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7 / 7

MyCommunityMortgage (MCM)

Manual underwriting

Minimum credit scores o640 for 1- and 2-unit properties o680 for 3- and 4-unit properties Maximum LTV and CLTV ratios for 1-unit property o95%/95% (except with Community Seconds) o105% max CLTV with Community Seconds (no change from current policy)

Pricing and Delivery (DU 7.0 or manual u/w to 6/1/08 criteria)

MCM-specific LLPA of 0.75% Additional MCM-specific LLPAs also apply for certain features Use new SFC 612 plus all other applicable SFCs

Pricing (DU 5.7 or manual u/w to pre– 6/1/08 criteria)

MCM-specific LLPA of 1.00% – also applies to negotiated variances subject to standard MCM pricing (does not apply to MCM loans underwritten through DU 7.0 or manually underwritten using criteria effective 6/1/08) Additional MCM-specific LLPAs also apply for certain features

Flexible 100™ Mortgages

All

Flexible 100 Mortgages retired (Flexible 97® still available)

Streamlined Purchase Money Mortgages

Standard and negotiated variance products

Retired: Streamlined Purchase Money Mortgage products (SPMM) Option 1 and SPMM Option 2 (SFCs 426, 427) including the Streamlined Purchase Plus variance (SFC 636)

Product

For source documents and other resources, please visit eFannieMae.com.

Impact on

Change

Underwriting (DU Version 5.7 only)

Eligible with DU recommendations Approve and EA-I only

Underwriting (DU Version 7.0)

  • Eligible with DU recommendations Approve, EA-I, EA-II, and EA-III

  • Maximum LTV/CLTV 97%/97% (up to 105% CLTV with Community Seconds only)

Effective Date(s)*

Source Doc(s)/ Reference

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

Selling Guide (Announcement 07-05) DU Version 5.7 Release Notes

June 1, 2008

DO/DU Release Notes for Version 7.0 Selling Guide (Announcements 08-08 and 08-10)

June 1, 2008 (loan application date)

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

June 1, 2008

Selling Guide (Announcement 08-08)

LLPA Matrix and AMDC Information

Deliver loans

  • Into MBS with issue dates on or before 10/1/08

  • Whole loans for purchase on or before 10/31/08

Deliver loans:

  • Into MBS with issue dates on or before 10/1/08

  • Whole loans for purchase on or before 10/31/08

Selling Guide (Announcement 07-05)

DU Version 5.7 Release Notes

LLPA Matrix and AMDC Information

Selling Guide (Announcement 08-10)

Selling Guide (Announcement 08-08)

© Fannie Mae 2008

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

  • August 21, 2008

  • Page 7 of 7

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