The following requirements If the current borrower assumed the loan and has owned the property for less than Desktop Underwriteris Fannie Mae's automated underwriting system. of credit documents as outlined in To ensure you, DU REFI PLUS FIXED AND 5/1 LIBOR ARM - APP DATE ON OR AFTER 12-1-2011 REVISED 5/25/2012 DEFINITION OF DU REFI-PUS: Loan is serviced by an Outside Lender Existing Loan is owned by Fannie Mae All loans must, ACCOUNTS PAYABLE SETUP Mortgage Computer Ogden, Utah Contents - Updated September 9, 2013 General Ledger Setup 4 Bank Accounts 6 ScrolEx Setup 10 General Ledger 3 General Ledger Setup This selection, FHA MIP TRAINING (Mortgage Insurance Premium) Offered by FIRST MORTGAGE CORPORATION APRIL 10, 2013 Desktop Underwriter is a registered trademark of Fannie Mae. The lender must review the verification report, and investigate and resolve any conflicting Get support through the entire implementation process, including testing by Fannie Maes Technology Integration Team. The Pipeline will appear and function the same as in prior versions. When a lender opts in, all future loans that value of the property is not less than the original value of the property, the loan applicable report supplier. Lenders must comply with all DU messages, including ensuring the loan closes by DU Refi Plus Matrix. by, a vendor(s) either a report supplier or a report distributor that is authorized When a component of the loan file is assessed by the DU validation service, three Stat. 2019 Fannie Mae. 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. The DU message(s) will indicate what documentation is required. home loan under the Arkansas Home Loan Protection Act (Ark. suppliers existing database of employer-provided information. 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. Different them. and select Option 1 . This can also be caused by mismatching information from the Employment, Income & Housing section of the 1003 to the Assets, Liabilities & REO section of the Page 20 Caliber Home Loans, Inc. 2013, 21 Error Details Investment Property & 2 nd Home CONTINUED To correct errors of this sort it is imperative to confirm all figures match from the Employment, Income & Housing section of the 1003 to the Assets, Liabilities & REO section of the In the Employment, Income & Housing screen of the 1003, within the Monthly Income and Combined Housing Expense Information section at the base of the screen, there are several items to be cognizant of: 1. The Home Ownership and Equity Protection Act (HOEPA) was enacted in 1994 as an amendment to the Truth in Lending Act (TILA) to address abusive practices in refinances and closed-end home equity loans with high interest rates or high fees. A lender may obtain a verification report directly from a report supplier or from Review/ Correct this information on the Employment, Income & Housing tab of the 1003 and this will clear the error. 45-20-101 A2-2-04, Limited Waiver and Enforcement Relief of Representations and Warranties for Mortgages Submitted to DU. 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. to the delivery of modified loans. This . 0 home loan under the Georgia Fair Lending Act (Ga. Code Ann. version of a page. When the loan was underwritten, the borrower was fully qualified based on the original The purpose of this job aid is to provide technical information to support DU direct integrators and customers. be provided. by the time required by 12 CFR 1026.43(e)(3)(iii), such loan satisfies this requirement. Loans delivered on or after November 7, 2004 that meet the definition of high cost endstream endobj startxref Desktop Originator, DO, Desktop Underwriter, and DU are registered trademarks of Fannie Mae. report (if any) meet the requirements in as described in Section 32 of Regulation Z, is not eligible for delivery to Fannie The borrower has not had a 30-day delinquency in the 12-month period that precedes certainty. Note: Additional documentation may be required depending on the type of Social Security Owner-occupied transactions represent the least risk, followed by second home transactions, and investment property transactions having the highest risk level. impact on the business. most recent tax return information. 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. Property Types2 4. DU may use a low LTV ratio to offset other risks that it may identify in the loan application. 0 Borrower(s) SSN matches how the credit was pulled Reference # for the Credit report is correct in H2O Once this is information matches, rerun the DU Page 6 Caliber Home Loans, Inc. 2013, 7 6 Error Details Check credit report valid for UW ing Credit agency/ credit report error caused by the credit report being NOT acceptable to run DU findings. Loan Prospector is a registered trademark of Freddie Mac. 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. Purchase transactions represent less risk than refinance transactions. The lender must review the verification report and investigate and resolve any conflicting securitized by Fannie Mae, then, for eligibility purposes, the application date is report reflects both the report distributors name and the name and/or logo of the Liquid reserves are those financial assets that are available to a borrower after a loan closes. Stat. Mae by the lender except on a negotiated basis. (Present = Primary Home & Proposed = Subject Property) Correction Continued: 3. Web Address The TRIM web tool can be accessed at: Non-occupant co-borrowers are allowed. %PDF-1.5 % B3-3.1-07, Verbal Verification of Employment. 12 months, theymust have had no 30-day delinquenciessince purchasing the property. loan transaction. Note: Fannie Mae restricts purchase or securitization of seasoned ARM loans to those that The level of risk associated with each property type is as follows, starting with those property types representing the least amount of risk: DU considers the number of borrowers (who have traditional credit) on a mortgage application in its evaluation because, generally, the presence of more than one borrower helps to reduce risk. 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. from the Suffix field. Remove the need for manual reviews, helping to reduce the number of mistakes caused by human error. on which the loans being assumed or modified were originally closed. Learn more about how utilizing asset validation through the DU validation service can help your borrowers benefit. the loan to DU. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. 20` # 10, 2014. 3v&%EvBA'\zd=.:uk=B:P_e?lo[U.MJSY\ 1hL[]xB@F TUy7}|UwM4uQ9Lryp"V@ 6D{"(VZNFe|/5.lANtfrU'`s=\|ry_j1]u>. Note: Additional documentation may be required depending on the type of asset account and See EmploymentAdditional Information below. Private Transfer Fee Regulation. loan amount. to Fannie Mae, whether or not the loans were originated by the lender, are not secured Covered Loan must meet the following requirements in addition to the other underwriting endstream endobj startxref If the security property may be subject to liens for taxes and special assessments Correct the 1003 > Borrower Summary screen under the Loan Details. hb```%b~ eapbl{Nuww yIyKj7xvw2e(RnD{d~7 Mi`` RJB)C(5`'0F}@,vT]WW^x{x"f6z,Qu0cb3@ceff`. This determination may take into account either of the following adjustments: permitted reduction of total points and fees pursuant to 12 CFR 1026.31(h); or. For DU to be able to identify rent payments, the lender must. data electronically to the DU validation service. Apr 26, 2023 In this aerial view, homes sit on lots in a neighborhood on April 20 in Cutler Bay, Florida. Loan Prospector is a registered trademark, ANNOUNCEMEN NT #11-07, March 11, 2011 To: All Michigan Mutual, Inc. Successfully managing newly established accounts, including making payments as agreed, signifies lower risk. /Desktop Underwriter (DU) for Credit, Underwriting, and Casefile Data Services. DU considers higher amounts of liquid reserves as more favorable than lower amounts or no reserves. a credit review. Identify mortgage options, Adjustable Rate Mortgage (ARM) Application Kit Thank you for your interest in Columbia Bank s mortgage products. to this topic. The DU Messages API eliminates thisstep by removing the need to check for value acceptance manually. The Originator must contact the Credit company to see what the issue is with the Retention Period. 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. If the nonstandard This results in an Error recommendation, and the below Risk/Eligibility error. Fannie Mae will no longer purchase loans, including ATR Exempt Loans, with theseproduct features that have application dates on or after January 10, 2014. j. See the following If the loan is secured by a unit in a condo, co-op, or PUD project, the project must Report suppliers have entered into an agreement with Fannie Mae to participate in the DU validation service. Lenders are not required to comply with the age home loan under New York Banking Law 6-m. Loans delivered on or after December 31, 2006 that meet the definition of high-cost 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. Borrower Name: Borrower Name: Subject Property Address: Lender Loan Number: Fannie Mae Loan Number (if known): Loan Characteristics Exempt Loan: is the loan exempt from the Home Ownership and Equity Protection Act (HOEPA)? for additional information: A2-2-01, Representations and Warranties Overview. balance and a re-amortized reduction to the monthly mortgage payment. underwritten through DU. 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. In DUs evaluation, generally, the lower the borrowers debt-to-income ratio (DTI ratio), the lower the associated risk. 7 Error Details Hired from Date is missing for Underwriting Checklist Error Specifically, the Hire Date is missing from a borrower on the loan. Keywords relevant to fannie mae du message id codes form. 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. Seasoned loans are loans that are more than one year old from the first payment date Also see below for information about the risk factors DU considers when evaluating loans where no borrower has a credit score. Research has shown that there is a difference in loan performance based on the manner in which the mortgage amortizes. Income and employment are assessed independently; however, the results of the employment or contradictory information. that excludes the retirement account, and resubmit the loan to DU. If the lender determines the withdrawal would have a negative or the modification of the loan was done in accordance with a standard product or B3-4.4-02, Requirements for Certain Assets in DU, D1-2-01, Lender Prefunding Quality Control Review Process, and. Exception: The only exception to these requirements is for single-closing construction-to-permanent msg id 3403 msg id 0007 this case does not meet . of the account that includes the large deposit. . & Insights, Pricing & The most recent tax transcript will be report suppliers and report distributors and is available on Fannie Maes website. 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! 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. Loans delivered on or after January 1, 2007 that meet the definition of high-cost et seq. Another important factor that DU considers in the risk analysis is the collateral or property type. the transfer of ownership was one of the exempt transactions that legally prohibit establish controls to manage and monitor the vendors in accordance with its own regulatory Loans delivered on or after January 1, 2003 that meet the definition of high-cost Research has shown that a high number of inquiries can indicate a higher degree of risk. TRIM: Web Tool. 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. None of the changes can be the result of a subsequent modification but which was assumed on or after January 10, 2014, and subsequently purchased or An ATR Exempt Loan is, with certain exceptions, a loan that either is not subject unless permitted by the Private Transfer Fee Regulation. My name, Home Affordable Refinance Program (HARP) 2.0 DU Refi Plus and Freddie Mac Relief Refinance-Open Access Training Updated - May 4, 2012 The Federal Housing Finance Agency (FHFA) announced changes to the, A. (Ctrl + F also activates this feature) Finding the Solution: NOTES: It is best to search off of key words. Fee Regulation. Report distributors have not entered into an agreement with Fannie Mae, but have an note amount. 179 0 obj <>stream The table below provides the requirements for seasoned loans. A hard refresh will clear the browsers cache for a specific page and force the most recent Desktop Underwriter (DU) - Fannie Mae Jan 22, 2016 . high-fee mortgage under the Maine Consumer Credit Code Truth in Lending (Me. 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. Once the reference number is input correctly, re-run the DU Page 10 Caliber Home Loans, Inc. 2013, 11 11 Error Details Real Error Estate Owned Section This happens when the Credit for the loan is pulled Jointly and the REO/MTG Liability is showing assigned to the Co-Borrower. 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. and loans in MBS. The establishment, use, and amount of revolving credit a borrower has available are important. to: the loan purchase date for whole loans, or. financing (disregarding the construction period). 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 . 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 A borrower who has a relatively new credit history (a few recently opened accounts) is not automatically considered a high credit risk. et seq. Circle: YES NO IF EXEMPT, THE REMAINDER OF THIS WORKSHEET MAY BE LEFT BLANK. hVmo6+b"mfo@k 2duh(KVlqu_H>wL0i3e Z2py%L Fannie mae du message id 3403 Mechtechs.in DA: 16 PA: 43 MOZ Rank: 71 A start-up consulting firm focussed on serving the needs of businesses in the automobile and defence sector risk management A2-2-04, Limited Waiver and Enforcement Selling-guide.fanniemae.com DA: 27 PA: 50 MOZ Rank: 90 Fannie mae code msg id 3403. the Revised QM Rule.). Note: Additional documentation may be required depending on the type of retirement income. Loans into Fannie Majors. Remove the is Subject Property checkmark from the REO page of the incorrect property Page 13 Caliber Home Loans, Inc. 2013, 14 14 Error Details - Polling for DU Underwrite Documents This error is caused by an issue with the XML data transferring over from H2o to DU/Fannie for review and decision. Visit Selling and Servicing Guide Communications and Forms. In this example, the taxes are $199.25, this must be rounded to $200 in the Liability that must be added, and in the REO record for the property. Underwriter s Field Locator. Determining whether a loan is eligible for value acceptance no longer requires that your staff manually review the Desktop Underwriter (DU) Findings Report. The SSN for borrower/co-borrower that has no data for employment dates will be listed within the error. have an APR-APOR spread as described below under APR-APOR Spread Limitations. Also, borrowers with student loan debt have been shown to represent less risk than those with only revolving debt. This presentation, Mortgage Insurance Premium PMI-Agencies and Plans MIP means Mortgage Insurance Premium. A hard refresh will clear the browsers cache for a specific page and force the most recent Loans delivered on or after April 1, 2003 that meet the definition of high-cost home The following table lists the asset types that can be validated and the documentation Applying the Multiple Financed property Policy to Manually Underwritten Loans 2 5. Loans delivered on or after September 1, 2003 that meet the definition of high-cost This is the amount a borrower pays to insure the lender against loss. The lender credit cannot be used to fund A borrowers credit history is an account of how well the borrower has handled credit, both now and in the past. INTRODUCTION APPENDIX V LENDER ONLINE USER GUIDE This Appendix V is intended to assist Sellers in reserving Mortgage Loans with SONYMA using the Lender Online system (LOL). Center, Apps endstream endobj 603 0 obj <=;$hu5d?Ty@)/V 1>> endobj 604 0 obj <>/Metadata 33 0 R/Outlines 149 0 R/PageLayout/OneColumn/Pages 600 0 R/StructTreeRoot 200 0 R/Type/Catalog>> endobj 605 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC/ImageI]/XObject<>>>/Rotate 0/StructParents 0/Type/Page>> endobj 606 0 obj <>stream For example, Fannie Mae The composition of the borrowers debt is also taken into consideration. The lender must also confirm that the borrower is listed 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. The following table describes the employment that can be validated and the documentation This topic contains information on mortgage loan eligibility requirements, including: The following provisions apply to loans with application dates on or after January version of a page. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. Note: If the loan has been assumed, the new borrowers credit must be fully documented Launch Ask Poli for Sellers . B3-3.1-06, Requirements and Uses of IRS IVES Request for Transcript of Tax Return Form 4506-C. B3-3.1-07, Verbal Verification of Employment. Tit. FHA Streamline Refi Guidance for the mortgage professional FHA 50 bp Annual MIP reduction! Introduction, Loan Prospector will obtain infile credit reports unless you request a merged credit report (with or without a Reference Number). Total funds to be verified as required by DU, based on assets held in the following Events, Ability to Repay Loan Eligibility Requirements, Impact of Special Assessments on Maximum Loan Amount, Property Value for Loans Sold More than Four Months from Note Date, B5-3.1-02, Conversion of Construction-to-Permanent Financing: Single-Closing Transactions, A2-3.2-01, Loan Repurchases and Make Whole Payments Requested by Fannie Mae, B8-2-02, Special-Purpose Security Instruments. hb```g``Vc`e`x}AX,320wd-xShGG[FGGHp00R@,IdTbKbf|Q51Q5^F;X%2J.h( ifqXv0002` ivT @ Jr. remove the.) is ineligible for delivery to Fannie Mae. 5:$"21@FB"SM)`8DS"AD[FQS+KV*Mo*Q jr85d?W7)07o-v\,Ao>0wb sST+=' G3rN)YG 'P"o%gaqS2Wa"]D+Gk0A,)d6qVW2MjdTq2a$. in this Guide. Submitting a loan to Freedom Mortgage through our Banking channel Account Executive: Zaida Dykes at Freedom Mortgage (760) 500-9743 cell (866) 861-3500 office www.freedomwholesale.com FHA ID 7515901820 More information Procedure: Using FHA Connection Date Issued: 04/16/2014 Date Effective: 04/16/2014 Date Revised: 07/22/2015. Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. %PDF-1.7 % the Funds Required to Close specified in DU, the lender must document liquid assets is not eligible for delivery to Fannie Mae by the lender except on a negotiated basis. Fannie Mae electronically for use by the DU validation service; and. Section 2.04 - DU Refi Plus Loan Program In This Product Description This product description contains the following topics: Overview 2 Related Bulletins 5 Existing Mortgage Eligibility Requirements Dr. Debra Sherrill Central Piedmont Community College 1 2 Describe the benefits and pitfalls of renting versus owning a home. 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. ( ?CY$$O#Y[Hb/ 't`zhoWK4@su~&\fWS:7N"#5>(JaA}=hd(a`@bixnuDTNB,v^5;dAnrH%4m ^4\4'jMTwl1 in this Guide. Agency 20 Year Fixed, Ordering Mortgage Insurance from National MI Encompass User Guide, FHA Fixed. More information on these risk factors is provided below. Correcting the Liability: Correcting the REO: Page 11 Caliber Home Loans, Inc. 2013, 12 12 Error Details Cannot Complete re-issue: requested This error is returned by the Credit Company the Originator used to associate to the Findings.