DO®/DU® Version 5.7 to be
Released July 22
On July 22, 2007, Fannie Mae will update
DO/DU with Version 5.7 to support several policy changes and
product enhancements. The DO/DU Version 5.7 Release Notes are
now available on eFannieMae.com.
Point does not require any updates to be compatible with the
Fannie Mae DO/DU 5.7 update.
Highlights of this release include enhancements
to Expanded Approval® (EA) and the interest-only (IO) feature,
and modifications to MyCommunityMortgage® (MCM®):
- EA recommendations will be returned to
all users.
- EA loans will be eligible for up to 40-year
terms.
- The expanded eligibility criteria of
the interest-only feature will now be reflected in DU.
- A loan-level price adjustment (LLPA)
of 1.00% will be implemented on all MCM loans (effective for
deliveries on or after August 1, 2007).
- Loans receiving an EA-II recommendation
will no longer be eligible for MCM.
Release Notes are also posted for the DO/DU
Area Median Incomes (AMIs) Update scheduled for June 10. DU
will be updated to reflect the AMIs for 2007 that will be used
by DU to determine eligibility for Community Lending products,
such as MCM.
For details on these upcoming changes, see
the DO/DU Version 5.7 Release Notes and the DO/DU Area Median
Income Limits in DU Release Notes on eFannieMae.com.
Read the new DO
Release Notes. |
