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Guidelines for High LTV Refinance Loans
NOTE: The Home Affordable Refinance Program (HARP) has expired. RefiPlusTM and DU RefiPlusTM loans are no longer eligible for delivery.
Fannie Mae offers a high loan-to-value (LTV) refinance option designed for existing Fannie Mae borrowers who are making their mortgage payments on time, but whose LTV ratios exceed the maximum allowed for standard limited cash-out refinance transactions in the Selling Guide. The Note Date of the mortgage being refinanced must be on or after Oct. 1, 2017. At least 15 months must have passed between the Note Date of the mortgage being refinanced and the Note Date of the high LTV refinance mortgage. For more information about the program and eligibility, see Fannie Mae’s High LTV Refinance web page.
The purpose of this job aid is to provide additional information on data fields required in Loan Delivery for High LTV Refinance loans. The tables in this job aid provide a quick reference to the applicable Loan Delivery fields, as well as additional information to assist in delivering the fields.
ULDD Requirements Tables for High LTV Refinance Loans
NOTE: The Home Affordable Refinance Program (HARP) has expired. RefiPlusTM and DU RefiPlusTM loans are no longer eligible for delivery.
High LTV Refinance loans must be Fannie Mae-to-Fannie Mae refinances, but may be originated by any approved lender. The fields required to be provided at loan delivery differ based on:
- the underwriting of the High LTV Refinance loan
- manual or automated underwriting
- standard or alternative qualification
- whether the original loan being refinanced has mortgage insurance, and
-
whether the High LTV Refinance loan is delivered using a Desktop Underwriter® (DU®)-issued value acceptance (appraisal waiver).
The following tables provide instruction for how to complete the fields when delivering High LTV Refinance loans. For more information, reference Fannie Mae's High LTV Refinance web page.
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General ULDD Requirements for High LTV Refinance Loans |
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Sort ID |
Field Name in Loan Delivery |
Details |
Data Entry for Automated Underwriting |
Data Entry for Manual Underwriting |
|
317 |
Mortgage Type |
High LTV Refinance program is only available for conventional loans. |
Conventional |
Conventional |
|
368 |
Special Feature Codes (up to 10) |
The appropriate Special Feature Code (SFC) associated with the High LTV Refinance loan being delivered. Note: SFCs 007, 807 and 839 are auto-derived by Loan Delivery. See the SFC Job Aid for additional information. |
007 839 (standard qualification) |
007 840 (alternative qualification) |
|
221 |
FM Loan No. on Original Loan |
Fannie Mae Loan Number of the original loan being refinanced. Only applies if the loan is manually underwritten. If Fannie Mae is unable to locate the old loan number using its automated lookup service (based on the property address and other loan data), and the original loan number is not provided, the seller must contact Fannie Mae for assistance. |
Not Applicable; do not enter a value |
Enter the Original FM Loan number if available |
|
222 |
Related Loan Investor |
Fannie Mae must be the investor of the original loan being refinanced in order to be eligible for the High LTV Refi program. Only applies if the loan is manually underwritten. |
Not Applicable; do not enter a value |
FNM |
|
315 |
Loan Purpose |
Specifies the High LTV Refinance transaction is a refinance. |
Refinance |
Refinance |
|
451 |
Refi Program ID |
Identifies the transaction as High LTV Refinance. |
HighLTVRefi |
HighLTVRefi |
|
326 |
Automated Underwriting System |
The type of automated underwriting system used to evaluate the High LTV Refinance transaction. |
Desktop Underwriter |
Not Applicable; do not enter a value |
|
325 |
Automated Underwriting Recommendation |
This field only applies if the High LTV Refinance transaction was underwritten by DU, and DU generated an Approve/Eligible recommendation. |
Approve Eligible |
Not Applicable; do not enter a value |
|
328 |
Loan Manual Underwriting Indicator |
Enter “Yes" if the High LTV Refinance transaction underwriting decision is based on manual underwriting. |
No |
Yes |
|
429 |
MI Absence Reason |
If the original loan being refinanced does not have mortgage insurance (MI), this data point captures the reason that MI is not required for the High LTV Refinance transaction. |
No MI Based On Original LTV |
No MI Based On Original LTV |
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ULDD Requirements for High LTV Refinance Loans when the Original Loan Being Refinanced has Mortgage Insurance (MI) Note: Existing MI must be transferred to the new High LTV Refinance loan |
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Sort ID |
Field Name in |
Details |
Data Entry |
|
412 |
MI Certificate No. |
Enter the MI certificate number. The field will only accept values up to 10 characters. |
Enter MI Certificate Number |
|
413 and 414 |
MI Company |
Enter the company insuring the mortgage. |
Essent ArchMI |
|
416 |
MI % Coverage |
Enter the MI coverage percent. |
Enter MI Coverage Percent |
|
422 |
Financed MI Amount |
Enter the amount of any MI premium that is financed as part of the High LTV Refinance loan amount. |
Enter Financed MI Amount (if applicable) |
|
423 |
MI Financed Indicator |
Enter “Yes” if the MI premium has been financed as part of the High LTV Refinance loan amount; otherwise, enter “No”. |
No or Yes |
|
426 |
MI Source |
Enter the source of the MI premium payment for the High LTV Refinance loan. |
Borrower Lender Other |
| 427 | MI Premium Source Type | A free-form text field to collect MI premium source when Other is selected for MI Premium Source Type. | Investor |
| 430.1 | MI Interest Rate Adjustment Percent | The percentage of the mortgage interest rate allocated to fund mortgage insurance premiums. | The only reasonable values supported at this time are restricted to a format of Percent 1.2 |
| 430.2 | MI Premium Plan Type | A value from a MISMO prescribed list that specifies the timing of up-front and recurring MI Premium payments. | Annual Monthly Single Split |
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ULDD Appraisal Requirements for High LTV Refinance Loans |
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Sort ID |
Field Name in |
Details |
DU-issued Value Acceptance (Appraisal Waiver) Data Entry |
New Appraisal Obtained Data Entry |
|
376 |
Investor Collateral Program Identifier |
Identifies the reason no appraisal was provided. Note: “Level1 Property Inspection Waiver” will be removed in the future. If provided, it is treated the same as “Property Inspection Waiver”. |
Property Inspection Waiver |
Not applicable; do not enter a value |
|
83 |
Appraisal Amount |
The property valuation amount. |
Enter the lender's estimated value |
Enter the appraised value from the new appraisal |
|
82 |
Appraisal Document File ID |
The Doc File ID generated by the Uniform Collateral Data Portal® (UCDP®). |
Not applicable; do not enter a value |
Enter the Doc File ID generated by UCDP |
|
84 |
Appraisal Effective Date |
Effective date of the appraisal. |
Not applicable; do not enter a value |
Enter effective date of the new appraisal |
|
89 |
Appraisal Method |
The method by which the property value was assessed. |
None |
Full Appraisal |
|
85 |
Property Valuation Form |
The form or document used to provide the property valuation. |
Not applicable; do not enter a value |
Enter the appraisal form used for the new appraisal |
|
525 |
Appraiser’s State License Number |
The field appraiser's state license number (or state certification number) issued by the state in which the subject property is located. |
Not applicable; do not enter a value |
Enter the Appraiser’s License Number |
|
534 |
Supervisory Appraiser’s State License Number |
The supervisory appraiser's state license number (or state certification number) issued by the state in which the subject property is located. |
Not applicable; do not enter a value |
Enter Supervisory Appraiser’s License Number (if applicable) |
|
67 |
Year Built |
The year the property was built. |
Not applicable; do not enter a value |
Enter the year the property was built |
|
77 |
Bedrooms |
The bedroom count for each dwelling unit. |
Not applicable; do not enter a value |
Enter the number of bedrooms for each dwelling unit, if required |
|
78 |
Unit n Rents |
The market rent for each dwelling unit. |
Not applicable; do not enter a value |
Enter the market rent for each dwelling unit, if required |