RC_LP_U_304.2 Fannie Mae Manually Underwritten Loans

The manual underwriting process involves detailed analysis and documentation of various components within the loan application according to standard guidelines published in the Fannie Mae Selling Guide. For loans that require a manual review, each of these components must be evaluated for risk of mortgage default in order to determine Fannie Mae eligibility.

Fannie Mae Manually Underwritten Loans presents underwriting requirements and risk evaluation principles for manually underwritten mortgages that will be sold to Fannie Mae. Participants will examine standard Fannie Mae guidelines and learn how to apply these guidelines to manually-underwritten loans and loans that require underwriting analysis beyond the automated risk evaluation performed in Desktop Underwriter.

The course begins with an overview of Fannie Mae's risk assessment philosophy. It then addresses steps to determine comprehensive risk. Next, the course describes documentation requirements. Finally, the course provides opportunities to practice applying the guidelines to realistic scenarios.

Through loan scenarios and case study work, participants will further enhance their underwriting skills. While this lesson specifically presents Fannie Mae's manual underwriting process, the philosophies introduced apply to general manual underwriting practices.

This is a single-family/residential course.