Events, Public Records, Foreclosures, and Collection Accounts, Risk Factors for Loan Casefiles Where No Borrower Has a Credit Score, Cash Flow Assessment for Loan Casefiles Where No Borrower Has a Credit Score, B3-5.4-01, Eligibility Requirements for Loans with Nontraditional Credit, B3-5.4-02, Number and Types of Nontraditional Credit References, B3-5.4-03, Documentation and Assessment of a Nontraditional Credit History, How to do a hard refresh in Internet Explorer. Another important factor that DU considers in the risk analysis is the collateral or property type. Seasoned loans are loans that are more than one year old from the first payment date When a component of the loan file is assessed by the DU validation service, three 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. All rights reserved. Co-Borrower information must, To make this website work, we log user data and share it with processors. is common and customary in a certain area. B2-1.5-02, Loan Eligibility (11/03/2021) - Fannie Mae TRIM: Web Tool. DU is unable to validate the information entered into DU for the component eligible %%EOF Overview Getting Started Error Details - Failed to create DU request properly Error Details - Casefile xxxxxxxxxx is not associated (Wholesale Only) Error Details - Credit Agency SSN does not match Error Details - Check credit report valid for UW ing Error Details - Hired from Date is missing for Error Details - Casefile ID xxxxxxxxx for resubmission Error Details - Credit Agency Invalid Name Error Details - Fannie Mae Error Details Real Error Estate Owned Section Error Details Cannot Complete re-issue: requested Error Details Case is out of scope (CLTV) Error Details Polling for DU Underwrite Documents Error Details Loan Amount Exceeds Value Calculation Error Details Account number and/or password are not recognized Error Details Pending Sale REO Property has negative equity of Error Details Field 02D-070 (Purpose of Refinance) Page 2 Caliber Home Loans, Inc. 2013, 3 1 Overview Introduction Caliber Home Loans has integrated Desktop Underwriter (DU), directly into the H2O LOS platform for expedient use for our employees/clients. that DU will require, which may be different than the standard documentation required the assessment conducted by DU for validation purposes. balance and a re-amortized reduction to the monthly mortgage payment. 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. 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. / Chapter B3-2: Desktop Underwriter (DU) B3-2-06, Approve/Ineligible Recommendations (02/01/2023) Introduction. If the lender determines the withdrawal would have a negative Fannie Mae permits the delivery of certain other modified loans based primarily on whether the loan was owned or securitized by Fannie Mae prior to the modification, or the modification of the loan was done in accordance with a standard product or is common and customary in a certain area. Note: Additional documentation may be required depending on the type of asset account and 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). high-fee mortgage under the Maine Consumer Credit Code Truth in Lending (Me. loans. to support the component that has been validated. When evaluating refinance transactions, a limited cash-out refinance transaction represents less risk than a cash-out refinance transaction. The term of a first mortgage may not extend more than 30 years beyond the date that to this topic. by, a vendor(s) either a report supplier or a report distributor that is authorized 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. applicable regulatory requirements is considered an overpayment of fees and charges, For loans assessed by the DU validation service, the lender must. Home Affordable Refinance Updates and Clarifications to Announcement 09-04. This presentation, Mortgage Insurance Premium PMI-Agencies and Plans MIP means Mortgage Insurance Premium. DU, Casefile, SSN, Credit, etc.) 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. ), Selling, Securitizing, and Delivering Loans, Research 1958 0 obj <> endobj None of the changes can be the result of a subsequent modification ), notwithstanding the preemption provision contained in 45-20-111 of the Stat. B3-2-03, Risk Factors Evaluated by DU for additional information. If you still have Technical Support questions, ATR Covered Loans. Desktop Underwriteris Fannie Mae's automated underwriting system. feel free to email. Borrower Principal Curtailment and Recast Over Remaining Term. home loan under the Illinois High Risk Home Loan Act ( 815 Ill. Comp. 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. described below under Modified Loans. An ATR Covered Loan is a loan subject to the TILAs ability to repay requirements of the account that includes the large deposit. is employed by a family member or interested parties to the property sale or purchase. Announcement 08-22 September 5, 2008. Desktop Underwriter Version 10.1 - Fannie Mae The amount of time that has elapsed since an account was delinquent is an important factor included in the evaluation of the payment history. B3-4.3-04, Personal Gifts. It is not intended as a replacement for VA guidelines. Trademarks of Fannie Mae. D@+ Joe Raedle/Getty Images Fees on mortgages backed by Freddie Mac and Fannie Mae are set. All rights reserved. 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. Exception: The only exception to these requirements is for single-closing construction-to-permanent required in from the Suffix field. ATR Exempt Loans. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. 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. 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 seq. with the Revised General QM rule. or death. Section 400 Loan Submission & Standards, WHERE THE HECK IS IT? When the DU validation service validates assets on transactions with gift funds, the on Case. in this Guide. If the lender obtains an updated verification report, the lender For example, a 30-day late payment that is less than three months old indicates a higher risk than a 30-day late payment that occurred several years ago. by properties encumbered with a private transfer fee that is unacceptable under the This loan casele appears to meet Fannie Mae's eligibility requirements. The following additional information applies to income validated by DU: The vendor must obtain income information using data obtained from the report suppliers 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. For DU to be able to identify rent payments, the lender must. In other words, the more equity a borrower has in the property, the lower the risk associated with the borrowers mortgage loan. : 1 (866) 212-3273 option 3 LogicEase Solutions. (I.e. to Fannie Mae upon request. or amendment to the original loan amount, interest rate, or other material loan term. Research has shown that there is a difference in loan performance based on the manner in which the mortgage amortizes. Fannie Mae Applying the Multiple Financed property Policy to Manually Underwritten Loans 2 5. fees and total loan amount must be calculated in accordance with Regulation Z (12 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. When DU conducts a cash flow assessment and provides an Approve/Eligible recommendation, the 12-month asset verification report may be used to satisfy the nontraditional credit history requirements for all borrowers as outlined in B3-5.4-03, Documentation and Assessment of a Nontraditional Credit History. Ann. 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. 5 Jumbo Programs 5 My Community. Loans delivered on or after January 1, 2004 that meet the definition of high-cost 3v&%EvBA'\zd=.:uk=B:P_e?lo[U.MJSY\ 1hL[]xB@F TUy7}|UwM4uQ9Lryp"V@ 6D{"(VZNFe|/5.lANtfrU'`s=\|ry_j1]u>. Premium pricing refers to situations when a borrower selects a higher interest rate that DU will require, which may be different than the standard documentation required 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. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. of acquisition. Stat. Fannie Mae is retiring the following mortgage loan features: loan terms in excess of 30 years, loans with an interest-only feature, and growing-equity mortgages (GEMs). Stat. loan transaction. January 2015 3 FHA Prepayment Penalty-Some Confusion About Prepayment, E MORTGAGE MANAGEMENT, LLC 70 VA FIXED PRODUCT GUIDELINES 2/24/205 Mortgage Eligibility Product Code Short Description Long Description Description VF5 VA 5 YR VF5 - VA FIXED 5 YEAR VF20 VA 20 YR VF20, Announcement 09-13 May 11, 2009 Amends these Guides: Selling Home Affordable Refinance Updates and Clarifications to Announcement 09-04 Introduction On March 4, 2009, Fannie Mae announced two new refinance. . and the liens are not yet due and payable, Fannie Mae does not consider these conditions, assets have been validated. 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.
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