Announcement 2020-103 - Extension of Agency Temporary Guidelines

NewRez will be aligning with Fannie Mae Lender Letters LL-2020-03 and LL-2020-04 and Freddie Mac Bulletin 2020-35, dated August 27, 2020, in extending the temporary underwriting and appraisal policies previously announced for application dates through September 30, 2020.

In addition, the temporary credit underwriting requirements and guidance related to the following topics are now in effect until further notice:

  • Age of income and asset documentation (60 days maximum age of documentation)
  • Income continuance requiring additional due diligence related to accurate information and borrower ability to repay
  • Market Based Assets: Use of stocks, stock options and mutual funds for down payment, closing costs and reserves
  • Self-employed borrowers (verification the business is open and operating)

 

Previously Announced Temporary Guidance and Resources

 

Wholesale

The product profiles will not be updated with the temporary guidelines related to COVID-19 (with the exception of credit score updates). Refer to the following previously issued announcements.

  • Annc 2020-026 COVID-19 Coronavirus Guidance (3/25/20)
  • Annc 2020-044 COVID-19 Coronavirus Guidance-Additional Conforming Updates (4/9/20
  • Annc 2020-045 Exterior-Only Report Determination (4/9/20)
  • Annc 2020-048 COVID-19 Conventional Updates–Property (4/17/20)
  • Annc 2020-062 Conventional Conforming Guideline Clarifications and Updates (5/12/20)
  • COVID-19 Quick Reference by Product Job Aid – Employment Verification and Appraisals
  • Annc 2020-069 Conventional Conforming Temporary Forbearance Guidance (6/3/20)
  • Annc 2020-072 Conforming Forbearance Frequently Asked Questions (FAQ) (6/10/20)
  • Annc 2020-073 Conventional Self-Employed Updates (6/11/20)
  • Annc 2020-088 Extension of Agency Temporary Guidelines

 

 

For additional information, below are links to Fannie Mae and Freddie Mac Frequently Asked Questions