What is collateral underwriting?
Collateral Underwriter is an “automated risk assessment of an appraisal report to support proactive management of appraisal quality.” Fannie Mae promotes many features and benefits of using this underwriting tool.
What is FNMA collateral underwriter?
Collateral Underwriter® (CU®) is a proprietary appraisal risk assessment application developed by Fannie Mae to support proactive management of appraisal quality.
What is collateral underwriter score?
Fannie Mae now requires a “Collateral Underwriter” (CU) Score on every appraisal. This score reflects an automated risk assessment of the appraisal based on county records, comparable sales in the area, and appreciation of the subject property.
What is DU underwriting findings?
The DU Underwriting Findings report summarizes the overall underwriting recommendation and lists the steps necessary for the lender to complete the processing of the loan file. This is typically the first report viewed by an underwriter or a loan officer after the loan casefile has been underwritten with DU.
What is collateral desktop analysis?
An exhaustive review and analysis of any appraisal, from any time period. Overview. Even origination appraisals with accurate values can contain discrepancies, errors or inconsistencies that will introduce risk not only today but even tomorrow.
What is a collateral desktop review?
Designed to remove pre-funding uncertainty, the CDA® re-evaluates the original appraisal so you can deliver a comprehensive loan file quickly. The USPAP compliant appraisal desktop review can determine if the origination appraisal is adequately supported in: Pre-fund due diligence prior to funding the loan.
What is DU Desktop underwriter?
Desktop Underwriter® (DU®) – the industry-leading underwriting system – helps lenders efficiently complete credit risk assessments to establish a home loan’s eligibility for sale and delivery to Fannie Mae with easy-to-use, powerful tools.
What is DU and LP?
DU stands for Desktop Underwriter and LP stands for Loan Prospector. Loan originators use DU and LP to determine whether a loan meets Fannie Mae or Freddie Mac’s eligibility requirements which means DU or LP approval is a critical step towards closing on a mortgage.
What is CDA value?
How long does a collateral desktop analysis take?
These appraisal reviews take anywhere from two to five days and can only be performed of course after the appraisal report is complete.
Which entity created the collateral underwriter tool?
Collateral Underwriter (CU) is a property appraisal review tool created by Fannie Mae to help mortgage lenders manage risk.
What is the difference between Desktop Originator and Desktop Underwriter?
“DO” stands for Desktop Originator and “DU” stands for Desktop Underwriter – both names are used interchangeably and mean the same thing. “LP” stands for Loan Prospector and is used only for Freddie Mac loans. “Manual Underwrites” involve an underwriter scrutinizing every aspect of a file by hand.
Who are the desktop underwriters for Fannie Mae?
Desktop Underwriter ® (DU ®) – the industry-leading underwriting system – helps lenders efficiently complete credit risk assessments to establish a home loan’s eligibility for sale and delivery to Fannie Mae with easy-to-use, powerful tools. Rely on Fannie Mae’s industry-leading automated mortgage loan underwriting system to:
When did Fannie Mae start using collateral underwriter?
Collateral Underwriter was announced by Fannie Mae in October 2014, and became available to lenders beginning January 26, 2015. So far, nearly 800 lenders have registered to use the tool to manage risk and make their appraisal review processes more efficient.
Is the Desktop Underwriter app unavailable during an outage?
All collateral applications and services, including appraisal waiver services, value rep and warrant relief messages, and CU messages in Desktop Underwriter ® (DU) ®, will be unavailable during the outage. If playback doesn’t begin shortly, try restarting your device.
Which is Fannie Mae desktop originator do or du?
Through Desktop Originator (DO ®), sponsored mortgage brokers have access to DU. The redesigned DU/DO user interfaces (UIs) feature an updated look and feel and support the redesigned Uniform Residential Loan Application (URLA) (Fannie Mae Form 1003). All new loan applications must be submitted through the new DU UIs. Launch new DU interface