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In addition to the underwriting guideline changes; Fannie Mae made several tweaks to their automated Desktop Underwriter (DU) system designed to make it easier for mortgage lenders to correctly classify major derogatory credit issues (foreclosure, bankruptcy, short sale, deed in lieu of foreclosure) as extenuating circumstance related.
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Written By: Angelique Jackson, Op-Ed Ghost Writer On March 29, 2016 Fannie Mae issued an updated regarding DU 10.0 and Multiple Financed Properties. Previously, we lenders had to manually calculate the reserve requirements because DU did not provide that information. Well, that will all change the weekend of June 25, 2016.
Loan Officers must enter specified required fields which guarantees the loan application is completed correctly every time. Loan Officers and branch personnel can also take loan applications, order DU or LP decision, pull a credit report, check loan status, print documents and perform other loan origination functions as defined by the lender.
Cordray, Watt: Mortgage industry matures to meet new regulatory framework Gramm-Leach-Bliley Act – The enactment of the Gramm-Leach-Bliley Act of 1999 (GLB Act) eliminated large parts of a regulatory framework that had its origins in the Depression era of the 1930s. Effective with its enactment, new opportunities became available for banks, other depository institutions, insurance companies, and securities firms to enter into combinations that permit a single financial services organization to offer customers a more comprehensive array of financial products and.
To repeat a story that ran yesterday (and the day before), the federal housing finance Agency has proposed launching a common mortgage-backed security for Fannie Mae and Freddie. somewhat recent.
Fannie plans DU system updates to correctly document pre-foreclosures. Bank will fund each approved Loan as soon as practical following receipt of all closing documents, properly completed and signed (and notarized, where applicable), including, but not limited to:. Fannie plans DU system.
The TDJ Group, Washington, District of Columbia. 56 likes.. Fannie plans DU system updates to correctly document pre-foreclosures. A pre-foreclosure or a short-sale on a borrower’s credit report can mean the difference between them getting approved for a loan – or finding themselves.
Fannie plans DU system updates to correctly document pre-foreclosures. Contents. Automated underwriting systems (aus. and property address on a limited cash-out refinance transaction are associated with an existing Fannie Mae loan, and will apply the DU Refi Plus.. Fannie plans DU system updates to correctly document pre-foreclosures.