Highlights on Refinancing with DU Refi Plus™

DU Refi Plus™ has substantially reduced the underwriting standards for refinancing existing Fannie Mae mortgage loans.

DU Refi Plus™ Highlights:

• Most property types including condos, co-ops, PUDs, and manufactured homes are eligible for refinancing.
• One to four unit primary residences and investment properties are eligible under DU Refi Plus™, however, only 1-unit second homes are eligible.
• The maximum loan-to-value ratio is 105 percent, however there is no maximum combined-loan-to-value ratio. Subordinate financing is not allowed, so all second mortgages must be re-subordinated.
• For those with a loan-to-value ratio of 80 percent or less, the minimum credit score of 580 is waived.
• For adjustable rate mortgages, the minimum credit score of 680 is waived when the loan-to-value ratio is under 80 percent.
• 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).
• One pay stub and verbal verification of employment are required for salaried employees.
• Commissioned or self-employed borrowers need one year of federal tax returns to qualify.
• Appraisals may be waived depending upon the situation.

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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.