Credit Variance Administration System Release Notes
February 11, 2014
During the weekend of February 15, 2014, Fannie Mae plans to update the Credit Variance Administration
System™ (CVAS™). The updates in CVAS will include system and user interface enhancements to provide
lenders with more clarity, improve functionality, and enhance reporting capabilities. Updates associated with
this release include:
 Project Eligibility Waiver (PEW) User Interface Enhancements
• New “PEW Description” and “PEW Detail” data fields
• Removal of unnecessary data fields and revision of non-public information (NPI) messaging
• Increased size of variance request explanation field
 Single Loan Waiver (SLW) User Interface Enhancements
• Removal of NPI messaging
• File size warnings when uploaded files are greater than 2 MB
• Increased size of variance request explanation field
 Additional Functionality Enhancements to CVAS Reporting/Tracking
• Reporting capabilities enhanced to include additional query options
• Updated “Tracker Log/Select Criteria” page
Project Eligibility Waiver (PEW) User Interface Enhancements
New PEW Description and PEW Detail Data Fields
To further align the PEW request process in CVAS with Fannie Mae’s Selling Guide, and to provide additional
clarity for users, new “PEW Description” and “PEW Detail” data fields will be added to the “Project Info” tab in
CVAS. The new selection choices are provided in Appendix A: New PEW Description and PEW Detail
Selection Choices.
The new “PEW Description” field will replace the “Lender Warrants Exception” field, and provide additional
waiver description selections for a lender to choose from when entering the PEW variance request. Both the
“PEW Description” and “PEW Detail” fields will allow for the selection of one or more values. If a lender
chooses “Other” in the new “PEW Detail” field, then the “Other Description” free-form data field becomes
mandatory and the lender must enter a description in that field.
Action Item: The old “Lender Warrants Exception” field will no longer be available after the CVAS release, and
selected values associated with this field on non-decisioned PEW requests as of February 15, 2014, will be
cleared. Users will need to update the non-decisioned requests to select the appropriate new value for “PEW
Description” and “PEW Detail” for the associated loans. No action will be required for requests that have
already been decisioned prior to February 15, 2014.
© 2014 Fannie Mae. Trademarks of Fannie Mae.
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Removal of Unnecessary Data Fields and Revision of Non-Public Information Messaging
The following loan-specific data fields will be removed from the PEW user interface and reporting as part of the
CVAS release:
 Loan Amount
 Loan Term
 LTV
 CLTV
 Borrower Credit Scores
 Co-Borrower Credit Scores
 Housing Ratio
 Back-end Ratio
 Number of other Financed Properties
With this release, the NPI message on the PEW screen (Project Info and Loan Data tabs) will be revised to
read, "Do not input non-public personal information (NPI) such as borrower or co-borrower Social Security
number or FICO score into the text box."
Increased Size of Variance Request Explanation Data Field
The “Provide Explanation Supporting Variance Request” field for PEW will be expanded to 2,500 characters in
size to ensure that lenders have the ability to fully document their variance request and explanation.
Single Loan Waiver (SLW) User Interface Enhancements
Removal of NPI Messaging
With this release, the NPI message will no longer be displayed on two SLW pages: the “Request Details” tab
and the “Attach Files” page.
File Size Warnings When Uploaded Files Are Greater Than 2 MB
The message on the “Attach Files” page will be updated to notify users of file size restrictions. The message
will read: "If there are any files to be attached then browse and select the files. Please note that files greater
than 2 MB in size cannot be uploaded."
Increased Size of Variance Request Explanation Data Field
The “SLW Request Explanation” field will be expanded to 2,500 characters in size to ensure that lenders have
the ability to fully document their variance request and explanation.
Additional Functional Enhancements to CVAS Reporting/ Tracking
Reporting Capabilities Enhanced to Include Additional Query Options
As part of this release, the Ad Hoc Report within CVAS (for PEW and SLW queries) will be enhanced to
include the following:
 Additional query options. For details, see Appendix B: Enhanced Reporting Capabilities and Query
Options (PEW and SLW).
 Ability to select multiple values from the “Property State” field.
© 2014 Fannie Mae. Trademarks of Fannie Mae.
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 Ability to search records using “start with” or “contains” parameters in the “Project Name” and
“Requester Name” fields.
Updated Tracker Log/Select Criteria Page
On the “Tracker Log/Select Criteria” page, a “Lender Name” column will be added to the display list.
For More Information
For more information about this release, please contact your designated Fannie Mae Representative.
Appendices
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Appendix A: New PEW Description and PEW Detail Selection Choices
New PEW Description and PEW Detail Selection Choices
New PEW Description Selections
Budget/ Financial
Co-op Specific
HOA Delinquency
Insurance: Project Related
Litigation
Non-Residential Use
Sales and Project Occupancy
Refinance Transaction
Single Entity Ownership
Other
New PEW Detail Selections
Budget Unavailable
Non-Incidental Income
Replacement Reserves < 10%
Replacement Reserves < 5%
Other*
Co-op < 5 Units
Flip Tax
Loan Exposure > 20%
Negative Cash Flow/ Net Loss
Pledged Shares
Proprietary Lease < Loan Term
Pro Rata
Resale Restrictions
U/L MTG Term
Other*
HOA Deliq > 15%
HOA Deliq > 20%
HOA Deliq > 25%
Elevator Liability Coverage
Fidelity Coverage
Flood Coverage
Hazard Coverage
Liability Coverage
Other*
Construction Defect
Mechanics Lien
Owner vs. Association
Slip and Fall
Other*
Non-Residential >20% to 30%
Non-Residential >30% to 40%
Non-Residential >40% to 50%
Conveyance < 90%
Co-op Owner Occupancy <80%
Investor Ownership > 49%
Owner Occupancy < 51%
Other*
Fannie-to-Fannie
Non Fannie-to-Fannie
Single Entity Ownership > 10%
Single Entity Ownership > 20%
Single Entity Ownership > 30%
Single Entity Ownership < 50%
Developer in Control HOA
Ground Leases
Legal Requirements
Mandatory Memberships
Non-gut Conversion; 2-4 Unit
Non-gut Conversion; Fannie Refi
Project Completion
Shared/ Leased Amenities
Other*
* If a lender chooses “Other”, then the “Other Description” free-form data field becomes mandatory and lenders must include a description.
© 2014 Fannie Mae. Trademarks of Fannie Mae.
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Appendix B: Enhanced Reporting Capabilities and Query Options (PEW and SLW)
Enhanced Reporting Capabilities and Query Options (PEW and SLW)
Valid Values
New Field Names*
(As of August 10)
(As of August 10)
*Property State
“All States” as the default option
along with 50 USPS state codes, DC
(District of Columbia) and three US
Territories: PR (Puerto Rico), GU
(Guam) and VI (Virgin Islands)
*Project Name
Searchable list
*Assigned To (primary)
Searchable list
*Requester Name
Searchable list
*PEW Description
a) Budget/ Financial
b) Co-op Specific
c) HOA Delinquency
d) Insurance: Project Related
e) Litigation
f) Non-Residential Use
g) Sales and Project Occupancy
h) Refinance Transaction
i) Single Entity Ownership
j) Other
See Appendix A
*PEW Detail
*Project Classification
a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
k)
l)
Location
Ad Hoc Report
All (default)
Co-op – Type 1
Co-op – NJ Pilot
Co-op – NY Pilot
E- Established PUD Prjct
F – New PUD Project
P – Limited Review, New Prjct
Q – Limtd Rev, Estblshd or 2-4
R – Expedited Rev, New Prjct
S – Expdtd Rev, Estblshd or 2-4
T – Fannie Mae Review
U-FHA – Approved Project
*Fields will be added to the “Fields” list in the “Select Fields” section of the “Internal Ad Hoc Report” screen.
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