Data Facts has breaking news about mortgage trended credit data, which was expected to go into effect June 25, 2016.
Fannie Mae has recently stated that they have postponed the release of DO/DU v10.0. From the notice on their web site, it appears that it is being postponed due to Quality Assurance issues so that they can ensure a successful implementation.
The notice reads:
“To support a successful implementation, we are postponing the DU Version 10.0 release that was scheduled for the weekend of June 25, 2016.
As we prepared for the release, we experienced issues with the testing environment and decided it would be prudent to delay the release. We are rapidly addressing this issue in order to deliver these new enhancements to our customers to help provide even more certainty and simplicity while expanding access to credit and sustainable homeownership for creditworthy borrowers. We'll let you know as soon as possible and give you ample time to get ready.
Please accept our apology for any inconvenience caused by the postponed implementation of DU Version 10.0 or any disruption to your use of our technology. We will post updates to this page frequently, so please check back here or contact your Fannie Mae representative.”
As you know, version 10.0 includes the requirement to use trended credit data in Fannie Mae’s underwriting decisions.
We have no word yet on when the new release date will be, but we anticipate an update on the new release date soon.
We will share with you any updates we get, so watch your inbox for our bulletin, and follow us on social media for updates.
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Data Facts is ready for this change, no matter when Fannie Mae decides to implement DO/DU v10.0.