The Jumbo Series I QM product profile has been updated with changes made to align with the investor's requirements for the 2018 tax law change. Changes are effective immediately.
Section 5.7 Eligible Income Sources has been updated as follows:
- Automobile Allowance
- Updated to clarify that the allowance may be added to income, and it must be likely to continue for three years
- Any automobile payments must be added as a liability and considered in the DTI
- Updated to state evaluation of unreimbursed business expenses is no longer required.
Please reference the Product Profiles page for full details of the changes outlined in this announcement.