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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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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