During the weekend of Sept. 24, 2016, Fannie Mae will implement Desktop Underwriter (DU) Version 10.0 with changes that will affect DO/DU integration, including changes to the 1003 data specifications to support changes to underwriting guidelines, and credit report updates.
Updates will be made to the Multiple Financed Properties policy. In order for DU to fully automate the new guidelines, an additional data element will need to be supported.
For systems that currently support MISMO 3.0 for Loan Delivery, this data point is already supported. It is recommended, if practical, to populate this data point directly into the Loan Application dataset from its current source on your database, Fannie stated.
For those systems supporting the MISMO 2.31 dataset, this change can be made in advance. However, the value will not be used until after the release is implemented.
With DU Version 10.0, DU will begin what is called “trended credit data” in the credit risk assessment, Fannie said in its release. This trended credit data is historical data on borrower credit payments that shows the monthly history of the effective date of the trended data, current limit, current balance, high balance, scheduled payment, and the actual payment.
To perform this credit risk assessment, DU will receive a single-in-file credit report for each borrower from the three different credit repositories. The single-in-file credit reports provided by the Equifax and TransUnion will include the trended data. DU no longer will use the credit report DAT format to underwrite the loan case file.
There will be no charges to the Loan Application dataset needed as a result of the update. There should be no impact to the interface as a result of this update. There also should be no impact to the user’s current workflow.
For additional information regarding specific support concerning this update, go to integration [email protected]