posted Dec 14, 2010, 10:37 AM by Massey Kouhssari
 |  |  | DO/DU Updates. |
 |  | DU Version 8.2 Implemented
Fannie Mae implemented Desktop Underwriter® (DU®) Version 8.2 the weekend of December 11, 2010. As a reminder, among other changes, this release: - Incorporates foreclosure policy changes in Announcement SEL-2010-08, Underwriting Borrowers with a Prior Foreclosure, to DU loan casefiles;
- Implements a preforeclosure sale message when a borrower's credit report indicates that an account may have been included in a preforeclosure sale;
- Reflects updated rounding logic for LTV/CLTV/HCLTV ratios, outlined in Lender Letter LL-2010-03, An Introduction to Fannie Mae's Loan Quality Initiative and Announcement SEL-2010-01, Selling Guide Updates for the Loan Quality Initiative;
- Removes Community Seconds® loan eligibility in connection with interest-only loans, per Announcement SEL-2010-07, Selling Guide Updates;
- Per Announcement 2010-13, Selling Guide Updates:
- Removes all references to Flexible mortgage products and permits certain transactions, up to 97% LTV/CLTV/HCLTV ratios, under standard eligibility for DU loan casefiles;
- Updates minimum borrower contribution requirements;
- Updates income and employment messages to reflect income policy changes;
- Incorporates revolving debts in the debt-to-income ratio;
- Revises unit number message to include documentation requirements and new special feature code;
- Removes the Interest Rate Tolerance message per Announcement SEL-2010-11, Undisclosed Liabilities and Re-underwriting Requirement;
- Updates the DU Underwriting Findings report to reflect the HCLTV ratio, submission number, and DU version in the Summary section; and
- Retires DU Version 8.0.
For complete details, see the DU Version 8.2 Release Notes, FAQs, and Eligibility Matrix available on eFannieMae.com. |
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