To: VHDA Originating Lenders/ Operations Managers and Branch Managers
Re: Fannie Mae No MI Pilot Program
VHDA has successfully completed the initial phase of our Fannie Mae pilot program. We are pleased with the quality of these loans and the affordable financing benefits that this program offers to our borrowers. We have refined our procedures and guidelines and have satisfactorily submitted Fannie Mae data for completion of several deliveries. We are now in the process of expanding the program to other approved VHDA lenders. Participation will be offered to lenders meeting specific eligibility criteria.
Eligible lenders must meet the following criteria for consideration:
- Closed a minimum of 30 VHDA loans in the previous year
- Be an approved Fannie Mae Seller
- Have their own company registration to Desktop Underwriter (Not Desktop Originator)
- Have a Fannie Mae compliant Quality Control Plan
- Be an approved VHDA Delegated lender in good standing
- Have an acceptable performance record with VHDA including origination, underwriting, timely loan submission and post closing
Lenders who meet the eligibility requirements and would like to be considered for approval of participation in the program should have their senior management contact their assigned VHDA Business Development Officer.
Additional mandatory training is required for lender staff in order to be activated to originate the Fannie Mae Program. The training for new lenders participating in the program will be held in January 2014.