Announcement 2026-049 Smart Series Product Summary and Underwriting Guide Updates
Smart Series Product Summary and Underwriting Guide Updates
Newrez LLC "Newrez" Approved Correspondent Clients, the following updates are effective with pipeline loans.
Vest Product Summary Updates
Required Documentation Updates:
Documentation requirements for real estate owned have been clarified. The following must be provided:
- Real estate owned, along with associated lien(s) must be disclosed on the application.
- No other liabilities are required to be on the 1003 (URLA)
Number of Financed Properties:
Removed reference to documentation requirements which are located elsewhere. Removed reference to free and clear properties as section addresses only financed properties.
Product Guideline Updates
Non-Warrantable Condo Project (4A.1(d)(ii))
A previously announced update to increase the HOA Replacement Reserve requirement has been retracted. The requirement has reverted to the percentages that were in place prior to May 28, 2026, because the change will not take effect until January 2027.
Non-Permanent Resident Alien – Primary Residence (1A.8(c)(ii)):
Updates were made to the Trade Treaty Work Visa Employment Authorization Document (EAD) requirements. Notably:
An EAD is still required for spouses:
- When the spouse’s I-94 was issued prior to January 30, 2022, the spouse must provide proof of employment authorization.
- Of employees of the Taipei Economic and Cultural Representative Office (TECRO) and Taipei Economic and Cultural Offices (TECO).
- Of long-term investors in the Commonwealth of the Northern Mariana Islands (E-2 CNMI Investors).