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May 30, 2017

Loan Requirements Just Changed

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DU Version 10.1 brings simpler, more certain underwriting guidelines

Over the weekend of July 29, 2017, Fannie Mae will implement a Desktop Underwriter® (DU®) release that includes an update to the risk assessment and other significant enhancements. DU Version 10.1 will help lenders serve their borrowers with simpler, more certain underwriting guidelines and fewer manual processes. DU Version 10.1 will include:
Simpler self-employed borrower documentation requirements: DU Version 10.1 will simplify IRS tax return documentation requirements for many self-employed borrowers. The number of DU loan casefiles eligible for the one year (instead of two years) of personal and business tax return documentation requirements will increase. This means, more applicants will only have to supply 1 year of income if they are self-employed instead of 2.

DTI simplification: The maximum allowable debt-to-income ratio (DTI) will be adjusted in DU Version 10.1. Under the adjustment, DU will consider applications with a maximum DTI up to 50%. For DTIs above 45% and up to 50%, DU will no longer require certain additional compensating factors. If the DTI on a loan casefile exceeds the maximum allowable DTI of 50%, the loan casefile will receive an Ineligible recommendation. No More Going Over 50% DTI unless you qualify for DU REFI PLUS.

DU Refi Plus™ loan casefiles submitted to DU Version 10.1 will continue to be subject to the maximum allowable DTI applied to DU Refi Plus loan casefiles in DU Version 10.0.

ARM enhancements: With DU Version 10.1, the maximum allowable loan-to-value (LTV) ratios for adjustable-rate mortgages will be aligned with fixed-rate mortgage LTV ratios. This alignment will be for all transactions, occupancy and property types, up to a maximum of 95%.

Disputed tradelines: DU will assess the risk using any disputed tradelines, and lenders will not be required to investigate the disputed tradelines if the loan casefile receives an Approve recommendation when using the disputed tradelines.

DU Version 10.1 includes user interface updates for HMDA fields: A rule published by the Consumer Financial Protection Bureau (CFPB) requires mortgage lenders to collect certain new or updated Home Mortgage Disclosure Act (HMDA) data. Among other changes, the rule modified the reportable data requirements related to the collection of borrower ethnicity, race, and gender. Lenders are required to collect the new and amended borrower demographic information in the Uniform Residential Loan Application (URLA) on loan applications taken on or after January 1, 2018. The Desktop Originator® (DO®)/DU user interface will be updated the weekend of July 29, 2017, to support these data collection requirements.
NOTE: Refer to the DU Version 10.1 Integration Memo for additional information on the data mapping of the new/updated HMDA fields.
Additional changes in this release include: Updates to the DU risk assessment, updates to the messages issued by the DU validation service, updates to align with the Selling Guide, Property Inspection Waiver for Preliminary Findings, and retirement of DU version 9.3.

Review the DU Version 10.1 Release Notes for additional information. To learn more about the DU Version 10.1 enhancements, register for an upcoming webinar hosted by Fannie Mae. 

May 24, 2017

How To Apply For A VA Loan

If you are a veteran and you want to apply for a VA loan, you will first need to visit: and obtain a copy of your VA certificate.

This will tell the lender how much VA credit you are eligible for.

May 3, 2017

Now Offering Personal Loans up TO $35K

So EZ Mortgage is now helping you obtain personal loans with or without a mortgage in all 50 states.