Desktop Underwriter 10.0 enhancements include:
Use of Trended Credit Data in Credit Risk Assessment
- Considers the monthly payment amounts that a consumer has made on revolving accounts, such as credit cards, over the past two years.
- Offers lenders more insight into how a borrower tends to pay off their revolving credit lines each month, providing a more comprehensive risk assessment.
- Gives borrowers greater ability to control their credit evaluation, and benefits borrowers who regularly pay off, or pay more than the minimum required amount, of their revolving debt, increasing the likelihood that they will receive an "Approve" recommendation from DU.
Automated Underwriting for Borrowers with No Traditional Credit
- Helps lenders more efficiently serve borrowers who do not have a traditional credit history.
- Helps lenders reduce costs by automating and streamlining a previously manual and time-consuming underwriting process.
- Requires verification of at least two nontraditional credit sources, one of which must be housing-related.
Automated Underwriting for Borrowers with Multiple Financed Properties
- Provides lenders with a simplified multiple financed properties policy.
- Simplifies the underwriting process for lenders and improves operational efficiency.
- Helps ensure fewer eligibility overlays, automates remaining eligibility requirements, and determines required reserves for all financed properties.
Fannie Mae's Desktop Underwriter is the industry-leading automated underwriting system. For more than 20 years, DU has provided lenders a comprehensive risk assessment that determines whether a loan meets Fannie Mae eligibility requirements.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-enhances-its-industry-leading-automated-underwriting-tool-expands-access-to-credit-and-sustainable-homeownership-300333656.html
SOURCE Fannie Mae