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Announcement 2019-044: Conventional Updates

Effective with new applications as of June 12, 2019, updates have been made to align with agency guidelines.

current residence pending sale for conventional

NewRez has updated the guidelines for a current residence pending sale to align with agency requirements and allow the PITIA to be excluded from the DTI when the following is acquired:

  • the executed sales contract for the current residence, and
  • confirmation that any financing contingencies have been cleared.

 

income commencing after note date for lpa scored loans

FHLMC has announced in Bulletin 2019-9 that for Option 2 (after note date but prior to delivery), they will now require a paystub, a written VOE or third-party verification to verify employment. In addition, they will only require verification of additional funds when there are more than 15 calendar days between the Note Date and the start date of the new employment.

 

Please reference the Product Profiles page for full details of the changes outlined in this announcement.