Welcome to the Fairway Connection!
Welcome to the Fairway Connection created specifically for our Fairway Wholesale Lending clients. The intent of the Connection is to keep our clients connected and apprised of the most important information in one place and is not exclusive to just one topic or department.
The functionality is simple as well as mobile friendly. The information is separated out by main sections which are similar to the summaries located at the top of the email. With just a simple click, you can return to the top of your email by clicking on "Back to Top" within each main section.
The Connection will be emailed to our clients weekly on Tuesday afternoons. Please keep an eye out in your email box for the Fairway Connection going forward.
HELOC Second Mortgage Product Available
FWL has reinstated the HELOC Second Mortgage Product effective immediately and is available for borrowers that have obtained first mortgage financing through FWL.
This product is an interest-only home equity line of credit with a maximum CLTV/HCLTV of 95%. For full program guidelines, refer to the Second Mortgage Product Matrix available in Knowledge Owl.
Note: You must be logged into Driver to access guidelines.
VA Clarifies Valuation Practices During COVID-19
VA has clarified their temporary appraisal requirements when ordering one of the appraisal options during COVID-19. Desktop and Exterior-only appraisals should not be requested if the financed loan amount (ie. unpaid principal loan amount) will be more than the allowable limitations for either option.
Additionally, VA has provided further guidance when a water test is required.
- Refinance of VA Loans:
- Well water testing is waived where the home is already encumbered by a VA loan.
- Purchases & Refinances of Non-VA Loans:
- In areas where testing is suspended, the Veteran will need to sign an acknowledgment stating they are aware that testing cannot be done.
- A test must be completed within 180 days of the Note date and applicable VA escrow requirements apply.
- Prior to closing, the Veteran must acknowledge they accept responsibility to install a filtration system at their own cost to correct the issue should the water test fail.