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Announcement 2020-112 - Conventional Conforming Underwriting Updates

Updated September 30, 2020-Clarifying self-employment temporary guidance Updated October 13, 2020-Clarifying social security tax exempt income and tax return requirement Reminder: As of October 15, 2020, tax extensions are not permitted. If tax returns are required, 2019 tax returns must be provided. Effective immediately, NewRez will align with Freddie Mac Bulletins 2020-31 and 2020-36 and Fannie Mae Announcements SEL-2020-04 and SEL-2020-05. See agency announcements for complete details. Below is a highlight of these clarifications and updates, along with additional NewRez guideline updates.

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Announcement 2020-110 - USDA - Fiscal Year (FY) 2021 Conditional Commitment Notice

With the start of the new fiscal year on October 1, 2020, USDA anticipates having a temporary lapse in funding for the Single-Family Housing Guaranteed Loan Program (approximately two weeks).

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Announcement 2020-107 - California Wildfires (DR-4558-CA) – Additional Updates

Sept 16 – Added reminder that FHA and USDA will require an inspection or appraisal Sept 30 – Refer to Announcement 2020-115 for new guidance for Napa and Sonoma Counties due to the Glass Fire Oct 14 – Updated to allow closings and fundings in Butte County, and remove a duplicate zip code for Sonoma County (95465)

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