Agency Underwriting Guideline Updates
NewRez LLC "NewRez" Approved Correspondent Clients: please note that effective immediately, NewRez is aligning with Freddie Mac Bulletin 2020-43 and Freddie Mac 2020-45 and Fannie Mae SEL 2020-07 on the following topics:
Freddie Mac Bulletin 2020-43
- Updates to Condominium Hotels and similar types of transient housing
- Updates to the Glossary definition of 2- to 4-Unit Condominium Project
- Requirement updates for Exempt from Review
- Updates to the Glossary definition of Master Association
- Clarification relating to retention of project-related documents
Solar Panels Power of Attorney
- Freddie Mac now requires the use of a power to be used under the following circumstances:
- These changes align with previously announced Fannie Mae Selling Guide announcement and are located in Chapter 1D Property Types for complete requirements.
- Clarified requirements for properties with solar panels when the solar panels are leased, financed, or owned.
- There is an emergency event (e.g., medical emergency or natural disaster) preventing the borrower from executing the requisite documents in person, by electronic signature or through other alternative electronic means; or
- Applicable law requires the use of a POA.
Fannie Mae SEL-2020-07
- Single-width manufactured homes: Expanded eligibility requirements.
- Retirement, government annuity, and pension income and employment-related assets as income.
- Sale of personal assets: updated documentation requirements.
- Clarified the treatment of pro-rated tax credits.
See the following chapters in the Underwriting Guide for complete requirements:
- Single-width: Chapter 1D Property Types
- Retirement, government annuity, and pension and employment-related assets as income: Chapter 1E Employment and Income
- Sale of personal assets: Chapters 1B Transactions and 1G Assets