Loading...

Bulletin 2020-049 Conforming, FHA, VA, and USDA Guideline Updates

NewRez is updating our conventional conforming, FHA, VA, and USDA guidelines, removing, or modifying overlays. In addition, the Underwriting Chapters (6, 7, 8, and 9) will be removed from the Client Guide. The current format of our product matrices are being replaced with new Product Profiles that contain significantly more information.

NewRez is updating our conventional conforming, FHA, VA, and USDA guidelines, removing, or modifying overlays. In addition, the Underwriting Chapters (6, 7, 8, and 9) will be removed from the Client Guide. The current format of our product matrices are being replaced with new Product Profiles that contain significantly more information.

 

You must refer to the applicable agency selling guide for any information not contained in the Product Profiles (e.g., Fannie Mae or Freddie Mac Selling Guide, HUD Handbook 4000.1, VA Lenders Handbook and USDA HB1-3555). At a future date, NewRez will introduce a new Underwriting Guide and reformatted Product Profiles.

 

As a reminder, 2019 tax returns must be filed by July 15, 2020. If tax returns are required for loan qualification and the borrower has not filed their tax return, a Copy of Application for Automatic Extension of Time to File 2019 U.S. Individual Income Tax Return (IRS Form 4868) is required through October 15, 2020. After October 15, 2020, tax returns are required.

 

To view full bulletin, click here.