Underwriting Guideline Updates
Newrez LLC "Newrez" Approved Correspondent Clients; effective immediately, unless otherwise noted, for all loans in pipeline, the topics contained in this announcement have been updated in the Conventional Conforming, FHA, VA, and USDA Underwriting Guides.
Conventional Conforming Updates
Chapter 1A Eligibility
Borrower Eligibility
Expanded eligibility for borrowers without an acceptable Visa to include Refugee or Asylee Status granted with an EAD category of A03 and C08 and Temporary Protected Status category A12.
Complete guidelines can be found in the Conventional Underwriting Guide, Chapter 1A Eligibility, 1A.8(c)(i) Borrowers without an Acceptable Visa or EAD.
Chapter 1D Property Types
Ineligible Property Types
Properties located on Native American Tribal Land are not eligible and have been added to the list of Ineligible Property Types.
An updated list of Ineligible Property Types can be found in the Conventional Underwriting Guide, Chapter 1D Property Types, 1D.6 Ineligible Property Types
The Overlay Matrix will also be updated with this information.
Miscellaneous Updates
FHA and VA Updates
- Added Intermediary Companies as ineligible, per Announcement 2023-042
- Corrected the Allowable Age of Tax Return dates
USDA Updates
- Added Intermediary Companies as ineligible, per Announcement 2023-042