A job aid titled Temporary Underwriting Guidance Job Aid by Announcement has been created, which compiles a list of the announcements, their topics and their summaries, published as a result of temporary COVID-19 guidance.
Temporary COVID-19 Guidance for All Products
A job aid titled Temporary Underwriting Guidance Job Aid by Announcement has been created, which compiles a list of the announcements, their topics and their summaries, published as a result of temporary COVID-19 guidance. This job aid includes guidance released by Fannie Mae, Freddie Mac, FHA, VA, and USDA. Also included are NewRez overlays which are considered temporary as a result of market impact due to the virus.
Additionally, for FHA, the number of days to verify the business remains operational for self-employed has been changed from business days to calendar days.
Please note that this job aid does not replace NewRez announcements which include complete detail. It is a tool that will direct the user to the correct announcement.
Location of Job Aids and Tools
Along with the new Temporary Underwriting Guidance Job Aid by Announcement, additional job aids and tools related to the temporary guidance are available.
The following may be found on NewRezWholesale.com, under Tools & Tutorials.
- Temporary Underwriting Guidance Job Aid by Announcement (new, Conventional, FHA, VA, USDA)
- Covid-19 Quick Reference by Product Job Aid (Conventional, FHA, VA, USDA)
- Bank Statement and Profit and Loss
- Temporary Guidance for Agency Self-Employment (Conventional only)
Additional Resources
For additional information, below are links to Fannie Mae and Freddie Mac Frequently Asked Questions
Remember that NewRez is not adopting all flexibilities as provided by the investors, therefore some guidelines in their announcements and FAQ may not apply.