The following guideline changes have been made to Conventional and Government products to accommodate West Virginia state lending regulations. The state regulations (Code R. Section 106-5-11) require lenders to perform a complete assessment of the borrowers’ ability to repay the mortgage based on a full review of borrower’s credit, assets, and income. NewRez, in response, will adjust the product guidelines with overlays for documentation on loan products that are normally non-credit qualifying, such as the FHA Streamline and the VA IRRRL and also place limits on DTI for certain purchase money and refinance products.
Read MoreA job aid titled Temporary Underwriting Guidance Job Aid by Announcement has been created, which compiles a list of the announcements, their topics and their summaries, published as a result of temporary COVID-19 guidance.
Read MoreTemporary COVID-19 guidance for the re-verification of self-employment income and the validation of receipt of rental income for FHA mortgages has been updated. The changes reflect recent guidance issued in FHA Mortgagee Letter 2020-24. The temporary changes outlined below are effective for FHA Case Numbers assigned on or after August 12, 2020 through November 30, 2020.
Read MoreUpdated to clarify that a balance sheet is also required as currently noted in the product profiles
Read MoreFannie Mae and Freddie Mac are transitioning away from the LIBOR index for their adjustable rate mortgages (ARMs) and will begin using the Secured Overnight Financing Rate (SOFR) as the index. New SOFR products will soon be available.
Read MoreEffective immediately, for all new locks, the following LTV limits apply for VA IRRRL transactions:
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