Solutions to simplify the refinance process
With mortgage rates near all-time lows, the demand for refinancing remains high despite the COVID-19 pandemic. Borrowers are attempting to take advantage of the low rates, while lenders grapple with the surge in refinance volumes and the backlog of mortgage loan applications.
We are here to help with three solutions that can help to quickly determine if Fannie Mae owns a loan. This is important because some eligible borrowers with Fannie Mae-owned loans can benefit from appraisal flexibilities for limited cash-out refinances.
These new and updated applications offer real-time access to determine loan ownership, the ability to make that determination in bulk or individually, and a way to prioritize eligible loans that may benefit from a streamlined workflow and faster processing.
Potential Benefits
Seller
- Increase throughput for eligible loans
- Reduce steps in the process
- Time savings
Borrower
- Better customer service
- Time savings
Which solutions are right for you?
While all three applications are live now and indicate whether Fannie Mae owns a loan, some key differences may make one option more appealing than the others:
| Fannie Mae ownership determination can be made.... | Loan Lookup API | DU Findings Report | DU Casefile Summary Report |
|---|---|---|---|
| ...at any step in the process | Yes | Yes, following DU submission | Yes, following DU submission |
| ...for new and existing loans | Yes | Yes, following DU submission | Yes, following DU submission |
| ...for more than one loan at a time | Yes, up to 100 | No | Yes, for loans submitted to DU |
| ...through an automated process | Yes | Yes, via direct integration to DU or through a Technology Service Provider (TSP)*, which may require manual identification and data review |
No, requires manual identification and data |
| ...right now | Yes, through direct integration or access through a Technology Service Provider (TSP)* |
Yes, within the “Risk and Eligibility” section of the report |
Yes, within the “Fannie_Mae_Owned_ Loan” column in the report |
*Check with your Technology Service Provider for availability.
The Solutions
Loan Lookup API
Our new Loan Lookup API automates the process of identifying loans owned by Fannie Mae prior to submitting them into Desktop Underwriter® (DU®) based on minimal details about the borrower.
The Loan Lookup API requires integration – check out this API Getting Started Guide to learn more. Follow up with your Technology Service Provider to find out about its potential availability.
Contact your Sales Engineer or call the Technology Service Center at 1-800-2-FANNIE to see if this is the right solution for you.
DU Findings Report
The DU Findings Report now includes a special message that identifies new and existing loans owned by Fannie Mae.
The Message
“Message 3483 – FANNIE-OWNED: Based on the data provided to DU, the borrower’s existing loan has been identified by DU as a Fannie Mae loan.”
Where can I find it?
The message appears in the “Risk and Eligibility” section of the enhanced DU Findings Report, under the Summary and Day 1 Certainty® sections. You can also find it in the traditional DU Findings Report in the Summary section.
How can I take advantage of this?
Make sure your Underwriter is looking for this message during their DU Findings Report review.
New to the DU Findings Report? Check out our DU Findings Report Getting Started Guide.
DU Casefile Summary Report
Available through Fannie Mae Connect™, the DU Casefile Summary Report includes a new column labeled “Fannie_Mae_Owned_ Loan.” It allows lenders to view casefiles in bulk and identify limited cash-out refinance loans owned by Fannie Mae.
*The report is available for immediate use; however, access is required. Learn more in our DU Casefile Summary Report Getting Started Guide.
