Desktop Underwriter (DU) Version 11.0 Release Notes
Tomorrow December 4, 2021, Fannie Mae will implement an update to Desktop Underwriter (DU) Version 11.0 and the changes will apply to loans submitted or resubmitted to DU on or after the weekend of December 4, 2021:
- Credit Score Message: A new “Observation” message will be issued that specifies the representative credit score and the average median credit score for the loan case file. For loan casefiles where only one borrower has a credit score, “not applicable” will be shown where the average median credit score would display in the message.
Reminder: At this time FLCBank is not implementing Fannie Mae’s use of average median credit score to determine credit score eligibility and conventional loans underwritten by DU continue to have a 620 minimum credit score requirement for each borrower regardless of the DU recommendation. - Rent Payment History Updates: A new message will be issued when a first-time homebuyer states on the loan application they are renting, but no rent amount is provided.
more…