© 2012 Fannie Mae. Trademarks of Fannie Mae. 1.3.2012 1
Desktop Originator/Desktop Underwriter Release NotesDU Version 8.3 March Update
January 3, 2012
weekend of March 17, 2012
, Fannie Mae will update Desktop Underwriter
)Version 8.3 to implement enhancements to DU Refi Plus
.The updates included in this release will apply to DU Version 8.3 loan casefiles submitted orresubmitted to DU on or after the weekend of March 17, 2012.
DU Refi Plus Enhancements
As specified in Announcement SEL-2011-12, the HARP program has been extended. The followingenhancements will be made in DU to expand eligibility.
Updated Credit Risk Assessment
With this release, modifications are being made to the credit risk assessment in order to give more borrowersthe ability to refinance using DU Refi Plus. As a result, the number of DU Refi Plus loan casefiles that receivean EA-III recommendation will be expanded.
Maximum LTV Ratios and Eligible Products
As stated in Announcement SEL-2011-12, the maximum LTV ratio for DU Refi Plus loan casefiles is beingremoved for DU Refi Plus fixed-rate mortgages with terms up to 30 years, and there will continue to be nolimits on the CLTV or HCLTV ratios. The maximum LTV ratio limits for all occupancy and property types are:
No maximum LTV ratio for fixed-rate mortgage loan casefiles with terms up to 30 years.
A maximum LTV ratio of 105% for fixed-rate mortgage loan casefiles with terms greater than 30 years up to40 years, and for adjustable rate mortgage loan casefiles with initial fixed periods greater than or equal tofive years and terms up to 40 years (as permitted by the ARM plan).
Though DU will issue an eligible recommendation on DU Refi Plus fixed-rate mortgages with terms of 15 years or less and an LTV over 105% after March 17, 2012, those loans
will not be eligible for delivery
to Fannie Mae until
June 1, 2012
Borrower Benefit Requirement
Announcement SEL-2011-12 updated the borrower benefit criteria to also include a reduction in the interestrate or a reduction in the loan amortization term as eligible borrower benefits. The DU message that remindslenders of the borrower benefit requirement will be updated to reflect this change.
DU Refi Plus Property Fieldwork Waiver
The property risk assessment that determines eligibility for the DU Refi Plus property fieldwork waiver will beupdated to further increase the number of loan casefiles that are considered for the DU Refi Plus propertyfieldwork waiver.