Guideline Changes

Post date: Dec 09, 2010 5:49:4 PM

Everyone!!! ***Effective Date:  Submissions from 12/10/10

Please note that FNMA will implement DU Version 8.2 during the weekend of December 11, 2010.

The loan casefiles created in DU Version 8.1 will continue to be underwritten through DU Version 8.1.

Please note the following changes that will be applied with DU Version 8.2:

1. All open liabilities, regardless of current balance, will be applied to the DTI.  Currently, if the accounts do not have monthly payment and a balance of $100, DU is automatically not counting towards DTI.  It will now count towards it, so you no longer have to manually include it.

1. Paying off revolving accounts to qualify:  If the borrower is paying off debts and the payment is not being included in the DTI ratio, then the lender must obtain documentation confirming that the account has also been closed.  If the revolving account will not be closed, the payment MUST be included in the DTI ratio