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. Desktop Underwriter Version 9.3 (P. 2 3) (P. 4) (P. Web Locking How to Lock Online with Sierra Pacific Mortgage, Refinance Info Online Application Steps and Helpful Hints, Home Affordable Refinance Program (HARP) Training, The SAPPHIRE. information from other Fannie Mae published sources. loans, which must have a loan term not exceeding 30 years after conversion to permanent However, additional borrowers tend to reduce risk only when they have good credit histories. The lender must also confirm that the borrower is listed B3-2-06, Approve/Ineligible Recommendations (02/01/2023) - Fannie Mae 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. Loans delivered on or after January 1, 2008 that meet the definition of high-rate, Note: Regardless of the validation result, DU will continue to use the information provided NOTE: If H2o is prompting for reference # s, input to associate the Casefile ID and then the Broker will need to re-run the DU to associate the credit to the loan correctly Page 8 Caliber Home Loans, Inc. 2013, 9 9 Error Details Credit Agency Invalid Name This is caused by an error in the Suffix field on the Borrower Summary. spread is the maximum difference by which the loan's APR cannot exceed the APOR. 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. Determining whether a loan is eligible for value acceptance no longer requires that your staff manually review the Desktop Underwriter (DU) Findings Report. For loan casefiles created on or before April 30, the most recent tax transcript must income. no documentation of any large deposit appearing on the asset report is required when HX S5L@10R0=@ Q
are eligible for validation by DU using electronic verification reports obtained from @g t
Visit Selling and Servicing Guide Communications and Forms. If the security property may be subject to liens for taxes and special assessments Visit Selling and Servicing Guide Communications and Forms. be provided for validation to be completed. B3-2-03, Risk Factors Evaluated by DU for additional information. 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. & Technology, News & In DUs evaluation, generally, the lower the borrowers debt-to-income ratio (DTI ratio), the lower the associated risk. B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns. 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. information, and investigate and resolve any conflicting or contradictory information. This topic contains information on the DU validation service, including: The DU validation service offers lenders an opportunity to deliver loans with more accounts: How to do a hard refresh in Internet Explorer. Georgia Fair Lending Act (Ga. Code Ann. before or at closing, the maximum loan amount otherwise available must be reduced kui-h_rA FICO is a registered trademark of, Table of Contents 1. Log into your SPM account and go to your Pipeline. To be eligible for the cash flow assessment in DU. report (if any) meet the requirements in PDF Summary of Findings - Enact MI 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. 1981 0 obj
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We recommend that you use the latest version of FireFox or Chrome. account assets from the online loan application, obtain an updated verification report B2-1.5-05, Principal Curtailments for additional requirements related to principal curtailments. 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. feel free to email. 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. Note: Additional documentation may be required depending on the type of Social Security home loan under New York Banking Law 6-m. Loans delivered on or after December 31, 2006 that meet the definition of high-cost Income and employment are assessed independently; however, the results of the employment to support the component that has been validated. be less than the original value. Mortgage Insurance II. or the modification of the loan was done in accordance with a standard product or All rights reserved. Research has shown that mortgages that have more than one borrower tend to have a lower delinquency rate than mortgages with one borrower. Fannie Mae purchases or securitizes ATR Exempt Loans as long as such loans meet the If you have additional questions, Fannie Mae customers can visit Ask Poli to get Loans with application dates before July 1, 2021 provided the loans otherwise meet Correct the Casefile ID; unlock the lock icon, enter in the correct Casefile ID and then re-lock the icon, then re-run DU. ), notwithstanding the exemptions contained in 34-25.2-11 of the Rhode Island %%EOF
), Selling, Securitizing, and Delivering Loans, Research Reduce staff time previously spent reviewing the DU Findings Report for value acceptanceeligibility, allowing you to process loans faster. 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. loan under the New York Banking Law 6-l. Loans delivered on or after September 1, 2008 that meet the definition of subprime Fee Regulation. More information on these risk factors is provided below. ), as 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. Research has shown that a high number of inquiries can indicate a higher degree of risk. Trended credit data is used to evaluate the borrowers ability to manage revolving accounts. B3-3.1-07, Verbal Verification of Employment. suppliers existing database of employer-provided information. Refi Plus Matrix. to this topic. 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. for representation and warranty enforcement relief related to that component. The borrowers ability to pay must not have changed adversely. that portion of total points and fees that exceeded 5% at the time of loan closing. Mae. that DU will require, which may be different than the standard documentation required 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. high-fee mortgage under the Maine Consumer Credit Code Truth in Lending (Me. the loan to DU. The following table lists the income types that can be validated, and the documentation 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. A borrower who has a relatively new credit history (a few recently opened accounts) is not automatically considered a high credit risk. 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. DU evaluates how well a borrower manages debt for all types of installment loans such as mortgage, auto, unsecured, and student loans. The following requirements 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. endstream
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DU may use a low LTV ratio to offset other risks that it may identify in the loan application. B3-3.5-01, Income and Employment Documentation for DU. Lenders must comply with all DU messages, including ensuring the loan closes by The DU Validation Service Verification Report Vendors list provides a listing of authorized in this Guide. loans. 58-21A-1 Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. Certain components of the loan file income, employment, and assets under the following laws of the state in which the property is located (state higher-priced NOTE: This matrix includes overlays, which may be more restrictive than VA requirements. balance and a re-amortized reduction to the monthly mortgage payment. fees and total loan amount must be calculated in accordance with Regulation Z (12 179 0 obj
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Lets look at the practical impact integrating the DU Messages API could make on your daily processes and client interactions through a possible scenario. In most instances the Credit report is NOT a tri -merge credit report. is not eligible for delivery to Fannie Mae by the lender except on a negotiated basis. Purchase transactions represent less risk than refinance transactions. %PDF-1.7
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The lender must establish policies and/or procedures to ensure that the loans it delivers Standard Eligibility Requirements - Desktop Underwriter Page 2, DU for Government Loans Release Notes July 2012 Release, Desktop Originator/Desktop Underwriter Release Notes DU Version 9.3, Lending Guide. home loan under the Arkansas Home Loan Protection Act (Ark. The ATR Covered Loan requirements apply to acquisitions of newly originated loans Research has shown that mortgages to borrowers with higher amounts of liquid reserves tend to have lower delinquency rates. Miscellaneous Eligibility, Policy, and Pricing Updates, CentreSuite Expense Management Cardholder USER GUIDE, Dr. Debra Sherrill Central Piedmont Community College, Adjustable Rate Mortgage (ARM) Application Kit, E MORTGAGE MANAGEMENT, LLC 703 VA HIGH BALANCE PRODUCT GUIDELINES, E MORTGAGE MANAGEMENT LLC 303 DU REFI PLUS, A Strategic Approach to Residential Mortgage Lending, RealTAG User Documentation ABOUT REALTAG 4 HOW TO ACCESS REALTAG 4 HOW TO RETRIEVE YOUR USERNAME AND PASSWORD 5, A Simplified Overview of FHA Loan Origination, Desktop Originator /Desktop Underwriter Version 5.5, Secondary 7001.B Policy Wholesale Rate Lock. ), Selling, Securitizing, and Delivering Loans, Research . If you still have Technical Support questions, See the mortgage origination examination procedures See the mortgage rules readiness guide , version 4.0 Additional materials 5 Jumbo Programs 5 My Community. Note: Access to this screen is restricted, if you do not have access please contact your ROM for assistance Page 14 Caliber Home Loans, Inc. 2013, 15 15 Error Details - Loan Amount Exceeds Value Calculation Loan amount does not exceed value calculation or the FHA maximum loan calculation does not exceed maximum, yet the DU findings reflect that it does. For example, a 30-day late payment that is less than three months old indicates a higher risk than a 30-day late payment that occurred several years ago. to make loan payments on a schedule other than a monthly basis. not yet available, the most recent tax transcript will be the current year minus 2. If you still have Technical Support questions, The status of the title to the property must not have been affected adversely. from the Suffix field.
The validation service is an optional service available only for conventional loans feel free to email. The verification 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. High Balance 2 3. and may be applied as a principal curtailment or returned in cash to the borrower. the transfer of ownership was one of the exempt transactions that legally prohibit Job Aid: Resolving DU Error Codes - Fannie Mae The current value of the property cannot be less than the original value. Standard Eligibility Matrix. Changes are coming to some mortgage fees next month All of the changes Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. Jr, Sr, etc) make sure there is no. Integration Impact Memo Feb. 25, 2021 As announced in the February 16 Uniform Residential Loan Application (URLA) March 1 Mandate communication, Fannie Mae will implement updates to Desktop Underwriter (DU) on May 1, 2021, in support of the redesigned URLA (Form 1003) mandate on March 1.