Fannie Mae Issues Selling Guide Announcement Regarding DU Refi Plus and Refi Plus Eligibility

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Fannie Mae Issues Selling Guide Announcement Regarding DU Refi Plus and Refi Plus Eligibility

On October 22, 2013, Fannie Mae issued Selling Guide Announcement SEL-2013-08. In the announcement, Fannie Mae states that it is revising the requirement related to the mortgage eligibility date for existing mortgage loans under the DU Refi Plus and Refi Plus programs.

Currently, to be eligible for DU Refi Plus or Refi Plus, the original loan had to have been acquired by Fannie Mae on or before May 31, 2009.  The May 31, 2009 eligibility date has been revised to be based on the note date of the original loan, rather than the date on which Fannie Mae acquired the loan.  This date change provides more transparency to borrowers as borrowers are more likely to know when they closed on their existing mortgage as opposed to when their loan was subsequently sold to Fannie Mae. This date change is effective immediately for new or existing Refi Plus applications and beginning November 18th for new or existing loans underwritten through Fannie Mae’s underwriting software, Desktop Underwriter® (DU®).

For questions, please contact the Fannie Mae Fixed-Income Investor Helpline at 1-800-237-8627 or by e-mail.

Originally published: 10/22/13