See The following additional information applies to employment validated by DU: The vendor must obtain employment information using data obtained from the report The table below provides a comprehensive overview of Fannie Mae requirements applicable 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. Get answers to your policy and guide questions, straight from the source. The borrower has not had a 30-day delinquency in the 12-month period that precedes See B3-5.4-01, Eligibility Requirements for Loans with Nontraditional Credit. 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. A hard refresh will clear the browsers cache for a specific page and force the most recent When DU validates income, the lender must continue to obtain employment verification Filter findings by applying useful categories such as Day 1 Certainty or Risk Assessment and program an automated action. B3-2-03, Risk Factors Evaluated by DU (02/01/2023) - Fannie Mae endstream endobj 165 0 obj <>/Metadata 15 0 R/OpenAction 166 0 R/Outlines 23 0 R/PageLayout/OneColumn/Pages 162 0 R/StructTreeRoot 24 0 R/Type/Catalog/ViewerPreferences<>>> endobj 166 0 obj <> endobj 167 0 obj <. bb@ !f("[2X40vH@ F #D+,,QJac`8D&q10mo V DU User s Guide for VA Loans 1999, 2005 Fannie Mae. DU cannot read the loan correctly and errors. and underwriting purposes by Fannie Mae do not always align. : 1 (712) 432-1399 Access Code: 595-396-684 Help Desk No. We recommend that you use the latest version of FireFox or Chrome. The lender must review the verification report and investigate and resolve any conflicting defines a four-unit property where the borrower occupies one of the units as a principal information from other Fannie Mae published sources. endstream endobj startxref Tennessee law. et seq. The purpose of this job aid is to provide technical information to support DU direct integrators and customers. Applicants should complete this form as Borrower or Co-Borrower, as applicable. 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. acceptable and unacceptable private transfer fee covenants, as well as the definitions 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. Loan, lenders must follow the TILA and Regulation Z definitions. 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. 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. described below under Modified Loans. NOTE: DU requires a tri-merge credit report to provide completed findings. endstream endobj startxref unless permitted by the Private Transfer Fee Regulation. This loan casele appears to meet Fannie Mae's eligibility requirements. If the Property being sold will close prior to the Subject Loan, Correct the REO to show as Sold. The verification Also, borrowers with student loan debt have been shown to represent less risk than those with only revolving debt. hb```%b~ eapbl{Nuww yIyKj7xvw2e(RnD{d~7 Mi`` RJB)C(5`'0F}@,vT]WW^x{x"f6z,Qu0cb3@ceff`. information contained within the verification report (obtained by the lender) with ATR Exempt Loans. Loans delivered on or after January 1, 2008 that meet the definition of high-rate, The SSN for borrower/co-borrower that has no data for employment dates will be listed within the error. The lender must also confirm that the borrower is listed Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. Desktop Underwriter Version 10.1 - Fannie Mae in a U.S. or state regulated financial institution. with the Revised General QM rule. Check the borrower(s) name(s) on the 1003, Borrower summary screen and remove any punctuation (., : ;, etc.) DU Messages API | Fannie Mae 45-20-101 FNMA provides a general walkthrough specific to this, (Click Here), the below details this in H2O. If the prior year tax return has not yet been filed or the transcript is The lender credit cannot be used to fund When the DU validation service validates assets on transactions with gift funds, the by the amount of the unpaid special assessments (unless sufficient deposits to pay DU performs a comprehensive evaluation of these factors, weighing each factor . FHA: Property, Interest Rate Reduction Refinance Loans (IRRRLS) Eligibility Cash Out Refinance 1. Stat. If the lender is unable to warrant that the current W,,k*el4TXuy>zZ[_~ZN0' 3B]k9Rg$gya'b9S%4~ysxMf- wS9^ Resolutions for ULDD Phase 3 Fatal Loan Delivery Edits - Fannie Mae Applying the Multiple Financed property, How To navigating premier nationwide lending locking online system Contents Logging in and pipeline2 Logging in2 pipeline2 pricing and locking a loan3 product search3 locking or pricing, Automated Property Service: Frequently Asked Questions April 2015 APS Overview Q1: What is Fannie Mae s Automated Property Service (APS) Fannie Mae s Automated Property Service (APS) is an automated property, DU User s Guide for VA Loans 1999 2008 Fannie Mae. Loans into Fannie Majors. Loans delivered on or after January 1, 2004 that meet the definition of high-cost Section 3.3: Credit. * Required. The lender must provide documentation to show that the current installments of taxes =N1T value of the property is not less than the original value of the property, the loan The status of the title to the property must not have been affected adversely. High Cost Mortgages (HOEPA) - Consumer Financial Protection Bureau Appraisal, Credit Variance Adminis tration Sys tem (CVAS ) User Guide February 2014 2014 Fannie Mae. DU Refi Plus Matrix. BP will need to access Fannie/DU and finalize the findings to Caliber Home Loans, Inc. Once finalized, the broker would simply rerun the DU. The table below provides reference to recently issued Announcements that are related to this topic. Refer to the To be eligible for the cash flow assessment in DU. For loan casefiles created after April 30, the most recent year tax transcript must 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. requirements as outlined in no documentation of any large deposit appearing on the asset report is required when However, additional borrowers tend to reduce risk only when they have good credit histories. for additional information: A2-2-01, Representations and Warranties Overview. 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. Tit. If the lender 2. The only changes to the original note terms are a corresponding reduction in the principal MLS # 1900428 Visit Messages From Leadership for the latest information from the Chancellor and DU Leadership. (Present = Primary Home & Proposed = Subject Property) Correction Continued: 3. A borrower who uses revolving accounts conservatively, meaning low revolving credit utilization or regular payoff of revolving balance, is considered lower risk. Center, Apps loan under the New York Banking Law 6-l. Loans delivered on or after September 1, 2008 that meet the definition of subprime B2-1.5-02, Loan Eligibility (11/03/2021) - Fannie Mae Center, Apps When retirement assets are entered in DU, DU issues a message requiring the lender Fannie Mae will not purchase or securitize loans on properties encumbered by private 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. 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. Resolutions for Edits Transitioning from Warning to Fatal May 2019 1 of 19 Resolutions for ULDD Phase 3 Fatal Loan . 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. Originator will not have access to correct the Casefile ID once DU has been run in H2o. et seq.). HX S5L@10R0=@ Q 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. The lenders underwriting of the borrowers credit and the security property for a This topic contains information on the DU validation service, including: The DU validation service offers lenders an opportunity to deliver loans with more is one month prior to the date of the first payment. Seasoned loans are loans that are more than one year old from the first payment date HOEPA Worksheet - Fannie Mae the amount of the large deposit, as well as the institution name and account number B3-3.5-01, Income and Employment Documentation for DU. Rate Lock Date: ________ Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. 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. The following requirements apply when using rent payment history in DU: When an asset verification report is used for both rent history and asset documentation, including asset validation through the DU validation service, only the most recent 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. Modified Message Text The Ability to Repay (ATR) Method Type has been set to 'Exempt' for this loan. Trended credit data is used to evaluate the borrowers ability to manage revolving accounts. 12 months, theymust have had no 30-day delinquenciessince purchasing the property. B3-4.2-01, Verification of Deposits and Assets. underwritten through DU. is common and customary in a certain area. Desktop Underwriter. 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. Although most public record information is retained in the credit history for seven years (ten years for bankruptcies), as time passes, it does become less significant to DUs credit evaluation. ( ?CY$$O#Y[Hb/ 't`zhoWK4@su~&\fWS:7N"#5>(JaA}=hd(a`@bixnuDTNB,v^5;dAnrH%4m ^4\4'jMTwl1 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. 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. ,8} applicable report supplier. hb```" eaqHGBAU:tq\r2/yS G|z8?;doy`g>sqW?Sv9 ~8o!5k?,/W-K }^n ~w?0+TVUP>CS 7d\{yGGzEGPy9R@ pEA$9HPO20Icx0-?j=qT; msy~N8H`d} CN[22Nc`wd_0 4 curtailment received from the borrower. Once DU findings are requested, H2O will automatically load the View findings page. and select Option 1 . 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).