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Announcement 2026-048 Closed End Second Updates

Announcement 2026-048 Closed End Second Updates

Closed End Second Updates

Newrez LLC "Newrez" Approved Correspondent Clients, the Closed End Second product has been updated with the following changes effective immediately for all pipeline and new applications.

Borrower Eligibility:
Added: Any person signing an application for a loan as a borrower must be on title to the subject property.


Ineligible Borrowers:
Added: Co-signers are not permitted.


Appraisal:
Corrected the reference in the summary that Appraisal requirement are found in section 7A.2 of the guidelines