Selling Guide Announcement SEL-2011-12
November 15, 2011
Updates to Refi Plus™ and DU Refi Plus™
The Federal Housing Finance Agency (FHFA) recently announced changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their mortgage loan. As a result of FHFA’s announcement, Fannie Mae will be making the changes to Refi Plus™ (manual underwriting) and DU Refi Plus™ as noted below. These refinance options are designed to assist borrowers who have demonstrated an acceptable payment history on their existing Fannie Mae mortgage loan, but may not have been able to refinance to obtain a lower payment or move to a more stable product.
There are a variety of effective dates for the updates and each is described below. The updates to Refi Plus will be reflected in the next monthly update of the Selling Guide, which is scheduled for December 13, 2011. Desktop Underwriter ® (DU® ) will be updated in March 2012 to include any relevant DU Refi Plus changes. The changes will be described in the DU Release Notes that will be issued in advance of the release..
For the full content…go to https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2011/sel1112.pdf