Appraisal Requirements: The below changes are for FNMA & FHLMC products only

  • LoanStream is adopting the most recent changes regarding appraisal requirements recently announced by FNMA and FHLMC.
  • Below is a grid that reflects what type of appraisal(s) is acceptable based on Loan Purpose, LTV and Occupancy.

4506t Transcripts: The changes below are effective immediately and apply to all Agency and Government* loans that have not closed.

  • *USDA loans will still require full transcripts.
  • For loans where Tax Transcripts are not able to be obtained, the following alternatives are acceptable in lieu of.
  • Option A
    • Signed Personal Tax Returns and
    • Electronic filing receipt from the IRS indicating the Declaration Number (DCN), with confirmation that the AGI matches the tax return and
    • Copy of cancelled check(s) matching the amount due to the IRS or Bank Statement showing amount clearing borrower(s) account or
    • Evidence of Refund matching tax return in borrower(s) bank account or print out from “Where’s My Refund” website
  • Option B
    • Borrower obtained IRS Transcripts directly from the IRS and
    • Copy of cancelled check(s) matching the amount due to the IRS or Bank Statement showing amount clearing borrower(s) account or
    • Evidence of Refund matching tax return in borrower(s) bank account or print our from “Where’s My Refund” website

Should you have any additional questions, please contact your manager.

 

 

 

 

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