LoanStream Mortgage has created this At-A-Glance to easily review recent COVID-19 communications implementing temporary Agency, Government and NanQ/Non-QM program changes or requirements in addition to LoanStream overlays. This document will be updated with changes as they occur.
LoanStream’s Referenced Memos | |||||||||||
Memo ID | Topic | Release Date | |||||||||
| LSM_12-16-2020 | COVID-19 Guideline Update | 12/16/2020 | |||||||||
| LSM_11-20-2020 | Revised COVID-19 Temporary Guidelines | 11/20/2020 | |||||||||
| LSM_11-16-2020 | Updated COVID-19 Temporary Guidelines | 11/16/2020 | |||||||||
| LSM_10-27-2020 | Updated COVID-19 Temporary Guidelines | 10/27/2020 | |||||||||
| LSM_07-29-2020 | Revision to 7/28 COVID-19 Temporary Guidelines | 7/29/2020 | |||||||||
| LSM_07-28-2020 | COVID-19 Update to Temporary Guidelines | 7/28/2020 | |||||||||
| LSM_06-03-2020 | Self Employed Borrowers – FNMA/FHLMC | 6/03/2020 | |||||||||
| LSM_06-03-2020 | Employment Re-Verification Update | 6/03/2020 | |||||||||
| LSM_05-26-2020 | Loans in Forbearance – Conventional | 5/26/2020 | |||||||||
| LSM_04-22-2020 | Initial Disclosures Required prior to Submit to UW | 4/22/2020 | |||||||||
| LSM_04-20-2020 | NanQ/Non-QM Guidelines Updates | 4/20/2020 | |||||||||
| LSM_04-17-2020 | CALHFA Updates | 4/17/2020 | |||||||||
| LSM_04-16-2020 | Government Loans FICO Reduction | 4/16/2020 | |||||||||
| LSM_04-08-2020 | FHA / USDA / VA Appraisal Guidance | 4/8/2020 | |||||||||
| LSM_04-07-2020 | Chenoa removes Conventional Options | 4/7/2020 | |||||||||
| LSM_04-07-2020 | FNMA / FHLMC Updates | 4/7/2020 | |||||||||
| LSM_04-02-2020 | Jumbo Loan Programs | 4/2/2020 | |||||||||
| LSM_03-30-2020 | Appraisal / 4506-T Transcripts Updates | 3/30/2020 | |||||||||
| LSM_03-27-2020 | Employment Re-verification | 3/27/2020 | |||||||||
| LSM_03-26-2020 | Re-verification of Borrower’s Employment | 3/26/2020 | |||||||||
This document is for informational purposes only. LSM’s Guides, Matrices and Bulletins remain the governing source of information and should be referenced for final eligibility.
We have updated our employment re-verification process due to COVID-19. Clarified paystubs/WVOE must be within 30 days at closing. FNMA now requires 3 months business bank statements when utilizing an unaudited P&L.
The Federal Housing Financing Agency (FHFA) recently updated the conforming loan amount limits for all counties in the United States. The new loan limits are effective for case numbers assigned on or after January 1, 2021.
FHLMC has lowered the maximum LTV on 2-4 unit properties from 95% to 85% for their Home Possible Program. FHLMC has also updated their solar guidelines.