Fannie Mae RefiNow Refinance Option
NewRez LLC "NewRez" Approved Correspondent Clients: please note, Fannie Mae will be implementing the RefiNow refinance option that will be available for Desktop Underwriter loan casefiles submitted or resubmitted to DU version 11.0 on or after the weekend of June 5, 2021. At this time Newrez will not be offering the RefiNow Refinance option. This option will be offered at a later date.
DU will evaluate all eligible limited cash-out refinance (LCOR) loans for the RefiNow program. You will be able to instruct DU to underwrite a loan casefile as a standard limited cash-out refinance. Enter the phrase “Standard LCOR” in the Product Description field so the loan casefile will not be underwritten as a RefiNow.
- Fannie Mae Lender Letter LL-2021-10
- Desktop Underwriter/Desktop Originator Release Notes DU Version 11.0 June Update