| Fannie DU Refi Plus Ineligible: I am working with a past client on a DU Refi Plus loan. I was told that she didn't qualify because of the risk pool it is packaged in. Can this be true? |
Yes it is possible for a loan to show-up on the list as Fannie owned but not be eligible. You would not know this until you run the loan through DU and get an ineligible finding. Loans sometimes will lose eligibility due to a repurchase or indemnification by the lender or due to the loan having utilized a variance from the standard guide when it was originally closed.
These loans are just not eligible for the program -- I have had a loan that was eligible at application, but by the time we were finalizing underwriting, the loan had been repurchased by the original lender due to a documentation problem in the original loan. We were not able to close the loan under the DU Refi Plus program.
No comments:
Post a Comment