DUS Lender Memos

A list of Delegated Underwrting and Servicing Lender Memos dated between 2000 and 2007.

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All Lender Memos except those listed below have been superseded by previous Guide updates. The Lender Memos listed below will be incorporated into the Delegated Underwriting & Servicing (DUS®) Guide as the applicable sections are updated.

All superseded Lender Memos may be removed from your working files; however, a copy of each superseded lender memo should be retained to use as a reference when dealing with transactions underwritten in accordance with those lender memos.

Note: Each lender memo is presented as either a Microsoft® Word or an Adobe® Acrobat® PDF file. PDF files are noted with an asterisk (*).

View Lender Memos by selecting a year below.

07-15 10/18/07 MBS/DUS ERL Enhancements
07-13 10/01/07 New Underwriting Part III and Multifamily Underwriting Standards
07-12 09/20/07 Modified Loss Sharing Waiver Requirements
07-10 08/29/07 Termination of 3MaxExpressSM Streamlined Mortgage Loan Manual for all Servicing Functions
07-09 05/18/07 15-Year Structured Interest Rate Cap
07-06 04/13/07 Preferred Delegation Plus -- Tier 2 DSCR Waivers
07-03 03/27/07 Watchlist Management Requirements
07-02 02/22/07 Treasury +50 Prepayment Alternative
07-01 01/25/07 Revised Requirements for 3MaxExpress Deliveries
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06-10 11/21/06 Loans with Tier 2 DSCR Waivers
06-08 10/25/06 New Underwriting Due Diligence Requirements for Property and Borrower/Key Principal Analysis and Revised Form 4243
06-07 10/20/06 Outsourcing of DUS Servicing & Asset Management Functions
06-03 01/30/06 Preferred Delegation Plus
06-02 01/18/06 Underwriter's Narrative
06-01 01/09/06 Multifamily Whole Loan Desk
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05-9 12/09/05 Tier Dropping
05-8 11/17/05 Yield Maintenance Drafting
05-7 11/02/05 Loan Documents
05-4 07/14/05 Preservation and Section 8
05-3 07/01/05 Certified Rent Rolls for MATS
05-2 4/07/05 Underwriting Modifications to DUS DMBS to implement the Stressed Refinance Test
DUS DMBS Term Sheet
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04-8 12/09/04 Preferred Delegation, Manufactured Housing Expansion
04-7 06/03/04 Preservation and Section 8
04-5 03/19/04 Establishment of Lender Delegated Waiver Authority to (i) Reduce the Underwriting Floors Applicable for Variable Rate Bond Credit Enhancement and (ii) Waive Underwriting Floors for Fixed Rate Bond Credit Enhancement
04-4 03/04/04 New DUS Lender Capital Standards and Requirements
Standards and Requirements
04-2 02/13/04 Expansion of the Lenders' Delegated Waiver Authority to Reduce the Underwriting Floors Applicable to Five and Seven Year Balloon Mortgages
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03-5 11/05/03 Changes to Principal Analysis
03-4 09/11/03 Ninth Multifamily Assured Schedule Payment TrustSM
03-3 05/07/03 Guidelines for Physical Occupancy and Economic Vacancy
03-2 04/17/03 Changes to the Forward Conversion Worksheet
(Form 4212)
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02-8 10/16/02 Forward Commitments
02-6 09/13/02 Changes to Underwriting Guidelines
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01-15 11/27/01 Actual/360 Interest Accrual
01-14 10/04/01 3MaxExpressSM Update
Streamlined Loan Summary Manual
01-10 07/18/01 Consolidation of the 5-50SM Streamlined Mortgage Loan Product with the DUS Small Loan Product
01-2 01/16/01 DUS Manufactured Housing Community Loans Pilot
Guidance for the Manufactured Housing Community Loans Pilot
Manufactured Housing Documents
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Important Legal Notice
Any multifamily lender is authorized to reproduce verbatim and use the forms accessible from this page solely in the course of its regular lending business activities. All other restrictions described in the Legal Information section of the Web site remain in full effect. All conditions applicable to Fannie Mae approved Multifamily Lenders remain in full effect. All users are advised that most changes to the Fannie Mae form Loan Documents (even those made using a standard Fannie Mae modification Exhibit or Schedule) must be approved in writing by Fannie Mae prior to the delivery for purchase of any Multifamily Loan to Fannie Mae.

The forms accessible from this page are revised on a regular basis. Fannie Mae is not responsible to notify any user, other than Fannie Mae approved Multifamily Lenders, of any changes made to the Loan Documents. The user is responsible for determining whether it has the most up-to-date publication.