Millennials - Rent, Jobs, & Diversity; Yes, Free DU, But There Are Compliance Tangles

Hot news from AZ Home Help:

Posted To: Pipeline Press

Free DU? You bet - Fannie couldn't let Freddie offer LP at no charge and not respond. "Beginning June 1, Fannie Mae will align DU and Desktop Originator (DO) to the no-fee approach allowing more lenders and loan originators to access the value of DU and DO in their underwriting processes... press release . But the herd is spooked. The June DU bills won't reflect this change, obviously, and should be paid to Fannie just like always. July's will reflect the change - but what about DU fees on loans prior to the announcement where the borrower paid for it? Is it a "changed circumstance" with unintended consequences? It sure would have been easier to set the change date in the future. Under RESPA, underwriting fees are a zero tolerance item - do lenders break out the DU fee or not? Lenders have...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/06242015-price-of-du.aspx

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