|Fannie Mae Re-Issues
Reissuing files through Fannie Mae's DO®/DU® software does not have to be a confusing process for you or your borrowers. Here's a quick guide to harnessing the convenience of Fannie Mae’s DO®/DU® software:
When reissuing files through Fannie Mae, users may choose from the following three options:
Credit Only – A new credit report is ordered through a credit-reporting agency. When this option is selected, a fee is charged for the new credit report. To learn more about this process and the steps taken by your broker, click here (pdf). As you are aware, this will cause a new credit report fee charged to your customer.
Credit and Underwriting – A new credit report is ordered and an underwriting decision is obtained, or a previous credit report is reissued and an automated decision is obtained. If your customer is having difficulties with this procedure, please click here (pdf) to learn more. Keep in mind that when this option is selected a fee for the credit report, or for the reissue, is incurred.
Underwriting Only – No credit report is requested and Fannie Mae, who already has a prior credit report uploaded into the system and has assigned that credit report to the case file, underwrites a decision through Desktop Originator®.
Fannie Mae will continue to use the report that was originally imported as long as:
i. the position of borrower and co-borrower has not changed
ii. generational designation remains unaltered (Jr., Sr., III etc.)
iii. social security numbers are the same
iv. last names remain unchanged
If any of these fields are modified, Fannie Mae will request that credit be repulled from your credit-reporting agency.
If an originator submits a credit report to Fannie Mae and changes have been made to the 1003, not involving the four previously mentioned conditions, then they are free to select the “Underwriting Only” option and not be charged for multiple reissue requests.
For more information on the “Underwriting Only” option, click here (pdf).