If the Fannie Mae Loan Lookup returns a “Match Found” result, why might a lender not get DU Refi Plus messaging for a refinance application for a loan at the same address?
A “Match Found” result in the Fannie Mae Loan Lookup only confirms that Fannie Mae owns or guarantees a loan at the entered address, regardless of status. The Loan Lookup database is updated monthly to reflect the current Fannie Mae book of business. Only loans that were acquired by Fannie Mae prior to March 1, 2009 are in the DU database and potentially eligible for DU Refi Plus. The DU database also filters out ineligible loans, such as loan types listed in Q74). To be eligible for DU Refi Plus, the existing loan must be eligible to be refinanced (see Announcement 09-04 and subsequent announcements for details), and the new loan application must meet certain requirements, including, but not limited to: same borrower(s), limited cash-out refinance requested, no subordinate financing may be paid off, and no new subordinate financing may be acquired.
Related Questions
- Why does DU require the lender to confirm that the MI coverage that is in effect on the existing loan is accurate, as shown on the DU Underwriting Findings?
- Is a loan eligible for sale to Fannie Mae if the lender purchased the loan from a correspondent that did not comply with AIR in originating that loan?
- How does a lender know if a DU Refi Plus property fieldwork waiver is offered on a loan casefile?
