Fannie Mae’s DU Update will Reflect Correct MI Coverage on September 21, 2019
SINGLE FAMILY UPDATE
Fannie Mae’s DU Update will Reflect
Correct MI Coverage on September 21, 2019
As previously communicated by CalHFA Master Servicer, Lakeview Loan Servicing, and CalHFA’s Program Bulletin 2019-17, for all loans rate locked on or after September 5, 2019, CalHFA conventional loans to borrowers with income over 80% of AMI per Fannie Mae’s Look Up Tool are no longer eligible for HFA Preferred Charter Mortgage Insurance (MI) coverage; Standard MI coverages apply.
Unfortunately, Fannie Mae’s DU Updates will not reflect the correct MI coverage requirements until September 21, 2019. During this short interim period, Lenders must review the loan’s income and AMI to ensure the correct MI coverage has been ordered.