ANNOUNCEMENT

Announcement - Fannie Mae Guideline Update

Date
2018-03-21 00:07
Fannie Mae Guideline Update
Fannie Mae Guideline Update
As of March 17, 2018, Fannie Mae will implement Desktop Underwriter (DU®) Version 10.2, which includes the following changes.
DU Version 10.2

  • DTI of 45-50% Risk Layering Adjustment

  • Property Inspection Waiver (PIW) Changes

  • Condo Project Review Messaging

  • Field Review Requirement Messaging

  • DU Version 10.0 Retired


DU Risk Assessment

  • Revised Risk Assessment on loans with a DTI of 45%-50% to limit risk layering


Property Inspection Waiver (PIW)

  • PIWs are not permitted on the following:

    • If any recent appraisal has been uploaded to UCDP

    • Investment properties when using subject rental income to qualify




DU Messaging

  • Condo Project Review

    • Message will indicate that the existing loan is FNMA owned and that the project eligibility review is waived if lender confirms project has required insurance coverages, and project is eligible project type.



  • Field Review Requirement

    • Messaging removed for properties valued ≥ $1,000,000 with LTV > 75% requiring appraisal field report (Form 2000 or 2000A).




DU Version 10.0 Retired

  • As of March 17, 2018, loan casefiles will not longer be able to be resubmitted to DU Version 10.0.

  • A new loan casefile must be created.

  • Online loan applications and DU Underwriting Findings reports created under DU Version 10.0 will still be available to view.


Note: Casefiles created in 10.1 and resubmitted after March 17, 2018 continue to be underwritten through DU Version 10.1.
Download Full FNMA DU Release Notes