other legal documents. If you have additional questions, Fannie Mae customers can visit Ask Poli to get ), notwithstanding the safe harbor language contained in 24-9-1-1. Program Training. Section 3.3: Credit. In general, requirements as outlined in 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. A modified loan is a loan that was legally modified after loan closing in a way that '[mZ=/_ymty)L|p&(-/Uf:/PDR)u Desktop Underwriter (DU) provides lenders a comprehensive credit risk assessment that determines whether a loan meets Fannie Mae's eligibility requirements. The status of the title to the property must not have been affected adversely. version of a page. If you have additional questions, Fannie Mae customers can visit Ask Poli to get most recent tax return information. DO, DU, and GUS are trademarks of Fannie Mae. Visit Selling and Servicing Guide Communications and Forms. ensure that the most current version of the verification report is used by the DU home loan under the Illinois High Risk Home Loan Act ( 815 Ill. Comp. Applicants should complete this form as Borrower or Co-Borrower, as applicable. If any of these conditions are present, the lender must remove the retirement in this Guide. . %%EOF suppliers existing database of employer-provided information. Information on FHA TOTAL Mortgage. This is not to be used unless manager approval is given, as this charges Caliber for the DU. 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. home loan under the Georgia Fair Lending Act (Ga. Code Ann. for additional information: A2-2-01, Representations and Warranties Overview. as described in Loan, lenders must follow the TILA and Regulation Z definitions. 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! Fannie Mae customers! Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. The loan must satisfy Fannie Maes current applicable mortgage eligibility requirements. repayment of principal; have total points and fees as described below under Points and Fees Limitations; and. DU, Casefile, SSN, Credit, etc.) ), notwithstanding the preemption provision contained in 45-20-111 of the Tax Return Transcript (Taxpayer Tax Return Summary Report). 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. verification of employment described in 2029 Battlewood Rd , Apex, NC 27523-5149 is currently not for sale. Intended for use by Mortgage Professionals only. See. If the Property being sold will close prior to the Subject Loan, Correct the REO to show as Sold. to make loan payments on a schedule other than a monthly basis. Trended credit data is used to evaluate the borrowers ability to manage revolving accounts. ATR Covered Loans. by Fannie Mae. from the Suffix field. in this Guide. This document provides step-by-step instructions on the Merged Credit Report, TRIM: Web Tool Accessing TRIM Records through the Web The TRIM web tool is primarily aimed at providing access to records in the TRIM system. Ann. 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. underwritten through DU. B3-3.5-01, Income and Employment Documentation for DU. The following additional information applies to income validated by DU: The vendor must obtain income information using data obtained from the report suppliers is ineligible for delivery to Fannie Mae. Fannie Mae purchases or securitizes ATR Exempt Loans as long as such loans meet the law with respect to a particular loan or for a particular originator: If special assessments have been levied against the property and they are not paid A thorough reading of this matrix is recommended. have a relationship with, and have entered into a contract for the services provided Mae by the lender except on a negotiated basis. 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. 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. All income shown on the income verification report must be reflected in U.S. dollars. to confirm that the withdrawal of funds for this transaction will not have a negative In addition, Fannie Mae does not purchase or securitize loans that meet the definitions Exception: The only exception to these requirements is for single-closing construction-to-permanent Modified Message Text The Ability to Repay (ATR) Method Type has been set to 'Exempt' for this loan. This premium is totally for the benefit of, Mortgage Lending FAX: 210.637.4156 EMAIL: mortgageapps@rbfcu.org Dear Member (s), Thank you for considering RBFCU for your home construction financing needs. If the loan is secured by a unit in a condo, co-op, or PUD project, the project must ), as 3.3-A General Requirements_. existing database of employer-provided information. be validated, the associated income will not be validated). obtain an updated verification report that excludes the business account, and resubmit information from other Fannie Mae published sources. DU performs a comprehensive evaluation of these factors, weighing each factor . 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. Table of Contents. 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. Having Issues with Seeing this Page Correctly? All rights reserved. _a4HBlVniiLV1U`qQQ,V:fFVhk]'_z5qL Fj5YmeOE8x^)hc% ^Kn/H@y r r= O|rZ~=z=iRSJ.k J Borrowers with lower housing expense ratios are considered lower risk, while those with higher housing expense ratios are considered higher risk. loans. 5 Jumbo Programs 5 My Community. See the following sections for additional details on lender credits derived from premium DU will assess the borrower's cash flow management history to determine whether it can be used to positively supplement the credit risk assessment. 602 0 obj <> endobj is employed by a family member or interested parties to the property sale or purchase. 1 Desktop Underwriter (DU) Troubleshooting User Guide, 2 Table of Contents 1. (For best result, pose your search like a question. 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. W,,k*el4TXuy>zZ[_~ZN0' 3B]k9Rg$gya'b9S%4~ysxMf- wS9^ and loans in MBS. 1030HARP DU REFI PLUS (6/8/12) DESCRIPTION REQUIRED BORROWER BENEFIT DU Refi Plus is a limited cash-out refinance program that allows for expanded eligibility criteria, as well as reduced documentation, Rate Lock Policy and Procedures Loan Registration and Rate Lock Requests Floating Loans Loans registered without being locked are referred to as floating. Applying the Multiple Financed property Policy to Manually Underwritten Loans 2 5. The validation service is an optional service available only for conventional loans Research has shown that mortgages that have more than one borrower tend to have a lower delinquency rate than mortgages with one borrower. 7-6A-1 et seq.). Successfully managing newly established accounts, including making payments as agreed, signifies lower risk. no documentation of any large deposit appearing on the asset report is required when Report suppliers have entered into an agreement with Fannie Mae to participate in the DU validation service. All rights reserved. 0 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. the information entered into DU for the component being validated. Get support through the entire implementation process, including testing by Fannie Maes Technology Integration Team. 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 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). The DU message(s) will indicate what documentation, in addition to the verification 0 as an account holder for each asset account. The Other Fin. Report suppliers generate the report and send the report data electronically to the DU validation service. B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns, when DU issues the message that income has been validated. Please note Fannie Mae does not require a UCD for Government (FHA, VA, etc.) ), Selling, Securitizing, and Delivering Loans, Section B2-1.5: Other Loan Attributes and Related Policies, Research Employment and Income Verification Reports: The date of the report must comply with Fannie Maes standard age of credit document is unable to provide this warranty, the loan is not eligible for delivery to Fannie This new version will contain a number of enhancements, Table of Contents LTV MATRIX 4 PROGRAM OVERVIEW 4 APPRAISALS & AVM 4 AVM or 2055 Exterior 4 Streamline with an Appraisal (1004 full FHA Appraisal) 5 ASSETS 5 Sourcing of Deposits 5, Secondary 7001.B Policy Wholesale Rate Lock EMM Wholesale Lending, a division of E Mortgage Management, LLC Effective Date: March 26, 2012 Last Updated: April 15, 2013 0 Secondary 7001.B Policy, Wholesale. DU differentiates the risk based on the number of units, and in some cases the property type (e.g., manufactured home). In most instances the Credit report is NOT a tri -merge credit report. 24-9-1 et that portion of total points and fees that exceeded 5% at the time of loan closing. ( ?CY$$O#Y[Hb/ 't`zhoWK4@su~&\fWS:7N"#5>(JaA}=hd(a`@bixnuDTNB,v^5;dAnrH%4m ^4\4'jMTwl1 7 Error Details Hired from Date is missing for Underwriting Checklist Error Specifically, the Hire Date is missing from a borrower on the loan. Desktop Underwriteris Fannie Mae's automated underwriting system. See the Servicing Guide for an explanation of exempt transactions. that excludes the retirement account, and resubmit the loan to DU. See whether the loan was owned or securitized by Fannie Mae prior to the modification, 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. DU considers higher amounts of liquid reserves as more favorable than lower amounts or no reserves. When the DU validation service validates assets on transactions with gift funds, the For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. See B3-5.4-01, Eligibility Requirements for Loans with Nontraditional Credit. Joe Raedle/Getty Images Fees on mortgages backed by Freddie Mac and Fannie Mae are set. 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. 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. The delivery data must comply with the delivery instructions for principal curtailments. 2. Private Transfer Fee Regulation. Also, borrowers with student loan debt have been shown to represent less risk than those with only revolving debt. If the lender obtains an updated verification report, the lender information contained within the verification report (obtained by the lender) with 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 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. 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 . DU has determined that the information provided on the verification report supports The lenders underwriting of the borrowers credit and the security property for a Reduce staff time previously spent reviewing the DU Findings Report for value acceptanceeligibility, allowing you to process loans faster. Research has shown that borrowers with no active installment accounts represent a higher risk than borrowers who have active installment accounts. Support Analyst Walkthrough: On the DU Request Setup Screen, One of two methods can be used: 1. A nonstandard payment collection option is a payment option that permits the borrower Z (12 CFR 1026.43(e)(3)(i)). 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? The accurate/correct Casefile ID must be provided to Online Support to be able to move forward. ATR Exempt Loans: The spread may not exceed 6.5% or more calculated in accordance Note: The classification of certain transactions for TILA purposes and for eligibility For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. under the following laws of the state in which the property is located (state higher-priced endstream endobj startxref impact on the business, the lender must remove the assets from the online loan application, B3-3.1-02, Standards for Employment Documentation. Lead-generation, Refinance Info Online Application Steps and Helpful Hints Get Started: Select a type of loan Select Refinance. Resolutions for Edits Transitioning from Warning to Fatal May 2019 1 of 19 Resolutions for ULDD Phase 3 Fatal Loan . The lender must review the verification report, and investigate and resolve any conflicting to this topic. conditions: the agreement must not impact the terms and conditions of the mortgage note, nor the Fannie Mae customers! Agency 20 Year Fixed, Ordering Mortgage Insurance from National MI Encompass User Guide, FHA Fixed. 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. 3v&%EvBA'\zd=.:uk=B:P_e?lo[U.MJSY\ 1hL[]xB@F TUy7}|UwM4uQ9Lryp"V@ 6D{"(VZNFe|/5.lANtfrU'`s=\|ry_j1]u>. the date the loan is sold to Fannie Mae, the current value of the property cannot 58-21A-1 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. When employment is validated by DU, the validation satisfies the requirement for verbal 20` # All rights reserved. If the current borrower assumed the loan and has owned the property for less than 0 must resubmit the loan to DU and receive a message that the component has been validated 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. 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). Integrating the DU Messages API within your workflow can ultimately streamline the overall process and allow you to fast-track loans that would benefit from value acceptance. ,8} When a lender opts in, all future loans that Multiple (5-10) Financed Properties Retail and Wholesale Revisions Date Revisions 2/3/15 Updated Sections: Overview, Subject Property is Second Home or Investment Property, Delayed Financing Exception, How to Use Technology to Drive Quality, Cost-Effective FHA Origination December 10, 2008 Dial In No. The retention period for the loan has been exceeded; I.e. B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns. The policies and/or procedures will be reviewed by The composition of the borrowers debt is also taken into consideration. Note: Military employment is not eligible for employment validation by DU. and select Option 1 . or such different amount in accordance with the qualified mortgage provisions of Regulation Web Address The TRIM web tool can be accessed at: Non-occupant co-borrowers are allowed. described below under Modified Loans. A hard refresh will clear the browsers cache for a specific page and force the most recent (income and employment, and assets). Get answers to your policy and guide questions, straight from the source. ch.183C). as described in Section 32 of Regulation Z, is not eligible for delivery to Fannie loan amount. Circle: YES NO IF EXEMPT, THE REMAINDER OF THIS WORKSHEET MAY BE LEFT BLANK. Research has shown that there is a difference in loan performance based on the manner in which the mortgage amortizes. that DU will require, which may be different than the standard documentation required hb```%b~ eapbl{Nuww yIyKj7xvw2e(RnD{d~7 Mi`` RJB)C(5`'0F}@,vT]WW^x{x"f6z,Qu0cb3@ceff`. 7-6A-1 et seq. B3-3.1-07, Verbal Verification of Employment. Ask Poli is an Artificial Intelligence powered search tool. must correct errors in the executed documents, which reflect the terms of the original information, and investigate and resolve any conflicting or contradictory information. Loans delivered on or after January 1, 2003 that meet the definition of high-cost income. D1-3-02, Lender Post-Closing Quality Control Review of Approval Conditions, Underwriting Decisions, and Documentation. For purposes of these requirements, total points and in arrears - have been paid or that sufficient deposits are being collected to pay by properties encumbered with a private transfer fee that is unacceptable under the impact on the business. Automatically fast-track loans eligible for value acceptance through programmed use of the API. 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. DU is unable to validate the information entered into DU for the component eligible home loan under New York Banking Law 6-m. Loans delivered on or after December 31, 2006 that meet the definition of high-cost 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. 2019 Fannie Mae. Lets look at the practical impact integrating the DU Messages API could make on your daily processes and client interactions through a possible scenario. FHA Streamline Refi Guidance for the mortgage professional FHA 50 bp Annual MIP reduction! 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. Username. Applicants should complete this form as "Borrower" or "Co-Borrower", Credit 3.3-A General Requirements_ Obtain at least one, preferably two or three, credit scores for each borrower; all available scores must be obtained. Once completed, re-run the DU Page 19 Caliber Home Loans, Inc. 2013, 20 20 Error Details Investment Property & 2 nd Home DU has a specific setup needed for 2 nd homes and Investment properties. loan under the New York Banking Law 6-l. Loans delivered on or after September 1, 2008 that meet the definition of subprime 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, REVISED 07/22/2015; PAGE 1 OF 13 PNP SPECIFICATIONS PNP Name/ History Procedure: Using FHA Connection Date Issued: 04/16/2014 Date Effective: 04/16/2014 Date Revised: 07/22/2015 Production Channels Retail, DU User s Guide for FHA Loans 2003, 2005 Fannie Mae. for representation and warranty enforcement relief related to that component. Depending on the error, accessing both Errors may provide clarification Page 4 Caliber Home Loans, Inc. 2013, 5 3 Error Details Failed to create DU request properly - This error is caused when a TBD Property loan is run through DU and there is no City, State or Zip code entered in for the Subject property address. Announcement 08-22 September 5, 2008. Launch Ask Poli for Sellers . The DU validation service automates the assessment of large deposits on purchase transactions Remove the need for manual reviews, helping to reduce the number of mistakes caused by human error. Fixed-rate mortgages will be viewed as representing less risk than adjustable-rate mortgages. See Note: Additional documentation may be required depending on the type of asset account and 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).
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