MPF Marketing Bulletin 2024-06

MPF Program: DU Early Assessment Now Available

Effective Date: October 15, 2024

We are excited to announce that, starting October 15, Participating Financial Institutions (PFIs) with access to Desktop Underwriter® (DU®) will be able to leverage Fannie Mae’s DU Early Assessment during the pre-qualification process. This new capability provides an early assessment of a borrower's credit profile—without impacting the consumer’s credit score.

Key Features of DU Early Assessment

• Soft Credit Pull: The early assessment utilizes a soft credit inquiry, ensuring no impact to the borrower’s credit score.
• Optimized Dataset: PFIs can submit an optimized dataset with the option to default and auto-populate data fields for quicker submissions.

Once a PFI submits an early assessment request, DU generates a DU Findings report with a conditional recommendation. This report includes valuable eligibility insights, such as:

• Value Acceptance (Appraisal Waivers)
• HomeReady® Eligibility
• Positive Rent Payment History Eligibility
• Conditional Validation of assets, income, and employment through the DU Validation Service

How to Get Started

1. Review the Fannie Mae Lender Readiness Checklist: Ensure your team is prepared to integrate DU Early Assessment into your process.
2. Set Up Soft Credit Pull Access: Contact a Fannie Mae approved credit information provider to establish a separate credentialed credit account for soft credit pulls.
3. Access to DU Early Assessment can be managed through Fannie Mae Technology Manager.

For additional information, PFIs are encourage access the Fannie Mae DU Early Assessment webpage and the Desktop Underwriter® (DU® ) Early Assessment Frequently Asked Questions.

Training

MPF National Education, in partnership with Fannie Mae, will host a webinar on October 7 at 1PM CT to review the features of DU Early Assessment and how your institution and borrowers can benefit from its capabilities. Register here

For more information or assistance, please contact the MPF Service Center:

• MPF Customer Service Portal
• Email: MPF-Help@fhlbc.com
• Phone: (877) 345-2673