Bulletin 2024-051 Closed End Second Product Summary and Guidelines Updates
Newrez LLC "Newrez" Approved Delegated Correspondent Clients; effective with applications on or after August 22, 2024, the following updates have been added to the Closed End Second product.
Acceptable Sources of Income - Temporary Leave Income
Temporary Leave from work is generally employee-initiated, short in duration and for reasons including, but not limited to maternity or parental leave, short-term medical disability, or other temporary leave types that are acceptable by law or to the borrower's employer. Borrowers on temporary leave may or may not be paid during their absence from work. Refer to the Closed End Second Underwriting Guide Section 7 Income Documentation Requirements for complete guidelines.
Unacceptable Sources of Income
Employment related assets as qualifying income (Assets Depletion)