Radian Timely Topics: Understanding P&L and Business Bank Statement Requirements
Resources:
NEW Fannie Mae Job Aid - February 2, 2022: https://singlefamily.fanniemae.com/news-events/summary-covid-19-temporary-selling-policies-job-aid?sfmc_id=1497620943
NEW Fannie Mae Lender Letter: https://singlefamily.fanniemae.com/media/24811/display
NEW Freddie Mac Bulletin 2022-3: https://guide.freddiemac.com/app/guide/bulletin/2022-3?utm_source=eloqua&utm_medium=email&utm_campaign=2022-02-02_POLICY_Guide-Policy
Fannie Mae FAQs: https://singlefamily.fanniemae.com/media/22326/display
Fannie Mae Underwriting Info: https://selling-guide.fanniemae.com/COVID-19/FAQs-Underwriting/1799681491/COVID-19-FAQs-Underwriting-General-1-14-2021.htm
Fannie Mae Selling Guide Updates: https://selling-guide.fanniemae.com/Published-Sources/Lender-Letter/2169430921/Lender-Letter-LL-2021-03-Impact-of-COVID-19-on-Originations-02-10-2021.htm
Freddie Mac FAQs: https://sf.freddiemac.com/general/covid-19-selling-faq
The COVID-19 pandemic has demanded so many changes over the past year, including how the mortgage industry reviews loan files. For example, in April 2020 alone, there was a reported 10% decline in self-employed individuals, causing a direct impact on your borrower's income and employment.
Are you prepared to review document changes such as these? As the mortgage industry is starting to see this type of impact in loan files, be sure you know what to expect before your next file review.
