Summary Secured Overnight Financing Rate (SOFR) Index ARM products will be available for new applications and registrations on or after September 1, 2020. The final day for applications or registrations for LIBOR Index ARM products will be August 31, 2020. All LIBOR Index ARM loans must close or fund by November 30, 2020 and may not be switched into the new SOFR Index ARM products.
Read MoreOn August 22, 2020, FEMA announced a Major Disaster Declaration pertaining to fires in California, with an incident date of August 14, 2020. No incident end date has been declared at this time.
Read MoreEffective immediately, NewRez is pausing the closing and funding of loans in the certain counties and parishes in the path of the hurricane in Texas and Louisiana until further notice.
Read MoreEffective immediately, the following forms must be used for FHA or Conventional condominium projects.
Read MoreThe 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.
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