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Consolidated from various online answers...
DU stands for Fannie Mae's Desktop Underwriting System, used in replace or an addition of a human underwriter (UW) to qualify for a mortgage loan. DU can decline your file and once it's declined, it will appear on a national database that every underwriter will see.
Recently, that terminology is used to describe one of the ways, to access the new loan products, that fall under the administrations efforts to help struggling, and not so struggling homeowners.
The two new products Fannie Mae created, at the behest of the President, can either be run through this system, or not. If one can pass through DU underwriting, one is probably not so struggling, and the truly struggling have to be underwritten by a human UW, on the non DU Gov't suggested refi product.
Some lenders have chosen to only refi the not so struggling owners, who the DU system approves, and not even bother to look at the non DU files.
In some cases, one might not pass thru DU, and still be eligible with manual UW, or vice versa.
Freddie Mac Underwriting System is known as LP.
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What does LP mean in the mortgage industry?
What does LP menas in mortgage terms
How is it possible to get into the mortgage industry?
It is possible to get into the mortgage industry through special university training. Most people from the mortgage industry received degrees in business administration. Many successful members of the industry had internships while in school to get acquainted to the industry.
What financial products does PHH Mortgage Services offer?
PHH Mortgage Services is the industry leader in mortgage services. For example PHH Mortgage Services guarantees that they will meet their clients' requested closing dates.
Will a drug conviction prevent you from being employed in the mortgage industry?
No, a drug conviction will not automatically prevent a person from being employed in the mortgage industry. Each company has their requirements that a person must meet to be hired.
What company provides the best texas mortgage rates?
Houston Mortgage is known as a leader in the Texas mortgage industry. It offers a variety of online aids and a free mortgage calculator to help customers find their best rates. Houston Mortgage also offers live personnel to assist customers through the mortgage process.
What does LP mean in the mortgage industry?
What does LP menas in mortgage terms
How is it possible to get into the mortgage industry?
It is possible to get into the mortgage industry through special university training. Most people from the mortgage industry received degrees in business administration. Many successful members of the industry had internships while in school to get acquainted to the industry.
What kind of industry is the mortgage industry?
Financial loans
How have the securities markets affected the mortgage finance industry?
Securities markets drive mortgage pricing nationwide, heavily influence mortgage product design, and reduce the mortgage finance industry's reliance on mortgage portfolio lenders.
What are some of Nevada's industries?
The gambling/casino industry and the mortgage industry.
What does Du Has mean?
du has mean shut up
what is Commercial Mortgage?
A commercial mortgage is not the same as a residential mortgage. A commercial mortgage applies to commercial buildings or businesses. Businesspeople take out commercial mortgages.
What does the term mortgage equity actually mean?
Mortgage equity is the term used in the financial industry for the amount of cash value your home is worth at current market value minus the remaining payments you still owe on the home.
How big is the mortgage industry?
In 2001, with interest rates lower than they had been since the 1960s, the mortgage industry originated more than $2 trillion in loans for the first time ever. Mortgage brokers handled roughly 55 percent of these loans.
Where can one find a list of careers in mortgage lending?
There really isn't a place that has a list of careers in mortgage lending. There are several jobs that one can hold in the mortgage industry including a Mortgage Loan Specialist and a Mortgage Compliance Analyst.
What financial products does PHH Mortgage Services offer?
PHH Mortgage Services is the industry leader in mortgage services. For example PHH Mortgage Services guarantees that they will meet their clients' requested closing dates.
Explain briefly the concept of Du Point Control Chart?
relevance of du-pont control chart to the industry?
