Applications & Technology

Loan Delivery Release Notes

See how we're updating our Release Notes to communicate new enhancements and future features available in Loan Delivery in this easy-to-read guide.

Effective Date Impacted Area Description
September 20
UPDATED
Edit Updates See the LD Edit Change Effective Date column in the Loan Delivery Business Rules for a listing of effective edit updates including:

  • New warning edits related to Consistency, Social Security Number-TaxID, and Unpaid Principle Balance (UPB).
Effective Date Impacted Area Description
Oct. 1/Oct. 25
UPDATED
Points and Fees Edits As announced in Lender Letter LL-2021-011, and the related FAQs, new Loan Delivery edits will perform a check of the Regulation Z points and fees. We will utilize the Uniform Closing Dataset (UCD) and Uniform Loan Delivery Dataset (ULDD) as provided to perform the checks at time of delivery/purchase. See the Loan Delivery Business Rules for a listing of edits. Refer to the Loan Delivery Qualified Mortgage (QM) Edits job aid for more information.
October 20
NEW
Edit Updates See the LD Edit Change Effective Date column in the Loan Delivery Business Rules for a listing of effective edit updates including:

  • Edits related to Appraisal, Consistency, and DU Compare changing from warning to fatal severity.
TBD
DELAYED
GFee Buyup and Buydown Customized Fit This update has been delayed and will be available in a future release (date TBD).
The guaranty fee (GFee) buyup and buydown (BU/BD) customized fit option will be enhanced in Loan Delivery for MBS pools. Lenders will have the ability to update the BU/BD GFee by Original Loan Term and Note Rate combinations by contract (currently, the only option to update the BU/BD GFee is by the Note Rate provided on the contract).

Effective Date Impacted Area Description
Jan. 25
Edit Updates See the LD Edit Change Effective Date column in the Loan Delivery Business Rules for a listing of effective edit updates including:

  • Edits related to Interest Rate, Original Term, Servicing Marketplace® (SMP®), Credit Score, Property-Project Type, and Underwriting changing from warning to fatal severity
  • New warning edits related to Unpaid Principle Balance (UPB), Mortgage Insurance (MI), Address, Borrower, Reference Data, Commitment, DU Compare, Debt-To-Income
Feb. 1
Edit Updates Per Selling Guide announcement, SEL-2020-07, all eligible loans secured by a single-width manufactured home must be delivered with Special Feature Codes (SFC) 235 and 791. The following data elements must also be included in Loan Delivery:

  • ConstructionMethodType (Sort ID 51): Manufactured
  • ManufacturedHomeWidthType (Sort ID 33): SingleWide
Loan Delivery will auto-derive both SFC 235 and 791 based on the above delivered data elements and implement edits to support the Feb. 1 delivery date of loans secured by single-width manufactured homes.
Feb. 22
Edit Updates See the LD Edit Change Effective Date column in the Loan Delivery Business Rules for a listing of effective edit updates including:

  • New warning edits related to Unpaid Principal Balance (UPB), Mortgage Insurance (MI), Original Term, and DU Compare.
  • Edits related to Unpaid Principal Balance, Mortgage Insurance, Loan to Value – Combined Loan-to-Value (LTV-CLTV), Borrower, Payment, Servicing Marketplace® (SMP®), and Property-Project Type changing from warning to fatal severity.
Mar. 22
Edit Updates See the LD Edit Change Effective Date column in the Loan Delivery Business Rules for a listing of effective edit updates including:

  • New warning edits related to Address, Loan Amount, LTV, Escrow, MI, DU Compare, Loan Program, Borrower, Appraisal, Lender, Property-Project Type, Entity, Investor, SMP, and Servicing Release Premium.
  • Edits related to UPB, Original Term, Loan Amount, MI, SMP, and Reference Data changing from warning to fatal severity.
Apr. 1
Edit Updates As announced in Lender Letter - LL-2021-08, we are updating our policies to require that any loan secured by a second home or investment property be delivered as a Desktop Underwriter® loan with an Approve/Eligible recommendation. These policies are effective for whole loans submitted to our Loan Delivery system on or after April 1, 2021, and for loans delivered into MBS pools with issue dates on or after April 1, 2021. After this date Loan Delivery will apply a “Fatal” error for loans that do not meet the above requirements.

Apr. 19
Edit Updates See the LD Edit Change Effective Date column in the Loan Delivery Business Rules for a listing of effective edit updates including:

  • New warning edits related to Automated Underwriting, MI, and Certification.
  • Edits related to Borrower, Address, Payment, MI, Interest Rate, Amortization, adjustable-rate mortgage (ARM), UPB, Sales Price, Underwriting, Loan Purpose, Loan to Value – Combined Loan-to-Value (LTV-CLTV), Entity, UPB, Lien Type, Automated Underwriting, Certification, SMP, and DU Compare changing from warning to fatal severity.
Apr. 19
Mortgage Revenue Bond (MRB) Indicator For our Housing Finance Agency lenders that deliver Mortgage Revenue Bond (MRB) pools, a new MRB indicator will be added to the Pool Details page in Loan Delivery. The MRB Indicator will be default to No for all pools at import. Lenders delivering loans with contracts designated with the Bond Type of MRB should set this indicator to Yes for MRB pools and run edits. New edits will validate the loan level contract data matches the MRB indicator for the pool (MRB loans and non-MRB loans cannot be combined in a pool). The edits will be informational severity in April, changing to warning severity in May, and fatal severity in July.

Apr. 19
Update and Update All Functionality The “Update” and “Update All” functionality will be updated to add an option to remove values from the Warehouse Lender and Wire Nickname fields for whole loans and MBS. A new “DELETE” option will be provided in the drop-down menu for the two fields and selecting it will remove the values from those fields.

May 24
Edit Updates See the LD Edit Change Effective Date column in the Loan Delivery Business Rules for a listing of effective edit updates including:

  • New warning edits related to Address, Commitment, Closing Data, Loan-to Value (LTV), Loan-to-Value – Combined Loan-to-Value (LTV-CLTV), Mortgage Insurance (MI), Original Term, and Unpaid Principle Balance (UPB).
  • Edits related to Interest Rate, Loan to Value (LTV), Loan Program, Property-Project Type, Closing Data, Credit Score, and Appraisal changing from warning to fatal severity.
May 24
Custodian Financial Institution Numbers (FINs) The Loan Delivery Help section and “Other Resources” on the Loan Delivery Learning Center page has been updated with a link for the available Custodian FINs.

May 24
Whole Loan Transfer Option The transfer functionality for whole loans will be updated to display only active commitments as an available option in the drop-down list in the transfer window. Currently, all commitments (including expired and closed commitments) are displayed.

June 1
Commitment Edit Product Update Whole loan commitment edit 3015 will be updated to validate whole loans secured by investment properties are delivered against Investment Property commitments in Pricing & Execution-Whole Loan® (PE-Whole Loan).
June 5
RefiNow™ Edits As announced in Lender Letter LL-2021-10 a new refinance option – RefiNow - will enable eligible borrowers to refinance to a lower interest rate and reduce their monthly mortgage payment. See the category column in the Loan Delivery Business Rules for a listing of RefiNow edits

June 21
Edit Updates See the LD Edit Change Effective Date column in the Loan Delivery Business Rules for a listing of effective edit updates including:

  • Edits related to High Loan-to Value (LTV) Refi and eMortgage changing from warning to fatal severity.
  • New warning edits related to Consistency, Payment, adjustable-rate mortgage (ARM), and Terms.
July 19
Whole Loan Enhancements Enhancements will provide additional transparency in the whole loan delivery process, including a self-service model to handle exceptions as they occur in real time. The updates relate to exceptions that occur post-submission and may have previously required manual resolution with Fannie Mae’s Acquisition Operations team (there will be no changes to the import or loan submission process in Loan Delivery). The new features include:

  • Ability to transfer or cancel certification on a submitted loan prior to it being purchased.
    • Lenders will be able to manage loans independently and will no longer need to contact Acquisitions Operations to request a reject/approve for resubmission of submitted whole loans
  • New “Loans Requiring Attention” page and “Action Required” email notifications
  • Identification of commitment fulfillment issues and detailed commitment balance information provided
  • New loan statuses
  • New Servicing Marketplace™ (SMP™) pricing exception edits
  • Purchase price decimal consistency.
  • Pricing preview in Loan Delivery
To learn more about the new enhancements for whole loans in Loan Delivery, refer to the Quick Reference Guide and review the brief eLearning courses.

NOTE: Loans submitted on or before July 16, 2021, will need to be certified and purchased by August 31, 2021, to ensure legacy deliveries are processed (loans not purchased by August 31 will be approved for resubmission and will need to be re-submitted in Loan Delivery in the new process).

July 19
Edit Updates See the LD Edit Change Effective Date column in the Loan Delivery Business Rules for a listing of effective edit updates including:

  • Edits related to Certification, Commitment, Property Inspection Waiver (PIW), RefiNow, Servicing Released Premium (SRP), Adjustable-Rate Mortgage (ARM), and Unpaid Principle Balance (UPB) changing from warning to fatal severity.
  • New warning edits related to Commitment and Closing Data.
July 19
Loan Details Page Enhancements will be made to the Loan Details page to display punctuation in currency-related fields. Loan Delivery CSV exports will not change.
August 23/September 1
NEW
APR-APOR Spread Edits As announced in Lender Letter LL-2021-011, and the related FAQs,new Loan Delivery edits will perform a check of the Annual Percentage Rate-Average Prime Offer Rate (APR-APOR) spread thresholds. We will utilize the Uniform Closing Dataset (UCD) and Uniform Loan Delivery Data (ULDD) datasets as provided to perform the checks at time of delivery/purchase. See the Loan Delivery Business Rules for a listing of edits. Refer to the Loan Delivery Qualified Mortgage (QM) Edits job aid for more information.
August 23
UPDATED
Edit Updates See the LD Edit Change Effective Date column in the Loan Delivery Business Rules for a listing of effective edit updates including:

  • Edits related to Borrower, Address, Payment, Consistency, High Loan-to-Value (LTV) Refi, LTV, Lender, Entity, Property-Project Type, RefiNow, Closing Data, Debt-To-Income (DTI), and DU Compare changing from warning to fatal severity.
  • New warning edits related to Address, Appraisal, Closing Data, Credit Score, DU Compare, Flood Hazard, First-Time Homebuyer, and Loan Amount.
August 23
NEW
COVID-19 Appraisal Flexibilities As announced in Lender Letter LL-2021-04, the temporary appraisal flexibilities will end on May 31, 2021, with the exception of the HomeStyle® Renovation seasoning policy. For loan applications received after May 31, 2021, the temporary flexibilities will no longer apply to Loan Delivery edits and lenders should follow all standard Selling Guide appraisal policies. See the Loan Delivery Business rules for details.