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Information for Single-Family
Lending and
Real Estate Professionals
Program
Announcement
December 17, 2014
Fannie Mae DU Updates | HFA Preferred Messaging | New Special
Feature Code
Fannie Mae DU Update Affects HFA Preferred Messaging
Fannie Mae's DU update over the weekend has caused an issue with HFA Preferred and HFA Preferred Risk Sharing Mortgages.
The edit that at least one borrower be a first-time homebuyer is being incorrectly applied to HFA Preferred mortgages and will result in an "approve/ineligible" message.
Until this edit is fixed in DU, lenders can ignore the message and deliver the loan--if the only reason for the ineligible recommendation is that the LTV is above 95% and none of the borrowers is a first-time homebuyer.
We appreciate your patience as Fannie Mae works to correct this issue. Thank you.
Fannie Mae is changing the special feature code (SFC) associated with HFA Preferred deliveries.
Effective January 1, 2015, HFA Preferred loans should be delivered with SFC 741 instead of 358.
This change will allow Fannie Mae to better track HFA Preferred business based on this unique code for HFA business only.
Manual updates to Section 2 will be posted in early January.