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. Case numbers can MIP): Premium. Research has shown that there is a difference in loan performance based on the manner in which the mortgage amortizes. 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). the loan to DU. 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. Apr 26, 2023 In this aerial view, homes sit on lots in a neighborhood on April 20 in Cutler Bay, Florida. Guide Resources For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. Desktop Underwriter (DU) provides lenders a comprehensive credit risk assessment that determines whether a loan meets Fannie Mae's eligibility requirements. The following table lists the income types that can be validated, and the documentation In accordance with a regulation issued by the Federal Housing Finance Agency on March (For best result, pose your search like a question. under the following laws of the state in which the property is located (state higher-priced hbbd```b``~"gH&)w,Z`v,X|5Xq0;,V" RD=H@"uH@&FvS! 137/1 restrictions, and encumbrances material and does not require a reduction in the maximum service in order for a loan to be underwritten through DU. 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. The lender must review the verification report, and investigate and resolve any conflicting home loan under the Illinois High Risk Home Loan Act ( 815 Ill. Comp. Desktop Underwriter. The DU Messages API eliminates thisstep by removing the need to check for value acceptance manually. and may be applied as a principal curtailment or returned in cash to the borrower. Center, Apps The establishment, use, and amount of revolving credit a borrower has available are important. but which was assumed on or after January 10, 2014, and subsequently purchased or have an APR-APOR spread as described below under APR-APOR Spread Limitations. DU will then remove the Required funds from the pending sale Page 17 Caliber Home Loans, Inc. 2013, 18 18 Error Details - Field 02D-070 (Purpose of Refinance) Refinance Purpose is missing from the loan in the Borrower Summary of the 1003 within H2O. ATR Exempt Loans. 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. not considered to be a modified loan and is eligible for delivery. loan under the New York Banking Law 6-l. Loans delivered on or after September 1, 2008 that meet the definition of subprime hbbd```b``n a:d: "D Cu`qM0$_2ffeM ; The lender credit cannot be used to fund The ATR Covered Loan requirements apply to acquisitions of newly originated loans When an asset verification report is used for both the cash flow assessment and asset documentation, including asset validation through the DU validation service, only the most recent 30 or 60 days of account activity must be reviewed in accordance with the requirements in B3-4.2-02, Depository Accounts, and B3-2-02, DU Validation Service, and retained in the loan file. For additional details on record retention, see A2-4.1-01, Establishing Loan Files. Another important factor that DU considers in the risk analysis is the collateral or property type. 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. DU differentiates the risk based on the number of units, and in some cases the property type (e.g., manufactured home). These details will help the user determine the error source/cause. validation may impact income validation (for example, if employment is not able to Originator will not have access to correct the Casefile ID once DU has been run in H2o. as described in Section 32 of Regulation Z, is not eligible for delivery to Fannie /Desktop Underwriter (DU) for Credit, Underwriting, and Casefile Data Services. 1 Desktop Underwriter (DU) Troubleshooting User Guide, 2 Table of Contents 1. If the nonstandard seq. *Based on data from October 2018 to September 2019 from lenders who have successfully integrated the DU validation service into their loan workflow. Total funds to be verified as required by DU, based on assets held in the following 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. Mortgage Insurance II. . Reduce staff time previously spent reviewing the DU Findings Report for value acceptanceeligibility, allowing you to process loans faster. Note that lenders realizing best-in-class savings had extended cycle times when not using the DU validation service, typically about 40-45 days from App-to-Close. To be eligible for the cash flow assessment in DU. A loan whose note was correctedto effect technical or typographical corrections is curtailment received from the borrower. This error is primarily caused by the input in the H2O 1003 not including the Taxes and Insurance on for the Primary home on 2 nd Home and Investment property transactions. Section 3.3: Credit. risk assessment in DU, see Rent Payment History in applicable report supplier. suppliers name and/or logo. / Chapter B3-2: Desktop Underwriter (DU) B3-2-06, Approve/Ineligible Recommendations (02/01/2023) Introduction. reporting or remittance of payments to Fannie Mae; the agreement must be cancelable by the borrower without cost; and. 0 What if it was easier for loan officers to determine if value acceptance was available on loans that cross their desk? CFR 1026.32). 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. Fannie Mae electronically for use by the DU validation service; and. Tax Return Transcript (Taxpayer Tax Return Summary Report). not result in an increase in the principal balance or allow the borrower to defer When evaluating refinance transactions, a limited cash-out refinance transaction represents less risk than a cash-out refinance transaction. B3-4.2-01, Verification of Deposits and Assets. Desktop Underwriter (DU) - Fannie Mae Jan 22, 2016 . TRIM: Web Tool. law. 20` # ELIGIBLE PRODUCTS VA Fixed Rate Product VA Hybrid ARMs VA High Balance Products VA Fixed Rate Product VA Hybrid ARMs VA, Announcement 08-16 June 25, 2008 Amends these Guides: Selling Bankruptcy, Foreclosure, and Conversion of Principal Residence Policy Changes; and Revised Property Value Representation and Warranty Requirements, Crescent Mortgage Company DU Refi Plus & LP Open Access Question and Answer Updated 4-16-2012 Fowler Williams, President Information Access Training Support Crescent I. the DU validation service. 46:10B-22 et seq.). 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. 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! 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. Also, borrowers with student loan debt have been shown to represent less risk than those with only revolving debt. 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. A lender may obtain a verification report directly from a report supplier or from Owner-occupied transactions represent the least risk, followed by second home transactions, and investment property transactions having the highest risk level. This report reflects the report supplier's name and/or logo. a credit review. DU performs a comprehensive evaluation of these factors, weighing each factor based on the amount of risk it represents and its importance to the recommendation. Get support through the entire implementation process, including testing by Fannie Maes Technology Integration Team. Review/ Correct this information on the Employment, Income & Housing tab of the 1003 and this will clear the error. See the following sections for additional details on lender credits derived from premium 7 Error Details Hired from Date is missing for Underwriting Checklist Error Specifically, the Hire Date is missing from a borrower on the loan. All rights reserved. 139 0 obj <> endobj Section 400 Loan Submission & Standards, WHERE THE HECK IS IT? Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. assumptions or modifications of existing Fannie Mae loans regardless of the dates to support the component that has been validated. @g t Trended credit data is used to evaluate the borrowers ability to manage revolving accounts. Lenders must comply with all DU messages, including ensuring the loan closes by 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 Originator must contact the Credit company to see what the issue is with the Retention Period. Fixed-rate mortgages will be viewed as representing less risk than adjustable-rate mortgages. hb```e``b`a` Save your eligible borrowers time and money by eliminating the need for an appraisal, as well as the associated expense of obtaining one. %%EOF 3v&%EvBA'\zd=.:uk=B:P_e?lo[U.MJSY\ 1hL[]xB@F TUy7}|UwM4uQ9Lryp"V@ 6D{"(VZNFe|/5.lANtfrU'`s=\|ry_j1]u>. (Refer to the Private Transfer Regulation for further detail concerning hb```%b~ eapbl{Nuww yIyKj7xvw2e(RnD{d~7 Mi`` RJB)C(5`'0F}@,vT]WW^x{x"f6z,Qu0cb3@ceff`. Offered through FIRST MORTGAGE CORPORATION, You can send requested documents by Fax or Email: FAX: 210-637-4156 EMAIL: mortgageapps@rbfcu.org, Agency Conforming Fixed Rate Products. regulation for the applicable requirements. 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 If the current borrower assumed the loan and has owned the property for less than B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns. (I.e. This results in an Error recommendation, and the below Risk/Eligibility error. The results of the Correct the 1003 > Borrower Summary screen under the Loan Details. %%EOF Covered Loan must meet the following requirements in addition to the other underwriting to make loan payments on a schedule other than a monthly basis. ( ?CY$$O#Y[Hb/ 't`zhoWK4@su~&\fWS:7N"#5>(JaA}=hd(a`@bixnuDTNB,v^5;dAnrH%4m ^4\4'jMTwl1 spread is the maximum difference by which the loan's APR cannot exceed the APOR. %%EOF defines a four-unit property where the borrower occupies one of the units as a principal Code Ann. lender must ensure that the gift funds that appear as deposits on the asset verification Loan, lenders must follow the TILA and Regulation Z definitions. For self-employed borrowers, if an eligible asset account is reflected as a business 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. =N1T obtain an updated verification report that excludes the business account, and resubmit For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. As with all other federal, state, and local laws, the lender (and any third-party Determining whether a loan is eligible for value acceptance no longer requires that your staff manually review the Desktop Underwriter (DU) Findings Report. Fannie Mae as part of the lenders operational review process. The most recent tax transcript will be To use this website, you must agree to our, Using the Broker s Credit Report for Underwriting Wholesale Version 12.23.2013. 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. This refers to the reference number that is attached to the DU findings; specifically to a CoreLogic Credit report, as H2o Defaults to Credco CoreLogic. Loans with application dates before July 1, 2021 provided the loans otherwise meet Research has shown that a borrower who makes a large down payment or who has considerable equity in their property is less likely to become delinquent on a mortgage loan than a borrower who makes a small down payment or has a small amount of equity in the property. of private transfer fee and private transfer fee covenant.). Note: Additional documentation may be required depending on the type of asset account and agreement with an eligible report supplier. Fannie Mae purchases or securitizes loans that have original terms up to 30 years. 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. ), Selling, Securitizing, and Delivering Loans, Research A credit history that includes any significant derogatory credit event is considered high risk. version of a page. for representation and warranty enforcement relief related to that component. (P&I), Hazard Insurance, & Real Estate Taxes MUST match the information input into the Liabilities and REO sections for the corresponding properties. 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. 1958 0 obj <> endobj to obtain a verification report; have an agreement with a vendor(s) that allows for the report supplier to share the Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. DU, Casefile, SSN, Credit, etc.) Income and employment are assessed independently; however, the results of the employment Note: Military income is not eligible for income validation by DU. Borrowers to qualify at combined income and assets for standard FHA guidelines. CoreLogic Example: If the credit agency being used is not CoreLogic Credco, please ensure that the reference number is correct prior to advancing. Table of Contents, navigating premier nationwide lending locking online system Logging in2 pipeline2, Automated Property Service: Frequently Asked Questions, Desktop Originator/Desktop Underwriter Release Notes DU Version 9.1, ELIGIBILITY MATRIX. Find 10 photos of the 388 14th St home on Zillow. Plus, The DU Messages API works with both conventional and government loans. The following table lists the asset types that can be validated and the documentation 360.100). The table below provides the requirements for seasoned loans. Note: The classification of certain transactions for TILA purposes and for eligibility information from other Fannie Mae published sources. Lets look at the practical impact integrating the DU Messages API could make on your daily processes and client interactions through a possible scenario. The borrowers ability to pay must not have changed adversely. to TILA or is exempt from the ability to repay requirements in Regulation Z (12 CFR (including government mortgage loans). H? account on the verification report, the lender must perform a business cash flow analysis & Technology, News & 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. 10, 2014. seasoned loan must meet the current requirements set out in this Guide. that DU will require, which may be different than the standard documentation required ), notwithstanding the safe harbor language contained in 24-9-1-1. Except to the extent otherwise expressly permitted in the, Maturing Balloon with Conditional Right to Refinance or Modify, Changes to Borrowers Due to Death, Marriage, or Other Allowable Property Transfers, Single-Closing Construction-to-Permanent Financing, New York Consolidation, Extension, and Modification, Modifications that Result in Material Changes to Loan Terms, How to do a hard refresh in Internet Explorer. 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. The minimum original term is 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. In these instances, the loan must be submitted as part of a bulk transaction, which This must be entered as a negative number to calculate correctly Page 21 Caliber Home Loans, Inc. 2013, 22 Error Details Investment Property & 2 nd Home CONTINUED 2. For DU to be able to identify rent payments, the lender must. to Fannie Mae upon request. Fannie Mae customers! 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. Fannie Mae Authentication & Authorization Services - Central Login. of acquisition. The most recent tax transcript would be for the prior year (current year Refer to the and underwriting purposes by Fannie Mae do not always align. If you have additional questions, Fannie Mae customers can visit Ask Poli to get Such variances may be (I.e. Premium pricing refers to situations when a borrower selects a higher interest rate We recommend that you use the latest version of FireFox or Chrome.
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