Extension of the temporary underwriting and appraisal policies previously announced for application dates through September 30, 2020.
NewRez will be aligning with Fannie Mae Lender Letters LL-2020-03 and LL-2020-04 and Freddie Mac Bulletin 2020-35, dated August 27, 2020, in extending the temporary underwriting and appraisal policies previously announced for application dates through September 30, 2020.
In addition, the temporary credit underwriting requirements and guidance related to the following topics are now in effect until further notice:
- Age of income and asset documentation (60 days maximum age of documentation)
- Income continuance requiring additional due diligence related to accurate information and borrower ability to repay
- Market Based Assets: Use of stocks, stock options and mutual funds for down payment, closing costs and reserves
- Self-employed borrowers (verification the business is open and operating)
Previously Announced Temporary Guidance and Resources
The product profiles will not be updated with the temporary guidelines related to COVID-19 (with the exception of credit score updates). Refer to the following previously issued announcements.
- CF2020-018 COVID-19 Coronavirus Guidance (3/25/20)
- CF2020-023 COVID-19 Coronavirus Guidance-Additional Conforming Updates (4/9/20)
- CF2020-027 COVID-19 Conventional Updates–Property (4/17/20)
- CF2020-036 Conventional Conforming Guideline Clarifications and Updates (5/12/20)
- CF2020-038 Conventional Conforming Temporary Forbearance Guidance (6/3/20)
- CF2020-040 Conforming Forbearance Frequently Asked Questions (FAQ) (6/11/20)
- CF2020-042 Conventional Self-Employed Updates (6/11/20)
- CF2020-056 Extension of Agency Temporary Guidelines (07/22/20)
For additional information, below are links to Fannie Mae and Freddie Mac Frequently Asked Questions
Remember that NewRez is not adopting all flexibilities in the Fannie Mae and Freddie Mac announcements, therefore some guidelines in their announcements and FAQ may not apply.