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5 / 7

Change

Effective Date(s)

Source Doc(s)/ Reference

Deliver DU 5.7 loans: Into MBS with issue dates on or before 10/1/08 Whole loans for purchase on or before 10/31/08

DO/DU Release Notes for Version 7.0

DU Version 5.7 delivery information – loan casefiles created in DU Version 5.7 and resubmitted after May 31 will continue to be underwritten through DU Version 5.7 but are subject to delivery deadlines.

Selling Guide (Announcement 08-08)

Standard Products

Product

Jumbo- Conforming Mortgages

Impact on

Eligibility, underwriting, and delivery

Change

Authorized by the Economic Stimulus Act of 2008, the temporary increase in conforming loan limits helps lenders better serve many high-cost areas. DU: Origination and underwriting supported in DU (August 2008; see DU section) Product eligibility:

  • Fixed-rate fully amortizing mortgages, 15- or 30-year term

  • Fixed-rate with 10-year interest-only (IO) period (available

8/1/08 for whole loan or MBS deliveries)

  • 5/1 ARMs: fully amortizing and 10-year IO period

Available for MBS deliveries on or after 7/1/08 and whole loan deliveries on or after 8/1/08:

  • 7/1/ ARMs: fully amortizing and 10-year IO period

  • 10/1 ARMs: fully amortizing and 10-year IO period

Eligibility changes:

  • Higher maximum LTV/CLTV for ARMs and limited cash-out refinances, effective 7/1/08

  • Cash-out refinances eligible (one-unit principal residence) effective 7/1/08

Effective Date(s)*

Source Doc(s)/ Reference

July 1, 2008 and August 1, 2008 (see eligibility details); DU rollout weekend of August 16, 2008

Selling Guide (Announcements 08-05, 08- 09, and 08-11)

Jumbo-Conforming Mortgages product matrix

Loan limits information

LLPA Matrix and AMDC Information

Expanded Approval (EA)

Underwriting (DU Version 7.0)

Because of improved credit quality underlying DU 7.0 recommendations (see DU section for details), these products, features, and transactions are now eligible with Approve, EA-I, EA-II, and EA-III recommendations: MCM Manufactured housing Flexible Mortgages with CLTVs up to 97% M o r t g a g e l o a n s w i t h C L T V s u p t o 1 0 5 % w i t h a n e l i g i b l e C o m m u n i t y S e c o n d s ® 30-year FRM with 10-year interest-only (IO) period Certain 5/1 ARMs with 10-year IO periods and 2/2/5 caps (ARM

June 1, 2008

DO/DU Release Notes for Version 7.0

Selling Guide (Announcements 08-08 and 08-10)

© Fannie Mae 2008

Plans 3515 and 3516)

  • 3- and 4-unit properties

  • What’s New? Changes to Fannie Mae Pricing, Underwriting Policies, Desktop Underwriter, and Products

August 21, 2008

  • Page 5 of 7

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