WASHINGTON (8/27/13)--An updated version of Fannie Mae's Desktop Underwriter will be released on Nov. 16.
Changes in the upcoming program revision, Desktop Underwriter version 9.1, include:
The addition of information on Fannie Mae policy changes made to comply with ability to repay provisions of the Dodd-Frank Wall Street Reform Act;
The removal of an interest-only feature, 40-year loan terms, and expanded approval recommendations;
Updated qualifying rate requirements and area median income limits; and
Alterations to minimum credit score requirements.
A series of webinars on the changes began on Aug. 26.
Desktop Underwriter is an automated mortgage loan underwriting program that helps lenders begin the mortgage writing and approval process. The program can give mortgage loan officers an idea of whether a potential borrower would or would not qualify for a given mortgage loan early in the mortgage approval process.
However, Fannie Mae in a release emphasized that the program does not evaluate a loan's compliance with federal and state laws and regulations or whether it meets certain legal standards. The program also does not consider a loan's potential status as a qualified mortgage. Lenders bear sole responsibility for that determination and for compliance with applicable requirements, Fannie Mae wrote.
Fannie Mae is a CUNA Strategic Services provider.
For more on the webinars and the updated program, use the resource link.