FANNIE MAE’S DU 10.1 HIGHLIGHTS

On the weekend of July 29, 2017, Fannie Mae implemented Desktop Underwriter (DU) Version 10.1, which included several enhancements to their existing offering. Since the updates only apply when using DU 10.1, if the loan was run previously though DU, the loan will need to be rerun with a new DU case number.  It is important to note that DU will continue to run the loan using the existing version (in this case DU 10.0) unless you go in and trigger it to run the new version.

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WHOLESALE ACCOUNT EXECUTIVES AND SOCIAL MEDIA

When it comes to creating a social media presence, it is unlikely today that a person is not somehow connected.  However, the amount of people not capitalizing on these social engines for business growth is astounding, and we believe the need to do so has never been greater. Think of going into a new account much like a job application, often when you leave the first thing your potential partner is going to do is research you and your company.

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FREDDIE MAC ANNOUNCES CHANGES TO SELLER GUIDE

Freddie Mac (FHLMC) has announced several upcoming changes to their seller guide, specifically in relation to Assets and Income.  With these changes, you will find there are some enhancements for qualifying, as well as some new restrictions/requirements.  One of the changes is that FHLMC will be requiring analysis of the business to support that the business has sufficient liquidity and is financially capable of producing stable monthly income for the borrower, similar to Fannie Mae.

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Progress is Not Possible Without Change.

2015 showed strong signs of growth for many mortgage professionals and companies across the nation. Additionally, regulatory agencies ranging from the implementation of TRID to the CFPB have clearly played a major role in governing what we can and cannot do, forcing many mortgage entities to rethink their game plan and learn to adapt to the ever changing landscape.   

Yes, change seems to be the subject on everyone’s tongue these days and has always been somewhat of a controversial matter.

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