DU Refi Plus Updateby Tim Manni
We’ve had a lot of reader interest regarding our story “Fannie Works to Streamline Refis.” The post, written in early February, discussed Fannie Mae’s latest strategy designed to speed up the refinance process by expanding the criteria for eligibility (i.e. reduced FICO requirement) by reducing the amount of documentation (such as employment information) required by lenders, even waiving an appraisal in some cases.
Given the amount of interest, we figured an update on the program would be in order.
The latest version of the Desktop Underwriter (DU), available on or after May 2, 2009, will accommodate the latest enhancements of the DU Refi Plus program in accordance to the president’s Home Affordable Refinance initiative. The most significant enhancement will accept Fannie Mae loans with an LTV of up to 105%.
See what our readers are saying: read the comment section of our original post as we’ve done our best to answer our readers’ questions and comments regarding the DU Refi Plus program.