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December 2014
The Quarterly Compass
Topics in this Edition:
Quarterly Initiatives Timeline
RD-502 and HUD-184 Loans
Collateral Underwriter
97% LTV Options
UCDP / UCD News
December 13th Updates
“Staying on Course during Change”
The Quarterly Compass provides lenders and vendors with news and projected timelines on key initiatives and related changes that may have an impact on your operations, systems, and processes. The “Compass” guides you through upcoming milestones
and what you need to know to successfully navigate the changes ahead.
The Compass ‘Extra’ provides a recap of key Policy and Technology changes
in 2014 in an at-a-glance view, and other reminders and resources
(will be updated with new information as needed). See page 2.
Looking Ahead ... Quarterly Initiatives Timeline
Q1 2015
Q4 2014
UCDP SSR Updates (12/7/14)
QAS Enhancements (12/13/14)
DU Version 9.2 (12/13/14)
EarlyCheck Version 2.5 (12/13/14)
UCDP Release: Additional Hard Stops and
CU Risk Score, Flags and Messages (1/26/15)
UCD Specification Update (joint GSE)
CU User Interface Phased Launch
Electronic loan files required as of 2/1/15
Q2/Q32015
CFPB requires use of the Closing
Disclosure (8/1/15)
CU integrated with DU
2015 Loan Limits have been announced by FHFA. Refer to our Loan Limits page for details and resources, such as the Loan Limits Lookup Table.
Effective November 3, 2014, Fannie Mae accepts
delivery of HUD-guaranteed Section 184 (HUD-184)
RD-502 and HUD-184 Loans Native American mortgage loans and Rural Development
(RD)–guaranteed Section 502 (RD-502) loans as standard
products for whole loan committing and delivery, with no variance required (MBS execution will
be available at a later date). Refer to Selling Guide Announcement SEL-2014-12. For more details,
a fact sheet is available on the Mortgage Products page.
...
Want to learn more about CU? Review the new
CU CheckPoint which features key considerations for
implementing Collateral Underwriter, a 2014-2015
timeline with CU milestones, and more. Also, two OnDemand eLearning courses are available
on the CU page: Understanding CU’s Risk Score, Flags and Messages (NEW), and the
Introduction to Collateral Underwriter continues to provide a general CU overview.
CU Page: www.fanniemae.com/singlefamily/collateral-underwriter
New 97% LTV Options
Financing options up to 97% LTV/CLTV/HCLTV are now available for creditworthy
first-time home buyers and refinance of existing Fannie Mae loans. For details
and job aids, refer to the 97% LTV Options page on FannieMae.com
DECEMBER 13TH UPDATES
UCDP NEWS
On Jan. 26, 2015, the Uniform
Collateral Data Portal® (UCDP®)
will provide an appraisal risk score,
flags, and new messages from
Collateral Underwriter™ (CU™).
Review the Nov. 18 Release
Notification for more information.
Sign up for training today!
UCD NEWS
On December 16, 2014, Fannie
Mae and Freddie Mac (the GSEs)
announced additional details on
the collection timeline and implementation recommendations for
the Uniform Closing Dataset (UCD).
CFPB requires lenders to use the
Closing Disclosure as of August 1,
2015; however, the GSEs will not
require delivery of UCD in 2015.
Lenders should begin working with
vendors/service providers now to
implement UCD for data exchange.
EarlyCheck™ Version 2.5 features new loan-level edits that include a preview of ULDD Phase 2 edits in advance of
their implementation in Loan Delivery, as well as access to post-submission acquisition edits for the ULDD loan delivery
XML file format. The post-submission acquisition edits provide access for the first time to Cash and MBS edits which currently
exist in Fannie Mae’s internal acquisition systems and are evaluated after a loan/pool is submitted in Loan Delivery (Note:
Today, Fannie Mae acquisition analysts notify lenders when a post-submission acquisition edit occurs). Review the EarlyCheck
Version 2.5 Release Notes for more information.
DU Version 9.2 — Desktop Underwriter® (DU®) Version
QAS Enhancements
9.2 features LTV/CLTV/HCLTV ratio updates, new messages
regarding multiple financed properties and pending sale
property policies, HFA message updates, removal of retired
ARM plans, updates to align with the Selling Guide, and
more. Refer to the DU Release Notes.
The Quality Assurance System (QAS) was updated with several
enhancements to improve system navigation, communication,
reporting, search functionality, and other key features. Training
and resources are available in conjunction with the release. Refer
to the release notification on the FannieMae.com QAS page.
© 2014 Fannie Mae. Trademarks of Fannie Mae.
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December
The Compass *Extra*
2014—2015 AT A GLANCE
KEY:
 = Policy  = Technology  = Reminder
Key Policy and Technology changes in 2014 and 2015
2014 CALENDAR
MAY
JUNE


SEL-2014-04: Unemployment
Benefits Eligibility for DU Refi
Plus TM and Refi PlusTM Loans
SEL-2014-05: Lender Selling
Representations and Warranties
Framework Updates

DU for Government Loans
Update

SEL-2014-06: Selling Guide
Updates
March 31, Form 582

 FYE
due June 30



SEPTEMBER

Selling Notice: List of Approved
Mortgage Insurance Forms Updated


Selling Notice: Required
Changes to Uniform
Instruments
SEL-2014-07: Selling Guide
Updates
UAD edits turn fatal in
UCDP
SEL-2014-09: Anti-Money
Laundering Requirements
SEL-2014-10: Selling Guide
Updates
SEL-2014-08: Approved
Mortgage Insurance Forms
OCTOBER
June 30, Form 582 due
 FYE
Sept. 30


JULY
Lender Letter LL‐2014‐05:
Suspension of Maryland
Housing Fund as an Approved
Mortgage Insurer
SEL-2014-12: Selling Guide
updates




AUGUST




FEBRUARY
JANUARY

DU
D I D Y O U K N OW ?


Selling Notice: Reminder
Regarding Property Assessed
Clean Energy Programs
Lender Letter LL‐2014‐04:
Fannie Mae Quality Control related
to HOEPA
SEL-2014-11: Selling Guide Updates
NOVEMBER
Lender Letter LL‐2014‐06:
Future Changes to Investor
Reporting Requirements
Lender Letter LL‐2014‐07:
Updates to Compensatory Fees
SEL-2014-14: Lender Selling
Representations and Warranties
Lender Letter LL‐2014‐08: Loan
Limits for 2015
DECEMBER

 DU Version 9.2 Implemented
 EarlyCheck 2.5 Implemented
 QAS Enhancements
FYE Sept. 30, Form 582 due
Dec. 31

2015 CALENDAR
CU Risk Score, Flags, and
Messages and additional Hard
Stops in UCDP
DU Version 9.1 Update
Implemented
MARCH
SEL-2014-15: Expanded LTV,
CLTV, and HCLTV Ratios
APRIL
Begin phased launch of
CU user interface
Electronic loan files required as
of 2/1/15
NOTE: Future dates are subject to change.
Refer to FannieMae.com for the latest updates.
 If a borrower has a property pending sale, and that transaction will not close prior to the subject property closing (if all
financing contingencies were cleared), the mortgage payment for the pending sale can be marked omitted.
 If there is a foreclosure reporting on a loan casefile in DU that was discharged in a bankruptcy, the lender may instruct
DU to disregard the foreclosure information on the credit report by entering “Confirmed CR FC Incorrect” in the
Explanation field for question C in the Declarations section of the online loan application and resubmitting the loan
casefile to DU. Review Selling Guide section B3-5.3-09 for details.
F ANNIE M AE T RAINING & R ESOURCES
HFI OnDemand Recorded Tutorials:
Best Efforts Whole Loan Execution
Data Validation Review Process
Technology Manager
CU eLearning
HFI Spotlight Webinars:
Project Standards Updates—Selling
Guide Announcement SEL 2014-13
Effective Quality Control: A Discussion
on Post-Closing QC (2-part series)
UCDP January 26 Release Training
Additional Resources:
Top 10 Underwriting Questions
Loan Quality page
DU Version 9.2 Release Notes
97% LTV Options resources
F REQUENTLY U SED C ONTACTS
Single Family Tech Support
(DU, EarlyCheck, Loan Delivery)
Capital Markets Sales Desk
Bank of NY Mellon
1-800-752-0257 (Whole Loan/MBS) Document Custodian questions
1-800-677-2669
1-866-944-3863 (Early Funding)
[email protected]
Asset Acquisitions and Custody
Servicer Support Center
Shipping & Delivery support
(National Servicing Organization)
1-800-940-4646
1-888-326-6435
Customer Contact Center
1-888-326-6438 (Option 2)
Investor Reporting and Remitting
1-888-326-6438 (Option 3)
Selling Guide Support Team
1-888-326-6438 (Option 5)
1-877-722-6757
National Underwriting Center
1-877-546-5389
UCDP Support
1-800-917-9291
Additional Fannie Mae contacts can be found at: www.fanniemae.com/portal/about-us/company-overview/sf-mf-contacts.html#sf
© 2014 Fannie Mae. Trademarks of Fannie Mae.
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