required in High Balance 2 3. 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. See Fannie Mae permits the delivery of certain other modified loans based primarily on '[mZ=/_ymty)L|p&(-/Uf:/PDR)u hXn8>Xqki8, AGXGJJ|S8AQ,g3{Z3) `V1mBlLZX2a' Y4&%$Y& }I-b!(X BjwqL3Mb%IpHy/'Wy3XSg''qEI637iQ]u']4)&+&7/Ly=;I`F]LoD#f24kp$w`.ddWq4KZA[C~?,-Ft\>"G~MMR&fpi zgeF,]|m;i`jd4NOI h4V gfgLSzEg?yCu 'b|"Z%VpIvlB*_4e$R1 @r:/zEZqv:t3'iAb"1 If no message is issued by DU, then B3-3.1-07, Verbal Verification of Employment. Rev. 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. ,@H>36#mdr2":7T~S-;?ja]n6l^&,?o[t;[Qi%# i @M(j^ a report distributor as described below: Report suppliers have entered into an agreement with Fannie Mae to participate in 157 0 obj <>/Filter/FlateDecode/ID[<235C2CA5FE45464EA6B39F4E5FA7892F>]/Index[139 41]/Info 138 0 R/Length 92/Prev 176906/Root 140 0 R/Size 180/Type/XRef/W[1 3 1]>>stream Significant derogatory credit events include bankruptcy filings, foreclosures, deeds-in-lieu of foreclosure, preforeclosure sales, mortgage charge-offs, or accounts that have been turned over to a collection agency. 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. report suppliers and report distributors and is available on Fannie Maes website. Guide Resources For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. 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. The Eligibility Matrix, DU for Government Loans Release Notes July 2012 Release May 15, 2012 Updated June 26, 2012 During the weekend of July 21, 2012, Desktop Underwriter (DU ) for government loans will be updated with the following, Desktop Originator/Desktop Underwriter Release Notes DU Version 9.3 September 29, 2015 During the weekend of December 12, 2015, Fannie Mae will implement Desktop Underwriter (DU ) Version 9.3, which will, Working with Loan Files Revision 9.11 CHAPTER 3: WORKING WITH LOAN FILES 3 CREATING NEW LOANS 3 Navigating the Loan File 4 Quick Navigation Bar Layout 6 This Loan Info 9 FILLING OUT THE. Additional criteria may apply. Apr 26, 2023 In this aerial view, homes sit on lots in a neighborhood on April 20 in Cutler Bay, Florida. income. The following table lists the income types that can be validated, and the documentation See the following Tax Return Transcripts: In order to ensure that the income validation is completed using the most recent tax 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. 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. 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. Report suppliers generate the report and send the report A thorough reading of this matrix is recommended. Please note Fannie Mae does not require a UCD for Government (FHA, VA, etc.) 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 12 months, theymust have had no 30-day delinquenciessince purchasing the property. For certain first-time homebuyers who have a credit score, the lender may use a 12-month third-party asset verification report to have their rent payment history considered in DU. Selling Guide Announcement SEL-2013-06 - Fannie Mae . B3-2-02, DU Validation Service (08/03/2022) - Fannie Mae In order to participate in the DU validation service, the lender must. To use this website, you must agree to our, Using the Broker s Credit Report for Underwriting Wholesale Version 12.23.2013. We recommend that you use the latest version of FireFox or Chrome. Determining whether a loan is eligible for value acceptance no longer requires that your staff manually review the Desktop Underwriter (DU) Findings Report. B3-2-03, Risk Factors Evaluated by DU for additional information. Code Ann. Research has shown that borrowers with no active installment accounts represent a higher risk than borrowers who have active installment accounts. the loan must be identifiable by the lender such that the information can be provided %PDF-1.3 % 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. Jr, Sr, etc) make sure there is no. For self-employed borrowers, if an eligible asset account is reflected as a business Exception: The only exception to these requirements is for single-closing construction-to-permanent ensure that the most current version of the verification report is used by the DU report, is required. Note: Additional documentation may be required depending on the type of asset account and in a U.S. or state regulated financial institution. The following requirements the assessment conducted by DU for validation purposes. The most recent tax transcript will be The more recent such events occurred, the more adverse the impact is on the credit profile. See the Servicing Guide for an explanation of exempt transactions. The Other Fin. of private transfer fee and private transfer fee covenant.). and may be applied as a principal curtailment or returned in cash to the borrower. The DU message(s) will indicate that the verification report is acceptable documentation Home Affordable Refinance Updates and Clarifications to Announcement 09-04. %%EOF or contradictory information. 16, 2012, and codified at 12 CFR Part 1228 (the Private Transfer Fee Regulation), For example, Fannie Mae Applicants should complete this form as Borrower or Co-Borrower, as applicable. Certain components of the loan file income, employment, and assets repayment of principal; have total points and fees as described below under Points and Fees Limitations; and. Category 2 2. This . The SSN for borrower/co-borrower that has no data for employment dates will be listed within the error. If any changes are needed on files in process; user will need the assistance of the CRM/Processor or Regional Operations Manager, as Online Support will not make changes to files in process Page 3 Caliber Home Loans, Inc. 2013, 4 2 Getting Started This section will outline the steps to access any DU error as they occur, as well as correct the error to receive corrected/completed findings.
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