Arch MI Supports Fannie Mae’s Selling Guide Announcement SEL-2016-08
Arch MI is pleased to announce that we support Fannie Mae’s updates as announced in Selling Guide announcement SEL 2016-08. Some items are effective immediately, while others are effective as part of Fannie Mae’s Desktop Underwriter® (DU®) version 10.0 update, scheduled for December 10th, 2016.
Specifically, we intend to support the following:
- DU Validation for Income (effective immediately)
- DU Validation for Assets, and Employment (effective December 10th, 2016)
- Property Inspection Waiver (PIW) (December 10th, 2016)
As our EZ Decisioning program follows DU requirements, the DU Validation Service changes do not impact our guidelines and will be eligible on their effective date, with no guideline changes required.
For the PIW change, Arch MI will update our EZ DecisioningSM guidelines to include this as an acceptable type, in addition to a full appraisal. As per the announcement, use of a PIW requires a DU Recommendation of Approve/Eligible, and is applicable for limited cash-out refinances up to a maximum 90% LTV.
All of the announced changes will be accepted under Arch MI’s EZ Decisioning program. Arch MI’s EZ Decisioning Program applies to loans with a DU approval.
The Fannie Mae Selling Guide Announcement, Release Notes, and additional information are available on Fannie Mae's website.