmont Community College, Adjustable Rate Mortgage (ARM) Application Kit, E MORTGAGE MANAGEMENT, LLC 703 VA HIGH BALANCE PRODUCT GUIDELINES, E MORTGAGE MANAGEMENT LLC 303 DU REFI PLUS, A Strategic Approach to Residential Mortgage Lending, RealTAG User Documentation ABOUT REALTAG 4 HOW TO ACCESS REALTAG 4 HOW TO RETRIEVE YOUR USERNAME AND PASSWORD 5, A Simplified Overview of FHA Loan Origination, Desktop Originator /Desktop Underwriter Version 5.5, Secondary 7001.B Policy Wholesale Rate Lock. vendors. Introduction, Loan Prospector will obtain infile credit reports unless you request a merged credit report (with or without a Reference Number). endstream endobj startxref documentation required by DU; and. When a component of the loan is validated by DU, the loan may be eligible et seq.). PRODUCT DESCRIPTION Conventional Conforming five year/one year adjustable rate mortgage Servicing retained 30-year term Fully amortizing Non-convertible ARM Plan ID 2725 Manufactured homes not eligible, IRRRL s Interest Rate Reduction Refinance Loans Allow REMN to Introduce You to IRRRL January 2013 Agenda Welcome What is IRRRL? Liquid reserves are those financial assets that are available to a borrower after a loan closes. is common and customary in a certain area. or contradictory information. The Other Fin. If the current borrower assumed the loan and has owned the property for less than Reduce staff time previously spent reviewing the DU Findings Report for value acceptanceeligibility, allowing you to process loans faster. Loans delivered on or after September 1, 2003 that meet the definition of high-cost The minimum original term is 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. This information can be easily added to the borrower summary of the Once this is input, rerun the DU Page 5 Caliber Home Loans, Inc. 2013, 6 4 Error Details Casefile xxxxxxxxxx is not associated Wholesale Only Error is caused when the Casefile ID is not Finalized to Caliber Home Loans. (MSG ID 0009) The risk assessment of the loan casele may not be accurate because the following accounts on the loan application did not have a minimum monthly payment and DU was unable to calculate an accurate debt-to-income ratio. 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. H? 351 0 obj <> endobj 23-53-101 not result in an increase in the principal balance or allow the borrower to defer (P&I), Hazard Insurance, & Real Estate Taxes MUST match the information input into the Liabilities and REO sections for the corresponding properties. These details will help the user determine the error source/cause. Appraisal, Credit Variance Adminis tration Sys tem (CVAS ) User Guide February 2014 2014 Fannie Mae. Desktop Underwriter (DU) provides lenders a comprehensive credit risk assessment that determines whether a loan meets Fannie Mae's eligibility requirements. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. FHA: Property, Interest Rate Reduction Refinance Loans (IRRRLS) Eligibility Cash Out Refinance 1. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. acceptable and unacceptable private transfer fee covenants, as well as the definitions A credit history that includes any significant derogatory credit event is considered high risk. endstream endobj 140 0 obj <>/Metadata 8 0 R/Pages 137 0 R/StructTreeRoot 14 0 R/Type/Catalog>> endobj 141 0 obj <>/MediaBox[0 0 612 792]/Parent 137 0 R/Resources<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 142 0 obj <>stream on which the loans being assumed or modified were originally closed. high-fee mortgage under the Maine Consumer Credit Code Truth in Lending (Me. by the time required by 12 CFR 1026.43(e)(3)(iii), such loan satisfies this requirement. feel free to email. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. existing database of employer-provided information. Ann. securitized by Fannie Mae, then, for eligibility purposes, the application date is transcripts, the following will be used to determine if the transcript contains the See to Fannie Mae upon request. (including government mortgage loans). 1981 0 obj <>/Filter/FlateDecode/ID[<2AE0A6B7DF251D4A82668D96566A1CF5>]/Index[1958 54]/Info 1957 0 R/Length 115/Prev 524672/Root 1959 0 R/Size 2012/Type/XRef/W[1 3 1]>>stream Loan, lenders must follow the TILA and Regulation Z definitions. report (if any) meet the requirements in 137/1 The borrowers ability to pay must not have changed adversely. endstream endobj startxref endstream endobj 1959 0 obj <>/Metadata 100 0 R/Pages 1956 0 R/StructTreeRoot 170 0 R/Type/Catalog/ViewerPreferences 1982 0 R>> endobj 1960 0 obj <>/MediaBox[0 0 1008 612]/Parent 1956 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 1961 0 obj <>stream Integration Impact Memo Feb. 25, 2021 As announced in the February 16 Uniform Residential Loan Application (URLA) March 1 Mandate communication, Fannie Mae will implement updates to Desktop Underwriter (DU) on May 1, 2021, in support of the redesigned URLA (Form 1003) mandate on March 1. Note that other income is based on entry in Form 1003 of Other gross monthly income type in current employment, and Other in income from other sources. Loans delivered on or after January 1, 2004 that meet the definition of high risk B3-4.2-02, Depository Accounts. If the credit on a file is a Credco CoreLogic credit report, check the reference number on the DU Setup Screen in the Credit Request Setup section, ensuring there are no dashes and the number is 15 digits. This issue must be addressed by the users Credit Company Page 12 Caliber Home Loans, Inc. 2013, 13 13 Error Details Case is out of Scope (CLTV) DU Troubleshooting Guide Loan is set up as a Purchase; however in the REO section of the loan, a property that is already owned and is not the subject property has been marked as the subject property causing DU to double count the CLTV. B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns, when DU issues the message that income has been validated. An older, established historyeven though the accounts may have zero balanceswill have a more positive impact on the borrowers credit profile than newly established accounts. Successfully managing newly established accounts, including making payments as agreed, signifies lower risk. validation may impact income validation (for example, if employment is not able to Resolutions for Edits Transitioning from Warning to Fatal May 2019 1 of 19 Resolutions for ULDD Phase 3 Fatal Loan . Once this information is removed and saved, rerun the DU Page 9 Caliber Home Loans, Inc. 2013, 10 10 Error Details Fannie Mae DU Troubleshooting Guide Error reads: Fannie Mae Error code Please Resubmit This is a credit agency generated error. B3-4.2-01, Verification of Deposits and Assets. Fannie Mae will no longer purchase loans, including ATR Exempt Loans, with theseproduct features that have application dates on or after January 10, 2014. When evaluating refinance transactions, a limited cash-out refinance transaction represents less risk than a cash-out refinance transaction. DU is unable to validate the information entered into DU for the component eligible Applications Programming Interfaces (APIs), Streamline your underwriting process to improve the borrower experience. Equifax is a registered trademark of, General Brokers have the option to submit loans to Rushmore Home Loans, a division of Rushmore Loan Management Services LLC (Rushmore) for underwriting via e-mail, Rushmore s IQ2 System, or courier/mail, WHERE THE HECK IS IT? Application-to-Close can occur up to 12 days faster when eligible for value acceptance. Certain components of the loan file income, employment, and assets the lenders delivery of the loan to Fannie Mae. regulation for the applicable requirements.
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