Announcement 2021-001 - New Underwriting Guide, Product Profiles, and Overlay Matrix

NewRez is pleased to announce that we have streamlined and reformatted our Product Profiles and created a comprehensive Underwriting Guide that contains all of NewRez underwriting guidelines for Conforming (agency), FHA, and VA guidelines. Generally, you will no longer have to reference the Fannie Mae or Freddie Mac Selling Guides, or FHA and VA Lender Handbooks.  In addition, the Overlay Matrix has been reformatted.

 

The Underwriting Guide will contain the following chapters:

 

  • Chapter 1 Conforming
  • Chapter 2 FHA
  • Chapter 3 VA
  • Chapter 4 reserved for future use (USDA)
  • Chapter 5 reserved for future use
  • Chapter 6 Fraud
  • Chapter 7 Disaster Policy
  • Chapter 8 Escrow Policy

 

In addition, the NewRez Underwriting Policies and Procedures will be eliminated, and all origination procedures will be on the Policies and Procedures page.

 

On Friday January 15, 2021, the new Product Profiles and Overlay Matrix will be posted to the Product Profiles page. The existing Product Profiles will be archived.