Conventional Underwriting Guideline Update
NewRez LLC "NewRez" Approved Correspondent Clients: please note the below Conforming Guideline update that is effective immediately.
Self-Employed Borrowers
For Non-Delegated Correspondent Clients the quarterly review of the profit and loss statement and the balance sheet overlay is being removed for Conventional Conforming Products. A year-to-date profit and loss statement may be provided without a quarterly breakdown unless needed to support the stability of the business. Two (2) months bank statements are still required when the profit and loss statement is unaudited.