Extension of Agency Temporary Guidelines
NewRez will be aligning with Fannie Mae Lender Letters LL-2020-03 and LL-2020-04 and Freddie Mac Bulletin 2020-40 dated October 19, 2020, in extending the temporary verification of employment and appraisal policies previously announced for application dates through November 30, 2020.
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. The below bulletins are also referenced in the Temporary Underwriting Guidance Job Aid by Bulletin.
- CF2020-018 COVID-19 Coronavirus Guidance (3CF2020-024 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)
- CF2020-070 Extension of Agency Temporary Guidelines (09/01/20)
- CF2020-089 Extension of Agency Temporary Guidelines (09/29/20)
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.