Rate Lock Updates

 

Important: New GSE Guidelines

The GSEs have updated their guidelines for loans in forbearance that affect all transactions starting Tuesday, June 2. Because of this, starting June 2, we require mortgage statements on all subject and non-subject properties at "Submit Full Package."

Updated Guidelines For New Transactions

  1. On all products: On any loan currently in forbearance where the client is making payments on time, the loan can proceed. You're good to go.
  2. For any loan currently in forbearance where the client is not making payments: The loan must be brought current in order to close.
  3. For all conventional products: If a client has entered a workout plan (post forbearance), we have to show three consecutive payments.
  4. For all government products: If a client has entered a workout plan (post forbearance), all payments on the plan must be complete.

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