© Fannie Mae Single Family Selling Guide
Ensuring DU Data and Delivery Information Accuracy
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Verification documents must be reviewed and the verified values compared to the data submitted to DU. The terms of the closed loan must match the terms of the final loan casefile submission in DU or fall within the tolerances listed in the following table:
| Data Attribute and Description | Trigger | Action Required |
|---|---|---|
| DU loans (excluding DU Refi Plus) — the result of these changes causes the DTI ratio recalculated by the lender to increase by 3 or more percentage points up to the maximum of 50% DU Refi Plus loans — the result of these changes causes the DTI ratio to increase by 3 or more percentage points | Loan casefile must be resubmitted to DU |
| Interest rate on fixed-rate and adjustable-rate mortgages | Interest rate decreases, not as the result of a permanent interest rate buydown | No resubmission required |
| Interest rate on fixed-rate and adjustable-rate mortgages | Interest rate decreases as the result of a permanent interest rate buydown | Loan casefile must be resubmitted to DU |
| Verified income used to qualify the borrower for loans subject to HUD median income limits; for example, as with community lending mortgages. | Income is greater than the loan application indicates | Loan casefile must be resubmitted to DU |
| Assets — Funds Required to Close | The actual amount of assets required to close the transaction exceeds the amount of “Funds Required to Close” per the DU Underwriting Findings report | If the lender has documented sufficient liquid assets to cover the actual amount of assets required to close the transaction, no resubmission required Otherwise, loan casefile must be resubmitted to DU |
| Assets — Reserves Required to be Verified | Due to changes in the actual amount of assets required to close the transaction, the verified amount of reserves is less than the “Reserves Required to be Verified” per the DU Underwriting Findings report | If the lender has documented reserves that equal at least 90% of the Reserves Required to be Verified per the DU Underwriting Findings report, no resubmission required Otherwise, loan casefile must be resubmitted to DU |
| Loan amount tolerances for refinance transactions | (See below) | |
DU Tolerances for Refinance Transaction Loan Amount Changes
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The loan amount tolerance does not apply to Fannie Mae’s requirements regarding the amount of cash back to the borrower on a limited cash-out refinance transaction. (See B2See B2-1.2-02, Limited Cash-Out Refinance Transactions.)
Other Errors in the Credit Data
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When DU encounters possible non-applicant accounts on the credit report, DU will include the accounts in the credit risk assessment, and will issue a message in the DU Underwriting Findings report alerting the lender of the existence of the accounts. If the debts are on the loan application, DU will also include them in the DTI ratio. If the debts do not belong to the borrower, the lender may provide supporting documentation, remove the debts from the loan application, and resubmit the loan casefile to DU in order for the DTI to be updated to exclude the non-applicant debts.Additional Information: https://www.fanniemae.com/content/guide/selling/b3/2/10.html