NewRez will be aligning with Fannie Mae Lender Letters LL-2021-03 and LL-2021-04 and Freddie Mac Bulletin 2021-10,dated March 11, 2021, in extending the temporary verification of employment and appraisal policies previously announced for application dates through April 30, 2021.
This will be the final extension date for the temporary policies related only to verbal verifications of employment and condominium project reviews. Applications dated May 1, 2021 and later will be subject to Standard Selling Guide policies.
All COVID Flexibilities and Restrictions are notated in blue in the Underwriting Guide.
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.