VA Tip of the DAY

By
Mortgage and Lending with Southwest Funding

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).

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