NewRez will be aligning with Fannie Mae Lender Letters LL-2020-03 and LL-2020-04 and Freddie Mac Bulletin 2020-44, dated November 13, 2020, in extending the temporary verification of employment and appraisal policies previously announced for application dates through December 31, 2020.
Previously Announced Temporary Guidance and Resources
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
- Annc 2020-103 Extension of Agency Temporary Guidelines
- Annc 2020-114 Extension of Agency Temporary Guidelines
- Annc 2020-127 Extension of Agency Temporary Guidelines
For additional information, below are links to Fannie Mae and Freddie Mac Frequently Asked Questions
Remember that NewRez is not adopting all flexibilities in the Fannie Mae and Freddie Mac announcements, therefore some guidelines in their announcements and FAQ may not apply.
Please reference the NewRez Lending Library for the changes outlined in this announcement.