Announcement 2026-082 Smart Series Updates

Topic

Current Policy

New Policy

Underwriting

All Programs

Current Policies Apply

Removed:

If LoanScoreCard or LoanNEX are submitted with the loan file, the underwriter must validate and update as needed to align with the final loan terms

Reserves

Current Policies Apply

Edge, Self and Vest:

Added Under Rate and Term Refinance Section:

Borrower does not have a prior bankruptcy, foreclosure, short-sale, DIL, pre-foreclosure, or mortgage charge-off in the most recent seven (7) years from the Note Date.

Vest Only

Clarified:

·    Interest Only products, calculate reserves using the Interest Only payment plus taxes, insurance, HOA (if applicable). (ITIA)

Removed:

·         Maximum required reserves is the lesser of total required or 15 months

·         The maximum 15 months reserves is based off of the subject property PITIA

6A.4(b) Large Deposits

SmartVest

For purchase transactions, large or irregular deposits must be evaluated to determine if the borrower received any gift funds.

For purchase transactions, when the LTV is > 80%, large or irregular deposits must be evaluated to determine that the borrower did not receive any gift funds.

6A.1(a) Minimum Borrower Contributions

For all occupancy types, a minimum 5% of the lesser of the purchase price or appraised value must be from the borrower’s own funds unless the LTV/CLTV is ≤ 80%.