Overview
The following changes have been made to the AUS functionality in release 6.0.1000:
- DU
- As a response to Fannie Mae's implementation of the RefiNow™ refinance option, Cloudvirga has enhanced DU Version 11.0 casefiles submitted or resubmitted to DU on or after the weekend of June 5, 2021.
- Lenders will be able to instruct DU to underwrite a loan case file that may be eligible as RefiNow™ as a standard limited cash-out refinance. When the phrase “Standard LCOR” is entered in the Product Description field, the loan casefile will not be underwritten as RefiNow™.
- Admins will have the ability to enable the option to "Allow RefiNow Opt Out" within the Vendor Manager - Product Settings.
- LPA
- Users now have the ability to submit Freddie Mac Refi Possible loans to LPA.
- Refi Possible is available for Manually Underwritten Mortgages with Application Dates on and after August 30, 2021, and for submissions to Loan Product Advisor® on and after August 30, 2021.
- Users may select the "Refi Possible" option under the LPA tab within the Product Identifier dropdown.
- Users now have the ability to submit Freddie Mac Refi Possible loans to LPA.
Configuration and Functionality
- DU
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Loan Center/Vendor Management/AUS/Fannie Mae/Desktop Underwriter/Product Settings > Allow RefiNow Opt Out - Once enabled users will have the option to "Opt Out" of RefiNow before submitting DU.
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- LPA
- There are no configurations needed to utilize the newly added program
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The following options will be removed completely:
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250 - Home Possible Advantage
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310 - Relief Refinance - Open Access
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The following options will be relabeled
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Current
New
320 - Enhanced Relief Refinance
Enhanced Relief Refinance
251 - Home Possible Advantage for HFAs
HFA Advantage
241 - Home Possible
Home Possible Mortgage
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The revised Program Identifier list will be:
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Select One
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CHOICEHome
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Enhanced Relief Refinance
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HFA Advantage
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Home Possible Mortgage
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Refi Possible
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Acceptance Criteria
DU
- Use Case 1: RefiNow Opt Out - Enabled - Refinance - No Cash-Out (Including Limited Cash-Out)
- Prerequisite: Loan Center/Vendor Management/AUS/Fannie Mae/Desktop Underwriter/Product
- Settings/Allow RefiNow Opt Out = Yes
- Log in to Loan Center
- Begin completing a new Refinance loan
- On the Property tab, enter one of the following for Purpose of Refinance
- Cash-Out Limited
- No Cash-Out Rate/Term OR
- No Cash-Out Other
- Finish the loan application
- Shop for Rates
- Select a Conventional loan product that supports submission to DU
- Navigate to the DU tab on the AUS page
- VERIFY: The RefiNow Opt Out field and Tooltip are present and satisfies the requirements
- Shop for Rates
- Select an FHA or VA loan product that supports submission to DU
- Navigate to the DU tab on the AUS page
- VERIFY: The RefiNow Opt Out field and Tooltip are not present
- Prerequisite: Loan Center/Vendor Management/AUS/Fannie Mae/Desktop Underwriter/Product
- Use Case 2: RefiNow Opt Out - Enabled - Refinance - Cash-Out
- Prerequisite: Loan Center/Vendor Management/AUS/Fannie Mae/Desktop Underwriter/Product
- Settings/Allow RefiNow Opt Out = Yes
- Log in to Loan Center
- Begin completing a new Refinance loan
- On the Property tab, enter a Purpose of Refinance that is not one of the following:
- Cash-Out Limited
- No Cash-Out Rate/Term OR
- No Cash-Out Other
- Complete Use Case 1 steps 4-7
- VERIFY: The RefiNow Opt Out field and Tooltip are not present
- Prerequisite: Loan Center/Vendor Management/AUS/Fannie Mae/Desktop Underwriter/Product
- Use Case 3: RefiNow Opt Out - Enabled - Purchase
- Prerequisite: Loan Center/Vendor Management/AUS/Fannie Mae/Desktop Underwriter/Product
- Settings/Allow RefiNow Opt Out = Yes
- Log in to Loan Center
- Begin completing a new Purchase loan
- Complete Use Case 1 steps 3-7
- VERIFY: The RefiNow Opt Out field and Tooltip are not present
- Prerequisite: Loan Center/Vendor Management/AUS/Fannie Mae/Desktop Underwriter/Product
LPA
- Use Case 1: Product Identifier - Dropdown
- Log in to Loan Center
- Create a new loan or open an existing one that supports submission to LPA
- i.e., a complete application and a loan product applied that supports submission to LPA
- Navigate to the LPA tab on the AUS page
- Review the Product Identifier field
- VERIFY: The label has been updated correctly
- VERIFY: The options in the dropdown are correct
*(Corresponding Feature number(s) - 433137, 433167)
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