Closed End Second Product Summary and Guidelines Updates

Bulletin 2024-058 Closed End Second Product Summary and Guidelines Updates

Newrez LLC "Newrez" Approved Delegated Correspondent Clients; effective with applications on or after September 19, 2024, the following has been updated.

 

Minimum Loan Amount

 

Lowered the Iowa minimum loan amount to standard product restriction of $50,000.

 

Appraisal

 

Added the definition and requirements for the exterior property inspection report into the underwriting guide Appraisal section 8A.2.