X hits on this document

17 views

0 shares

0 downloads

0 comments

6 / 7

Product

Expanded Approval (EA) (continued)

Underwriting (DU Version 5.7 only)

o 2-unit primary residence o second home o investment property Investment properties with LTVs over 80% The following remain ineligible with any EA recommendation: Balloons 6-month, 1-year, 3-year, and 5-year ARMs with 5/2/5 caps FRMs with IO feature and term more than 30 years IO ARMs other than ARM Plans 3515 and 3516 Financed MI or “Reduced” or “Lower Cost” MI options The following remain ineligible with EA-III recommendations: HomeStyle® Renovation mortgages Loan purpose “Construction” (including HomeStyle Construction- to-Permanent mortgages) For loans without subordinate financing: For EA-II, max LTV of 97% For EA-III, max LTV of 95% (max CLTV for EA-II or EA-III: 95%) Timely Payment Rewards® (TPR) feature will be retired with DU Version 7.0

October 2007 (see DU section for deadlines to deliver DU 5.7 loans)

Selling Guide (Announcement 07-14) DU Version 5.7 Update Release Notes

Misc.

June 1, 2008 (see DU section for deadlines to deliver DU 5.7 loans)

DO/DU Release Notes for Version 7.0 Selling Guide (Announcement 08-08)

Pricing (DU Version 7.0)

New pricing structure: New standard credit score/LTV–based LLPAs plus new EA- specific LLPAs

June 1, 2008

Selling Guide (Announcement 08-08) LLPA Matrix and AMDC Information

Pricing (DU Version 5.7 only)

EA-specific LLPA of 0.50% for ALL EA loans (including with TPR) in addition to any other applicable LLPAs

Dec. 1, 2007 (see DU section for deadlines to deliver DU 5.7 loans)

Selling Guide (Announcement 07-14) LLPA Matrix and AMDC Information

Delivery (DU Version 7.0)

New Special Feature Code (SFC) 716 must be used for delivery of EA loans underwritten through DU 7.0 (previous EA SFCs will not apply to DU 7.0 loans)

June 1, 2008

Selling Guide (Announcement 08-08) LLPA Matrix and AMDC Information

Effective Date(s)*

Source Doc(s)/ Reference

Impact on

Change

  • Cash-out refinance on:

© Fannie Mae 2008

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

  • August 21, 2008

  • Page 6 of 7

Document info
Document views17
Page views17
Page last viewedThu Dec 08 14:29:41 UTC 2016
Pages7
Paragraphs360
Words2800

Comments