© 2018 Fannie Mae Single Family Selling Guide
Required Documentation for the Permanent Loan File
The following documents must be maintained in the permanent loan file:
the complete loan application (the full Form 1003),
the final DU Underwriting Findings report, and
the final Underwriting Analysis report produced by DU.
Lenders are not required to prepare a Uniform Underwriting and Transmittal Summary (Form 1008) for loans underwritten with DU and subsequently delivered to Fannie Mae.
DU Documentation Requirements
DU indicates the minimum verification documentation requirements necessary for the lender to process the loan application. While DU may offer a reduced level of documentation, a more comprehensive level of documentation is always acceptable and in some instances should be required by lenders when circumstances in the loan file warrant it.
DU documentation requirements are based on the specific risk factors present in each loan file. The requirements appear in the DU Underwriting Findings report in the section titled Verification Messages/Approval Conditions. DU indicates the minimum documentation requirements for income and asset verification, credit-related documentation, and level of property fieldwork.
Transferring Documentation Flexibilities to Another Lender
The documentation flexibilities that apply to loan casefiles underwritten with DU are transferable to any lender that subsequently delivers the mortgage to, or services it for, Fannie Mae.
The terms of the closed mortgage and the information in the underwriting file must match the data on which DU based its recommendation. For additional information, see:
B3-2-10, Accuracy of DU Data, DU Tolerances, and Errors in the Credit Report, and
B4-1.1-02, Lender Responsibilities
Related Announcements
The table below provides references to the Announcements that have been issued that are related to this topic.
| Announcements | Issue Date |
|---|---|
| Announcement SEL–2015–03 | March 31, 2015 |
| Announcement SEL–2012–06 | June 26, 2012 |