What is Fannie Mae DUS program?

What is Fannie Mae DUS program?

Initiated in 1988, the DUS program grants approved lenders the ability to underwrite, close, and sell loans on multifamily properties to Fannie Mae without prior Fannie Mae review.

What is DUS mortgage?

DUS Mortgage Loan means a loan originated by the Company under Fannie Mae’s Multifamily Delegated Underwriting and Servicing program (the “DUS Program”), secured by a first lien (or subordinate lien, if the loan qualifies as a Fannie Mae Supplemental Loan under the DUS Program) on real property: (A) which is improved …

How many Fannie Mae DUS lenders are there?

23 DUS® lenders
DUS and Our DUS Lenders We call DUS “The Loan We All Own” because it aligns the interests of lenders, borrowers, and investors. Our 23 DUS® lenders underwrite, close, and deliver loans on our behalf, and in exchange they typically retain one-third of the risk on every loan.

How does DUS lending work?

DUS leverages private capital, aligns interests through risk-sharing, and supports life-of-loan-servicing. They underwrite, close, deliver, and service loans on Fannie Mae multifamily properties and typically retain one-third of the risk on every loan.

What does DUS stand for real estate?

DELEGATED UNDERWRITING & SERVICING (DUS®) – THE ROLE OF RISK RETENTION IN MULTIFAMILY FINANCE. ExEcutivE Summary. A core component of Fannie Mae’s mission is to support the U.S. multifamily housing market to help serve the nation’s rental housing needs, focusing on low- to middle-income households and communities.

What is dus disclose?

Multifamily Mortgage Backed Securities disclosure website. DUS Disclose® increases the data available for Multifamily securities in alignment with the industry and provides an updated, user-friendly interface.

Who are DUS lenders?

DUS Lender means any lender acceptable to the Construction Lender, which has been approved by Fannie Mae, and is in good standing, as a lender authorized to originate and deliver permanent mortgage loans to Fannie Mae under DUS.

How do you become a Fannie Mae DUS lender?

To become a Fannie Mae multifamily lender, you must: Have and retain highly competent and experienced staff, including a Chief Underwriter approved by Fannie Mae that is responsible for all underwriting decisions. Be able to market Fannie Mae mortgage-backed securities to capital markets investors.

What is a DU letter?

A DU presents a fairly complete financial picture of the borrower. More often known as “automated underwriting,” a DU is a system that many lenders use to quickly review a borrower’s financial qualifications and decide their loan terms.

What do Fannie and Freddie do?

Fannie Mae and Freddie Mac were created by Congress. They perform an important role in the nation’s housing finance system – to provide liquidity, stability and affordability to the mortgage market. Lenders use the cash raised by selling mortgages to the Enterprises to engage in further lending.

Is Du Fannie or Freddie?

So remember, Desktop Underwriter (DU) is Fannie Mae’s automated underwriting system, and Loan Prospector is Freddie Mac’s.

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