Fannie Mae DU Version 7.1

During the weekend of December 13, 2008, Fannie Mae will implement Desktop Underwriter® (DU®) Version 7.1. This release will support specific policy changes described in the following Selling Guide Announcements, as well as other changes described below:

• Announcement 08-08, Mortgage Eligibility and Pricing Updates for Desktop Underwriter and Manually Underwritten Loans
• Announcement 08-16, Bankruptcy, Foreclosure, and Conversion of Principal Residence Policy Changes; and Revised Property Value Representation and Warranty Requirements
• Announcement 08-18, Updated Adverse Market Delivery Charge and Flow Business Pricing Requirements
• Announcement 08-22, Miscellaneous Eligibility, Policy, and Pricing Updates
• Announcement 08-27, Permanent High-Cost Area Loan Limits

DU Version 7.1 will apply to new conventional loan casefiles submitted to DU on or after the Weekend of December 13, 2008. Loan casefiles created in DU Version 7.0 and resubmitted after the weekend of December 13 will continue to be underwritten through DU Version 7.0.

You can see the complete set of Fannie Mae Release notes at

https://www.efanniemae.com/sf/guides/duguides/pdf/current/rndodu71.pdf .