Fannie Mae, DU Plus, To Open Up Refi Option with relaxed Credit, Appraisal Criteria

Fannie Mae is building on its current efforts to support the market and provide additional liquidity to the housing finance system through expanded refinance options. To allow more borrowers to take advantage of today's historically low interest rates and help the lending community break the logjam in mortgage refinancing, the company is extending its refinance offerings through DU Refi Plus™. DU Refi Plus™ will streamline the underwriting of refinance transactions for potentially millions of current mortgage holders. Under DU Refi Plus™, the company will be able to identify an existing Fannie Mae loan and review the performance history. This will allow lenders, regardless of the servicer, to enjoy expanded refinancing business opportunities and streamlined processing. The company will also implement underwriting flexibilities for company-owned, refinanced loans, including expanded eligibility criteria. In addition, we will expedite the refinancing process for Fannie Mae-owned loans by, under certain conditions, leveraging our automated risk assessment capabilities to validate the current market values in lieu of traditional appraisal or property inspection requirements.