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Fannie Updates 1008, I.O. Rules & FHASecure Purchases

Announcement 08-13 issued

June 16, 2008

By MortgageDaily.com staff

Fannie Mae issued new coding for government-insured refinances of delinquent loans, updated transmittal summaries and revised interest-only debt-ratio calculations.

Area Median Income calculated by the U.S. Department of Housing and Urban Development and used to determine borrower eligibility for MyCommunityMortgage loans have been posted on eFannieMae.com and will be implemented in the next release of Desktop Underwriter, Fannie said in Announcement 08-13 Friday.

The new figures can be used immediately and must be used on all whole loans purchased or mortgage-backed securities pooled with issue dates on or after Sept. 1, according to the secondary lender.

Fannie also said that manually underwritten interest-only loans must be qualified based on the higher of the note rate or the fully indexed rate.

The Washington, D.C.-based firm indicated its Form 1008, Uniform Underwriting and Transmittal Summary, was updated to capture the Condo Project Manager project identification number. The revised form, which is required for all manually underwritten loans is posted at eFannieMae.com.

Fannie said it will immediately purchase mortgages insured by the Federal Housing Administration and originated under the FHASecure initiative. Borrowers who were delinquent on the loan prior to refinancing on FHASecure must be identified by using Special Feature Code 614.

All of the updates outlined in Fannie's announcement are effective Sept. 1.

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