Tip of the Day
-Over the weekend, Fannie Mae updated the DU credit risk assessment for VA loans. Per the agency announcement, improved credit characteristics will be required to receive a DU Approval. This will likely result in a reduced number of VA loans receiving an Approved recommendation.
-Also, VA loans resubmitted to DU after the update will be reevaluated using the new credit risk assessment. It is possible some loans that previously received an Approve recommendation may receive a Refer after the update. (Gateway Underwriting matrix requires DU A/E. Credit Committee considers exceptions on case-by-case basis).