Fannie Mae updates Selling Guide’s QM, ATR provisions
Aug. 22, 2013 – In preparation for implementation of Desktop Underwriter Version 9.1 in November, Fannie Mae has updated its Selling Guide and posted the DU 9.1 release.
The statements outline changes that will take effect with the DU Version 9.1 release and specified policy changes made to comply with the CFPB’s “ability-to-repay” rule. Under the direction of the FHFA, Fannie Mae and Freddie Mac worked collaboratively to implement the CFPB’s ability-to-repay provisions of the Dodd-Frank Act.
The Selling Guide has been updated for the following:
- Ability to Repay and Qualified Mortgages; and
- other related selling guide updates not subject to alignment
The DU Version 9.1 release will apply to new loan casefiles submitted to Fannie Mae’s DU on or after the weekend of Nov. 16, 2013. The CFPB’s ability-to-repay and qualified mortgages rule takes effect on Jan. 10, 2014.
To ensure credit unions and other lenders understand the changes, Fannie Mae will offer a series of webinars. More information can be found on Fannie Mae’s desktop underwriter website.
DU Version 9.1 statement
Selling Guide annoucement statement