
Martin Luther King Jr. Day Lock Desk Closed
The Lock Desk will be closed Monday, January 18th 2021 in honor of Martin Luther King Jr. Day and there will be no rate sheet published. We will resume normal hours on Tuesday, January 19th.
This guidance is made in addition to prior bulletins. It does not replace or eliminate any prior guidance.
Both FNMA and FHLMC have added guidance for self-employed borrowers to ensure their business cash flow has not been negatively affected by COVID. In general, the new documentation required is:
Self-Employment Income
Due to changing market and economic conditions, the following documentation is required on all new loan submissions, effective Monday, June 8th.
Underwriters must review both FNMA and FHLMC bulletins in full, to determine analysis requirements for each agency, after obtaining the above documentation.
FNMA Bulletin: Click Here
FHLMC Bulletin: Click Here
Note: The year to date profit and loss statement must be no older than 60 days old as of the note date.
MISC:
Please contact your Account Executive with any additional questions.
The Lock Desk will be closed Monday, January 18th 2021 in honor of Martin Luther King Jr. Day and there will be no rate sheet published. We will resume normal hours on Tuesday, January 19th.
The Federal Emergency Management Agency (FEMA) has issued a major disaster declaration for the State of Louisiana due to Hurricane Zeta.
There have been recent guideline changes pertaining to Assets and Pro-rated tax credit.