Conventional Conforming COVID-19 Temporary Guidelines Expiration
Newrez LLC "Newrez" Approved Correspondent Clients; Freddie Mac Bulletin 2023-5 and Fannie Mae LL-2021-03 (updated Feb. 15, 2023), announced the expiration of the following COVID-19 requirements effective immediately for loans with Note dates on or after February 15, 2023:
- Verbal verification of self-employment within 20 business days of the Note date.The pre-COVID-19 policy may be resumed: Verbal verification of the existence of the business within 120 calendar days of the Note date.
- Temporary Purchase and Refinance Eligibility Requirements regarding the status of all mortgage loans (verification all mortgages are current as of note date).
Both agencies are in the process of updating their respective AUS messages regarding these COVID-19 related requirements. Until that time, AUS messages may be disregarded and the guidance in this announcement may be used.
Note: This announcement will serve as notice to guideline changes until Newrez guides are updated and published.