Beginning April 6th, 2009, Fannie Mae DU 7.1 will be gin identifying eligible DU Refi Plus transactions.  DU certificates on eligible loans will reflect any underwriting flexibilities, expanded eligibility criteria, or reduced documentation requirements allowed per the program.

 

Effective April 13th, 2009, Gateway will begin accepting locks of loans originated using Fannie Mae's DU Refi Plus program.  This program will provide loan originators increased efficiencies and eligibility for the origination and underwriting of conforming rate/term refinances of existing Fannie Mae owned loans.

 

Under this program, only Approve/Eligible loans will be eligible.  DU Refi Plus decisions will be identified by the presence of the following message on the findings certificate:

 

This loan case file was underwritten according to the DU Refi Plus expanded eligibility guidelines offered on certain limited cash-out refinance loan case files where the borrower’s existing loan is identified by DU as a Fannie Mae loan. This loan case file must be delivered with Special Feature Code 147.

 

“Approve/Ineligible”, "Expanded Approval", and Refer decisions will be ineligible for purchase.