The following DU changes will be effective August 20, 2011:
- Stronger compensating factors will be required for DTI between 45- 50% * this does not impact the maximum DTI requirements for DU Refi Plus.
- High Balance Mortgage Loan Limits – Loan files created in DU on or before September 30, 2011 that exceed the temporary high cost area loan limits will receive an ineligible.
- High Balance Mortgage Loan Limits- Loan files created in DU on or before September 30, 2011 that do not exceed the temporary high cost area loan limit, but exceed the permanent high-cost loan limit, DU will issue a warning message.
- New field added to capture the interest party contributions that exceed the maximum amount permitted for the occupancy and CLTV.
- The retirement account message will be updated to eliminate the requirement for documentation evidencing the terms of the withdrawal must be included in the loan and explicitly state that retirement accounts that do not allow for any type of withdrawal may not be considered as an asset.
- Depository assets, stock, bond, mutual fund message will be updated to clarify how the funds must be verified if they are being used for DP or reserves.
- Revolving Debts marked paid by COE, DU 8.3 will include a new message that will be issued on revolving debts that are marked paid by close to remind lenders that those debts must also be closed, otherwise must be in DTI
- Credit report expiration date updated not to include appraisal or property inspection report.
- Auto populated liabilities will be updated so only liabilities with balance are auto populated when lenders chooses the auto populate liabilities option.
- DU version 8.1 will be retired effective the weekend of August 20, 2011. Files will no longer be able to be underwritten using DU 8.1.
For additional information, please see the Fannie Mae website https://www.efanniemae.com/sf/guides/duguides/pdf/current/rndodu82.pdf
