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Loans could be submitted to DU before or following the closing regarding the home mortgage

Loans could be submitted to DU before or following the closing regarding the home mortgage Fannie Mae’s automated underwriting system, Desktop Underwriter (DU), evaluates home loan delinquency danger and finds an underwriting recommendation by depending on a thorough study of the main and contributory danger facets in home financing application. (See B3-2-03, Risk Factors Evaluated by DU) It analyzes the knowledge within the loan casefile to attain a general credit danger evaluation to find out eligibility for distribution to Fannie Mae. No body factor determines a borrower’s ability or willingness which will make his / her mortgage repayments. DU identifies low-risk factors that will offset factors that are high-risk. Whenever a few factors that are high-risk contained in that loan casefile without adequate offsets, the chances of severe delinquency increases. DU conducts its analysis uniformly, and without respect to race, gender, or any other factors that are prohibited. DU utilizes validated, statistically significant factors which have been been shown to be predictive of home loan delinquency across all teams. DU will not assess a loan’s conformity with federal and state laws and regulations including, without limitation, a loan’s prospective status as a qualified home loan under relevant regulations. Loan providers bear single duty for complying with relevant legal guidelines, and these conformity responsibilities may possibly not be imposed upon or provided by Fannie Mae. Underwriting with DU Nonetheless, the very first distribution to DU for underwriting purposes must happen before closing of this home loan. If the home mortgage or debtor information modifications also it not any longer fits the knowledge utilized whenever loan casefile ended up being underwritten...