Fannie Mae has released a new version of its Desktop Originator and Desktop Underwriter software. It said the update includes expanded loan eligibility criteria and new risk-analysis capability.
The new version also includes additional credit agency choices, has the capacity to underwrite construction-to-permanent loans, and permits quicker access by brokers and correspondents.
PHH Mortgage Corp., an early user of the upgraded software, said it had already seen a 20% increase in the number of its loans recommended for automatic approval.
CBC Cos. and Equifax Mortgage Services have joined two other credit bureaus as eligible providers of credit information gathered from three bureaus.