Fannie Mae’s (FNM) Desktop Originator (DO) and Desktop Underwriter (DU) software platforms will be updated this weekend to include new data fields for originators to provide new information required by Federal Housing Finance Agency (FHFA) and the Federal Housing Administration (FHA) guidelines that take effect at the beginning of 2010. The new fields integrated in the software will record information to track the individual who originates a mortgage application and the origination firm, along with information about the firm’s representative that is registered with the Nationwide Mortgage Licensing System (NMLS). The update will also have a place to note the state license information for the appraiser, when applicable. Additional upgrades in the mortgage application software products include new gift source codes for down payment information, added selections for new refinance options like the HOPE for Homeowners program, FHA refinance and whether the borrower has received first-time homebuyer counseling. The changes come as the industry readies itself to meet the requirements of the Secure and Fair Enforcement (SAFE) Mortgage Licensing Act, which among other things, requires lenders to register with the NMLS. States are now charged with the responsibility of implementing a mortgage originator licensing process that meets certain requirements. Some states have already begun the registration process, issuing unique identifying numbers to individual originators and their firms. Write to Austin Kilgore.
Fannie to Upgrade Origination Software for SAFE Compliance
September 14, 2009, 3:14pm
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