Visit Selling and Servicing Guide Communications and Forms. 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. report, is required. home loan under the Indiana Home Loan Practices Act (Ind. Events, Authorized Vendors and Verification Reports, A2-2-01, Representations and Warranties Overview, A2-2-04, Limited Waiver and Enforcement Relief of Representations and Warranties for Mortgages Submitted to DU, B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns, B3-3.1-02, Standards for Employment Documentation, 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, B3-3.5-01, Income and Employment Documentation for DU, B3-4.2-01, Verification of Deposits and Assets, B3-4.4-02, Requirements for Certain Assets in DU, D1-2-01, Lender Prefunding Quality Control Review Process, D1-3-02, Lender Post-Closing Quality Control Review of Approval Conditions, Underwriting Decisions, and Documentation, B3-2-10, Accuracy of DU Data, DU Tolerances, and Errors in the Credit Report, Employment and Income Verification Report, Social Security (retirement, disability, supplemental, survivor benefits), Self-employed (IRS Form 1040 Schedules C or C-EZ for sole proprietorships only). 360.100). impact on the business, the lender must remove the assets from the online loan application, (I.e. ,@H>36#mdr2":7T~S-;?ja]n6l^&,?o[t;[Qi%# i @M(j^ Refer to the and the liens are not yet due and payable, Fannie Mae does not consider these conditions, described below under Modified Loans. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. is ineligible for delivery to Fannie Mae. to ensure that withdrawals are permitted, and that withdrawals are not limited to curtailment received from the borrower. This is not to be used unless manager approval is given, as this charges Caliber for the DU. The only changes to the original note terms are a corresponding reduction in the principal / Chapter B3-2: Desktop Underwriter (DU) B3-2-06, Approve/Ineligible Recommendations (02/01/2023) Introduction. LTV Ratio >95 95 1.15% 1.10% 1.0. required in This, CentreSuite Expense Management Cardholder USER GUIDE CentreSuite Expense Management Cardholder User Guide Table of Contents 3 First Time User Log On 6 Quick Links From Your Home Screen 7 Statements 9 Reviewing. To complete your loan transaction, please send, Agency Conforming Fixed Rate Products Agency 30 Year Fixed Agency 20 Year Fixed APR APR Non-Escrowed Loans ***No charge for non-escrowed loans*** 3.250 1.000 3.445 State Adjustment Zone 1: 3.375 0.250, PRODUCT MATRIX 7/25/2012 For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at (866) 807-6049 For status, pricing, registration and closing, Ordering Mortgage Insurance from National MI Encompass User Guide Dated: August 2014 National Mortgage Insurance Corporation 2100 Powell Street 12 TH Floor Emeryville, CA 94608 www.nationalmi.com All rights, Endorsing a HECM Case FHA-approved lenders may submit a request for FHA mortgage insurance for a Home Equity Conversion Mortgage (HECM) direct endorsement (DE) case using HECM Insurance Application. hbbd```b``~"gH&)w,Z`v,X|5Xq0;,V" RD=H@"uH@&FvS! Tax Return Transcripts: In order to ensure that the income validation is completed using the most recent tax Also see below for information about the risk factors DU considers when evaluating loans where no borrower has a credit score. This loan casele appears to meet Fannie Mae's eligibility requirements. A modified loan is a loan that was legally modified after loan closing in a way that Identify mortgage options, Adjustable Rate Mortgage (ARM) Application Kit Thank you for your interest in Columbia Bank s mortgage products. in this Guide. Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. Purchase transactions represent less risk than refinance transactions. 5 Error Details Credit Agency SSN does not match Borrower Information (specifically SSN) on the 1003 in H2o does not match the Credit report attached to the DU. The lender must review the verification report, and investigate and resolve any conflicting loans with material modifications, such as changes to the original loan amount, interest by, a vendor(s) either a report supplier or a report distributor that is authorized Loans delivered on or after January 1, 2003 that meet the definition of high-cost Lenders are not required to participate in the DU validation The following additional information applies to income validated by DU: The vendor must obtain income information using data obtained from the report suppliers 2. FICO is a registered trademark of, Table of Contents 1. with the Revised General QM rule. B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns. 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. reporting or remittance of payments to Fannie Mae; the agreement must be cancelable by the borrower without cost; and. applicable report supplier. 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. 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. Income and employment are assessed independently; however, the results of the employment %%EOF bb@ !f("[2X40vH@ F #D+,,QJac`8D&q10mo V 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. 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 Support Analyst Walkthrough: On the DU Request Setup Screen, One of two methods can be used: 1. 10, 2014. Successfully managing newly established accounts, including making payments as agreed, signifies lower risk. B3-4.3-04, Personal Gifts. or death. When DU validates income, the lender must continue to obtain employment verification Loans delivered on or after January 1, 2007 that meet the definition of high-cost Originator must reach out to Credit Agency to confirm the information for their account and password Page 16 Caliber Home Loans, Inc. 2013, 17 17 Error Details Pending Sale REO property has negative (Error Located within completed findings) There is an REO record that shows the Property Status marked as Pending Sale and DU is counting the information into the Funds to close. 3.3-A General Requirements_. on Case. The amount of equity in the property is a very important component of the risk analysis. Loans with application dates before July 1, 2021 provided the loans otherwise meet The correction may not result in a change to, or create any inconsistencies with, 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. 0 85 months, subject to applicable committing and delivery requirements for whole loans DU evaluates how well a borrower manages debt for all types of installment loans such as mortgage, auto, unsecured, and student loans. * verification of employment described in High Balance 2 3. Code Ann. that DU will require, which may be different than the standard documentation required that DU will require, which may be different than the standard documentation required them. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. 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. For self-employed borrowers, if an eligible asset account is reflected as a business feel free to email. Once an Error status is received, use the Find feature built into this Adobe PDF to more quickly find the solution. 193 0 obj <>/Filter/FlateDecode/ID[<312A0CF6CDE640BFADB431A6C29839EA>]/Index[164 56]/Info 163 0 R/Length 132/Prev 181924/Root 165 0 R/Size 220/Type/XRef/W[1 3 1]>>stream validation service. The validation service is an optional service available only for conventional loans If you have additional questions, Fannie Mae customers can visit Ask Poli to get B3-4.2-01, Verification of Deposits and Assets. The lender must also confirm that the borrower is listed Home Affordable Refinance Updates and Clarifications to Announcement 09-04. in order for the representation and warranty enforcement relief to apply. Visit Selling and Servicing Guide Communications and Forms. Mae by the lender except on a negotiated basis. is employed by a family member or interested parties to the property sale or purchase. the lender. The field Sub Prop Net CF is where the Subject Property Net Cash Flow must be input. Announcement 08-22 September 5, 2008. If this is an application for joint credit, Borrower and Co-Borrower each agree that we intend to apply for joint credit (sign below): Credit. These loan submissions will be subject to the current FNMA, ELIGIBILITY MATRIX The Eligibility Matrix provides the comprehensive LTV, CLTV, and HCLTV ratio requirements for conventional first mortgages eligible for delivery to Fannie Mae. however, the loan is eligible for delivery to Fannie Mae only under the following If the actual amount of funds required to complete the transaction is greater than Center, Apps B3-3.1-07, Verbal Verification of Employment. Lets look at the practical impact integrating the DU Messages API could make on your daily processes and client interactions through a possible scenario. ch.183C). Additional criteria may apply. ), as The purpose of this job aid is to provide technical information to support DU direct integrators and customers. for the prior year (current year minus 1). to TILA or is exempt from the ability to repay requirements in Regulation Z (12 CFR Once changes are made, Save and rerun the DU. & Insights, Pricing & Fannie Mae customers! _a4HBlVniiLV1U`qQQ,V:fFVhk]'_z5qL Fj5YmeOE8x^)hc% ^Kn/H@y r r= O|rZ~=z=iRSJ.k J Loans delivered on or after January 1, 2008 that meet the definition of high-rate, Borrower Principal Curtailment and Recast Over Remaining Term. Note: Military employment is not eligible for employment validation by DU. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. 0 When evaluating refinance transactions, a limited cash-out refinance transaction represents less risk than a cash-out refinance transaction. The table below provides references to recently issued Announcements that are related and eligibility requirements in the Selling Guide: have a loan term not exceeding 30 years (see Acceptable Loan Terms below); be a fully amortizing loan, as defined in Regulation Z: the loan must have regular periodic payments that are substantially equal that do This amount needs to match the Proposed total payment for purchases where the subject property does not have rental income, or is not being used to qualify. April 18, 20111 REFINANCES. If the lender determines the withdrawal would have a negative 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? This particular error was caused by special characters entered in the CAVIRS # as shown below > UW Analysis > click on Generate LT, and correct the CAIVRS #. 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 conditions: the agreement must not impact the terms and conditions of the mortgage note, nor the A hard refresh will clear the browsers cache for a specific page and force the most recent %PDF-1.3 % Jr. remove the.) Loans delivered on or after January 1, 2004 that meet the definition of high risk et seq.). not considered to be a modified loan and is eligible for delivery. must resubmit the loan to DU and receive a message that the component has been validated restrictions, and encumbrances material and does not require a reduction in the maximum 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. 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. On occasion, a PDF will generate with the error displayed. The property you are looking to refinance must be located in Florida in order to utilize GTE, 3/19/2012 Home Affordable Refinance Program (HARP) Training Moderated By: Fowler Williams, CMB President Mike Perkins, VP Underwriting and Credit Policy David Attaway, VP Secondary Marketing Crescent Mortgage, The SAPPHIRE Program Training Offered through FIRST MORTGAGE CORPORATION Desktop Underwriter is a registered trademark of Fannie Mae. H2onlinesupport@caliberhomeloans.com Via Live Chat in H2O Caliber employees will have limited accessibility to DU once a file has been submitted. LTV Ratio >90 90 .50%. sends the report data electronically to the DU validation service. information from other Fannie Mae published sources. For example, Fannie Mae If any of these conditions are present, the lender must remove the retirement The lender credit cannot be used to fund %PDF-1.7 % Such variances may be law. DU evaluates inquiries made within the most recent 12 months of the credit report date. The retention period for the loan has been exceeded; I.e. D1-3-02, Lender Post-Closing Quality Control Review of Approval Conditions, Underwriting Decisions, and Documentation. purposes, it will be exempt from TILA and therefore considered an ATR Exempt Loan 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. loan transaction. For loans assessed by the DU validation service, the lender must. We look forward to exceeding your expectations while serving your wholesale needs. The composition of the borrowers debt is also taken into consideration. When a large deposit needs to be documented, DU will issue a message specifying January 2015 2 FHA 50 bp Annual (MIP) Reduction! The amount of time that has elapsed since an account was delinquent is an important factor included in the evaluation of the payment history. in this Guide. See B3-5.4-01, Eligibility Requirements for Loans with Nontraditional Credit. Review/ Correct this information on the Employment, Income & Housing tab of the 1003 and this will clear the error. endstream endobj startxref The following table describes the employment that can be validated and the documentation Loans into Fannie Majors. These details will help the user determine the error source/cause. Underwriter s Field Locator. fully support the information entered into DU for the component of the loan file eligible Section 400 Loan Submission & Standards, WHERE THE HECK IS IT? Tax Return Transcript (Taxpayer Tax Return Summary Report). An ATR All income shown on the income verification report must be reflected in U.S. dollars. and loans in MBS. assumptions or modifications of existing Fannie Mae loans regardless of the dates as an account holder for each asset account. This report reflects the report supplier's name and/or logo. home loan under the Rhode Island Home Loan Protection Act (R.I. Gen. Laws 34-25.2-1 Premium pricing refers to situations when a borrower selects a higher interest rate home loan under the Kentucky high-cost home loan statute (Ky. Rev. Private Transfer Fee Regulation. However, multiple inquiries made by different mortgage lenders or different auto loan creditors within the same time frame is not viewed by DU as multiple inquiries (these types of inquiries generally reflect borrowers shopping for favorable rates or terms). When a component of the loan file is assessed by the DU validation service, three Loan officers can now identify loans that are eligible for value acceptance easily and quickly, potentially resulting in time and cost savings for you and your borrower. validation may impact income validation (for example, if employment is not able to and select Option 1 . 45-20-101 impact on the business. the DU validation service. Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. or contradictory information. balance and a re-amortized reduction to the monthly mortgage payment. Once this information is input, rerun the DU Page 7 Caliber Home Loans, Inc. 2013, 8 8 Error Details Casefile ID xxxxxxxxx for resubmission Casefile ID does not exist with DU. other legal documents. (Present = Primary Home & Proposed = Subject Property) Correction Continued: 3. by the amount of the unpaid special assessments (unless sufficient deposits to pay Owner-occupied transactions represent the least risk, followed by second home transactions, and investment property transactions having the highest risk level. 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. Fannie Mae electronically for use by the DU validation service; and. The minimum original term is Ann. Fixed-rate mortgages will be viewed as representing less risk than adjustable-rate mortgages. Stat. Georgia Fair Lending Act (Ga. Code Ann. Caused by the LTV exceeding the Guidelines for an FHA Purchase, LTV cannot exceed 96.5% Lower the Total Loan Amount (Base LA + MIP if financed) to within guidelines, then rerun the DU Page 15 Caliber Home Loans, Inc. 2013, 16 16 Error Details Account number and/or password The Account number or the password for the Credit information does not match with the Credit Agency. but has a combination of product features or risk factors that place the loan outside of Fannie Mae's current acquisition preferences and constraints for DU loans. 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). Effective for loans with applications dates on and after July 1, 2021, the APR-APOR unless permitted by the Private Transfer Fee Regulation. satisfy Fannie Maes current applicable project eligibility requirements. be provided for validation to be completed. by Fannie Mae. information from other Fannie Mae published sources. ), Selling, Securitizing, and Delivering Loans, Research Fannie Mae will not purchase or securitize loans on properties encumbered by private 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. Ask Poli is an Artificial Intelligence powered search tool. Positive rent payment history is live in Desktop Underwriter DU now uses asset report data to consider a borrower's 12-month positive rent payment history, which can help more first-time homebuyers qualify for a mortgage. (Refer to the Private Transfer Regulation for further detail concerning ), notwithstanding the preemption provision contained in 45-20-111 of the is not eligible for delivery to Fannie Mae by the lender except on a negotiated basis. For loans that are more than four months old from the date of the note and loan to 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. Z (12 CFR 1026.43(e)(3)(i)). 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. 2019 Fannie Mae. When the DU validation service validates assets on transactions with gift funds, the data, or insufficient data in the report. . 46:10B-22 et seq.). /Desktop Underwriter (DU) for Credit, Underwriting, and Casefile Data Services. loans. to confirm that the withdrawal of funds for this transaction will not have a negative For additional details on record retention, see A2-4.1-01, Establishing Loan Files. The table below provides reference to recently issued Announcements that are related to this topic. the transfer of ownership was one of the exempt transactions that legally prohibit For purposes of determining whether a loan is an ATR Exempt et seq. Note: For ARMs with initial fixed periods of five years or less, the APR must be calculated under Regulation Z and is otherwise not an ATR Exempt Loan (defined below). Loans delivered on or after January 1, 2004 that meet the definition of high-cost If the prior year tax return has not yet been filed or the transcript is Sign On. Also, borrowers with student loan debt have been shown to represent less risk than those with only revolving debt. There is a certain level of risk associated with every transaction, whether it is a purchase or a refinance. A payment history that includes bills that are 30 days or more past-due, or a history of paying bills late as evidenced by a number of accounts with late payments, will have a negative impact on the borrowers credit profile. CoreLogic Example: If the credit agency being used is not CoreLogic Credco, please ensure that the reference number is correct prior to advancing.