For loans that are more than four months old from the date of the note and loan to This can also be caused by mismatching information from the Employment, Income & Housing section of the 1003 to the Assets, Liabilities & REO section of the Page 20 Caliber Home Loans, Inc. 2013, 21 Error Details Investment Property & 2 nd Home CONTINUED To correct errors of this sort it is imperative to confirm all figures match from the Employment, Income & Housing section of the 1003 to the Assets, Liabilities & REO section of the In the Employment, Income & Housing screen of the 1003, within the Monthly Income and Combined Housing Expense Information section at the base of the screen, there are several items to be cognizant of: 1. 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. This is not to be used unless manager approval is given, as this charges Caliber for the DU. See Web Address The TRIM web tool can be accessed at: Non-occupant co-borrowers are allowed. repayment of principal; have total points and fees as described below under Points and Fees Limitations; and. For loans assessed by the DU validation service, the lender must. the first payment is due. Loan officers can now identify loans that are eligible for value acceptance easily and quickly, potentially resulting in time and cost savings for you and your borrower. If you have additional questions, Fannie Mae customers can visit Ask Poli to get ATR Covered Loans. 157 0 obj <>/Filter/FlateDecode/ID[<235C2CA5FE45464EA6B39F4E5FA7892F>]/Index[139 41]/Info 138 0 R/Length 92/Prev 176906/Root 140 0 R/Size 180/Type/XRef/W[1 3 1]>>stream The policies and/or procedures will be reviewed by . Code Ann. Lenders are not required to comply with the age 58-21A-1 any portion of the borrowers down payment, and should not exceed the amount needed We recommend that you use the latest version of FireFox or Chrome. DU may use a low LTV ratio to offset other risks that it may identify in the loan application. of private transfer fee and private transfer fee covenant.). 45-20-101 (Ctrl + F also activates this feature) Finding the Solution: NOTES: It is best to search off of key words. Report suppliers have entered into an agreement with Fannie Mae to participate in the DU validation service. Except to the extent otherwise expressly permitted in the, Maturing Balloon with Conditional Right to Refinance or Modify, Changes to Borrowers Due to Death, Marriage, or Other Allowable Property Transfers, Single-Closing Construction-to-Permanent Financing, New York Consolidation, Extension, and Modification, Modifications that Result in Material Changes to Loan Terms, How to do a hard refresh in Internet Explorer. DU will Borrowers to qualify at combined income and assets for standard FHA guidelines. Fannie Mae customers! Note that other income is based on entry in Form 1003 of Other gross monthly income type in current employment, and Other in income from other sources. Fannie Mae recently announced the upcoming release of Desktop Underwriter (DU) version 10.1 which is planned for July 29, 2017 and will include updates to the debt-to-income ratio (DTI) assessment. The loan complies with stated product requirements or policies, but has a combination of product features or risk factors that place the loan outside of Fannie Mae's current acquisition preferences and constraints for DU loans. The lender must establish policies and/or procedures to ensure that the loans it delivers account assets from the online loan application, obtain an updated verification report CoreLogic Example: If the credit agency being used is not CoreLogic Credco, please ensure that the reference number is correct prior to advancing. Once this information is input, rerun the DU Page 7 Caliber Home Loans, Inc. 2013, 8 8 Error Details Casefile ID xxxxxxxxx for resubmission Casefile ID does not exist with DU. The Pipeline will appear and function the same as in prior versions. ATR Exempt Loans: Total points and fees may not exceed 5% of the total loan amount. The lender must provide documentation to show that the current installments of taxes to offset the borrowers closing costs. validation service do not override, impact, or alter any information submitted by in this Guide. Report suppliers generate the report and send the report A lender may obtain a verification report directly from a report supplier or from Refer to the is employed by a family member or interested parties to the property sale or purchase. FICO <580 Requirements: 1-4 580 (c) Varies by County (a) 97.75% 97.75% Per AUS (d) Sub 580 (560-579 FICO) FF30580SG FF15580SG, EFFECTIVE FOR FHA CASE NUMBER ASSIGNMENTS ON AND AFTER SEPTEMBER 14, 2015 OVERLAY MATRIX: GOVERNMENT, Information Access Training Support Crescent, Credit Variance Adminis tration Sys tem (CVAS ) User Guide, Using Loan Prospector Merged Credit Report Options. from the Suffix field. them will be collected as part of the loan payment). This refers to the reference number that is attached to the DU findings; specifically to a CoreLogic Credit report, as H2o Defaults to Credco CoreLogic. Applicants should complete this form as Borrower or Co-Borrower, as applicable. be validated, the associated income will not be validated). endstream endobj startxref 10, 2014. All rights reserved. Lenders must comply with all DU messages, including ensuring the loan closes by to Fannie Mae upon request. This presentation, Mortgage Insurance Premium PMI-Agencies and Plans MIP means Mortgage Insurance Premium. certainty. A loan whose note was correctedto effect technical or typographical corrections is ), Selling, Securitizing, and Delivering Loans, Research B3-4.3-04, Personal Gifts. service in order for a loan to be underwritten through DU. The ATR Covered Loan requirements apply to acquisitions of newly originated loans conditions: the agreement must not impact the terms and conditions of the mortgage note, nor the Total funds to be verified as required by DU, based on assets held in the following 626 0 obj <>/Encrypt 603 0 R/Filter/FlateDecode/ID[<8EC52C7A52B91B41AA8612800DF9C1B4>]/Index[602 49]/Info 601 0 R/Length 114/Prev 176339/Root 604 0 R/Size 651/Type/XRef/W[1 3 1]>>stream Contact your Customer Management Solutions representative to get started with the DU Messages API. Execution, Learning 24-9-1 et January 2015 2 FHA 50 bp Annual (MIP) Reduction! (Note: DU evaluates the composition of borrower income. loans), regardless of whether any provision of such state law is preempted by federal 3.3-A General Requirements_. 9-A 8-101 et seq.). 3v&%EvBA'\zd=.:uk=B:P_e?lo[U.MJSY\ 1hL[]xB@F TUy7}|UwM4uQ9Lryp"V@ 6D{"(VZNFe|/5.lANtfrU'`s=\|ry_j1]u>. verification of employment described in ATR Covered Loans: Total points and fees may not exceed 3% of the total loan amount 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. Loan, lenders must follow the TILA and Regulation Z definitions. Desktop Originator, DO, Desktop Underwriter, and DU are registered trademarks of Fannie Mae. The accurate/correct Casefile ID must be provided to Online Support to be able to move forward. subject to additional terms and conditions. All of the changes Note: Regardless of the validation result, DU will continue to use the information provided Integrating the DU Messages API within your workflow can ultimately streamline the overall process and allow you to fast-track loans that would benefit from value acceptance. and assessments (or future installments of special assessments that have been levied) The loan must be delivered with Special Feature Code 76. seasoned loan must meet the current requirements set out in this Guide. of acquisition. home loan under the Illinois High Risk Home Loan Act ( 815 Ill. Comp. ), notwithstanding the exemptions contained in 34-25.2-11 of the Rhode Island loan transaction. DU is unable to validate the information entered into DU for the component eligible DU, Casefile, SSN, Credit, etc.) A hard refresh will clear the browsers cache for a specific page and force the most recent Launch Ask Poli for Sellers . Execution, Learning To help expedite the processing of your loan application, please be sure that: You review, E MORTGAGE MANAGEMENT, LLC 703 VA HIGH BALANCE PRODUCT GUIDELINES 4/30/2014 Mortgage Eligibility Product Code Short Description Long Description Description VF30HB 30 YR VA HB VF30HB - 30 YR VA HIGH BALANCE, E MORTGAGE MANAGEMENT LLC 303 DU REFI PLUS PRODUCT GUIDELINES 12/8/2014 MORTGAGE ELIGIBILITY Product Description and Product Codes Code Short Description Long Description CF30RP 30 YR REFI PLUS CF30RP, A Strategic Approach to Residential Mortgage Lending Presented by Tracy Jean Ashfield Strategic Mortgage Solutions The Consulting and Training Division of Prime Alliance Solutions, Inc. October 19, 2009, Office Edition RealTAG User Documentation ABOUT REALTAG 4 HOW TO ACCESS REALTAG 4 HOW TO RETRIEVE YOUR USERNAME AND PASSWORD 5 LOGGING IN FOR THE FIRST TIME 5 HOW TO SETUP AGENTS 6 HOW TO, Introduction to FHA Origination A Simplified Overview of FHA Loan Origination Topics of Discussion Introduction to FHA Fundamentals of Loan Origination FHA Loan Limits Borrower Eligibility Property Eligibility, e e@syfile Employer User Guide e@syfile Employer User Guide e@syfile Employer User Guide e@syfile Employer User Guide 2012 e@syfi e@syfile TM Employer USER GUIDE MAY 2012 I r User Guide e@syfile Employer, Desktop Originator /Desktop Underwriter Version 5.5 Release Notes May 20, 2005 Updated June 8, 2005 In July 2005, we will implement DU Version 5.5. If you still have Technical Support questions, DO, DU, and GUS are trademarks of Fannie Mae. by properties encumbered with a private transfer fee that is unacceptable under the Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. is not eligible for delivery to Fannie Mae by the lender except on a negotiated basis. The most recent tax transcript will be By using the data provided, Desktop Originator/Desktop Underwriter Release Notes DU Version 9.2 October 14, 2014 Last updated December 8, 2014 During the weekend of December 13, 2014, Fannie Mae will implement Desktop Underwriter, This reference contains information to help you process Federal Housing Administration (FHA) mortgages and Department of Veteran Affairs (VA) mortgages using Loan Prospector. and the liens are not yet due and payable, Fannie Mae does not consider these conditions, 5 Jumbo Programs 5 My Community. 2019 Fannie Mae. The most recent tax transcript would be for the prior year (current year 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. originator it uses) must be aware of, and in full compliance with, the Private Transfer If the nonstandard Endorsing a Single Family FHA Case The Direct Endorsement (DE) process allows FHA-approved lenders to submit a mortgage insurance application for a loan to a single family, low-to-moderate-income homebuyer. A credit history that includes any significant derogatory credit event is considered high risk. See Chapter C36, Pooling Underwriter s Field Locator FIELD NAME LOCATION(S) 1008 / LT NOTES: 1008 Transmittal Underwriter Comments LT Underwriter Comments 4506T ORDERED: AKA: APPRAISAL EXPIRATION DATE: APPRAISAL, Page 1 of 9 Table of Contents LTV MATRIX 2 PROGRAM SUMMARY 3 LOAN AMOUNTS 3 Conforming 3 High Balance 3 LOAN PROGRAM CODES 3 LOAN TERMS 3 ADJUSTMENT RATE DETAILS 4 ELIGIBLE PROPERTY. by, a vendor(s) either a report supplier or a report distributor that is authorized Events, Ability to Repay Loan Eligibility Requirements, Impact of Special Assessments on Maximum Loan Amount, Property Value for Loans Sold More than Four Months from Note Date, B5-3.1-02, Conversion of Construction-to-Permanent Financing: Single-Closing Transactions, A2-3.2-01, Loan Repurchases and Make Whole Payments Requested by Fannie Mae, B8-2-02, Special-Purpose Security Instruments. Request New DU Findings. My name, Home Affordable Refinance Program (HARP) 2.0 DU Refi Plus and Freddie Mac Relief Refinance-Open Access Training Updated - May 4, 2012 The Federal Housing Finance Agency (FHFA) announced changes to the, A. When a large deposit needs to be documented, DU will issue a message specifying Research has shown that there is a difference in loan performance based on the manner in which the mortgage amortizes. Applicants should complete this form as "Borrower" or "Co-Borrower", Credit 3.3-A General Requirements_ Obtain at least one, preferably two or three, credit scores for each borrower; all available scores must be obtained. balance and a re-amortized reduction to the monthly mortgage payment. Fannie Mae permits the delivery of certain other modified loans based primarily on D1-3-02, Lender Post-Closing Quality Control Review of Approval Conditions, Underwriting Decisions, and Documentation. to ensure that withdrawals are permitted, and that withdrawals are not limited to The table below provides a comprehensive overview of Fannie Mae requirements applicable Note: If a loan casefile does not receive an Approve recommendation or if the borrower is unable to meet the DU requirements related to the nontraditional credit references required, the lender may manually underwrite and document the loan according to the nontraditional credit guidelines described in this Guide. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. Fannie Mae is your source for mortgage financing and reliable housing information. Report suppliers generate the report and send the report data electronically to the DU validation service. the Funds Required to Close specified in DU, the lender must document liquid assets note amount. to: the loan purchase date for whole loans, or. When the loan was underwritten, the borrower was fully qualified based on the original must resubmit the loan to DU and receive a message that the component has been validated DU considers the severity of the delinquencies (30, 60, 90, or more days late), the length of time since the delinquencies, and the number and type of accounts that were not paid as agreed. Mae. Stat. H2online Support must correct this error. et seq. Loan Prospector is a registered trademark, ANNOUNCEMEN NT #11-07, March 11, 2011 To: All Michigan Mutual, Inc. An ATR Uniform Residential Loan Application This application is designed to be completed by the applicant(s) with the Lender s assistance. Loans delivered on or after September 1, 2003 that meet the definition of high-cost (For best result, pose your search like a question. securitized by Fannie Mae, then, for eligibility purposes, the application date is Filter findings by applying useful categories such as Day 1 Certainty or Risk Assessment and program an automated action. Fannie Mae will no longer purchase loans, including ATR Exempt Loans, with theseproduct features that have application dates on or after January 10, 2014. Loans delivered on or after January 1, 2008 that meet the definition of high-rate, Research has shown that borrowers with no active installment accounts represent a higher risk than borrowers who have active installment accounts. Fannie Mae is retiring the following mortgage loan features: loan terms in excess of 30 years, loans with an interest-only feature, and growing-equity mortgages (GEMs). Ask Poli is an Artificial Intelligence powered search tool. Rev. We look forward to exceeding your expectations while serving your wholesale needs. See the following sections for additional details on lender credits derived from premium standard Selling Guide provisions, it may be eligible in accordance with a variance. are delivered as a negotiated transaction. fully support the information entered into DU for the component of the loan file eligible Table of Contents. 2011 0 obj <>stream that DU will require, which may be different than the standard documentation required Center, Apps Originator must reach out to Credit Agency to confirm the information for their account and password Page 16 Caliber Home Loans, Inc. 2013, 17 17 Error Details Pending Sale REO property has negative (Error Located within completed findings) There is an REO record that shows the Property Status marked as Pending Sale and DU is counting the information into the Funds to close.