Highlights on Refinancing with DU Refi Plus™

DU Refi Plus™ has significantly reduced the underwriting requirements for refinancing an existing Fannie Mae loan.

DU Refi Plus™ Highlights:

• All property types, including condos, co-ops, PUDs and manufactured homes, are eligible for refinancing.
• Primary residences and investment properties are eligible for 1- to 4-units.
  Second homes are eligible for 1-unit properties only.
• The maximum LTV is 105%. However, there is no maximum CLTV/HCLTV. Because new subordinate financing is not allowed, all existing second mortgages must be re-subordinated. In addition, because cash back is prohibited, all existing purchase money subordinate financing may not be paid off with the proceeds from the new mortgage.
• The minimum credit score of 580 will not be required if the loan-to-value (LTV) is 80% or less.
• The minimum credit score of 680 will not be required if an adjustable-rate mortgage (ARM) has an LTV of 80% or less.
• Properties previously limited to 75% LTV/CLTV/HCLTV will now be eligible up to 80% LTV/CLTV/HCLTV (properties include 2-unit primary residences with high-balance loans, any 3- to 4- unit primary residences, investment properties and second home co-ops).
• Only one current pay stub and a verbal verification of employment (VOE) will be required for salaried employees.
• Only one year of federal income tax returns is required for commissioned or self-employed borrowers.
• Appraisals may be waived or exterior-only inspections may be required on certain loans.

For more information please visit Total Mortgage or call 1-888-868-2509

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In addition to the release of DU Refi Plus™ the weekend of April 4, 2009, Fannie Mae will also be releasing additional modifications to DU version 7.1 during the weekend of May 2, 2009. Fannie Mae's implementation of these additional enhancements to DU Refi Plus™ will affect mortgage loans that have either been submitted or resubmitted to DU on or after this update release date.

Expected updates on DU Refi Plus™ include:

• The minimum credit score of 580 is NOT required on any DU Refi Plus™ loan.
• The minimum credit score of 680 is NOT required on high-balance adjustable-rate mortgages (ARM).
• DU will continue to determine the maximum allowable debt-to-income (DTI) ratio as it has in previous versions. If the maximum allowable DTI is exceeded, an Ineligible recommendation will be given.
• Mortgage Insurance (MI) is required on certain loans with an LTV greater than 80%. If an existing Fannie Mae loan has an LTV greater than 80%, the lender has the option to obtain the same MI coverage already in effect or obtain the standard level of MI.
• Mortgage Insurance (MI) is NOT required on loans with an LTV greater than 80% if the existing mortgage does not have MI. Lenders are required to use MI Code 95 when delivering a DU Refi Plus™ loan when the LTV is greater than 80% and no MI is required.
• Project reviews of co-ops, condos and planned unit developments (PUDs) are not required. However, lenders are required to determine if the property is located in a co-op or condo hotel/motel. If it has been determined that the property is located in a co-op or condo hotel/motel, the loan is automatically Ineligible.