This Week's Highlights - Tuesday, June 16, 2020
  • Coming Soon! A Chance to Win Apple AirPods
  • Miss the KO Training? More to Come....
  • HomeReady vs Home Possible Homebuyer Education
  • LPA Data Entry - Borrower's Name
  • FWL Releases New Conventional S/E Job Aid
  • Fannie Mae HomeReady 2020 Income Limits
  • Fannie Mae Selling Guide Updates
  • FHA Connection & VA Portal Functions
 
Coming Soon! A Chance to Win Apple AirPods Pro
Fairway Wholesale Lending is excited to be offering an opportunity for our valued clients to win Apple AirPods Pro engraved with your name. 
 
Keep an eye out in the upcoming days for a brief survey provided in a FWL Client Announcement. Upon completion of this survey, you will then be entered for a chance to win!
 
Stay tuned!
 
Miss the KO Training? More to Come...
Were you registered for today's Knowledge Owl training and something came up? Do not worry! Here at Fairway Wholesale Lending, we understand that your schedule is busy, which is why we have a live training available the 3rd Tuesday of every month. 
 
Register here for next month's opportunity!
 
Q.  When utilizing the Fannie Mae HomeReady or the Freddie Mac HomePossible products, is the borrower selection for agency-sponsored homeownership courses interchangeable between products?​

A.  Fannie Mae allows the following which is acceptable to the HomeReady product:
  • Framework Homeownership course, or
  • Education course provided by a Community Seconds or other DPA program provider, where the program requires its own homeownership education or counseling provided by a HUD-approved counseling agency. ​

Note: Fannie Mae will not accept Freddie Mac's Credit Smart Homeownership course.

Freddie Mac allows the following which is acceptable to the Home Possible products: 
 
Q.  Is there a maximum length for a borrower’s last name in Loan Product Advisor (LPA)?

A.  Yes, the maximum is 20 characters. If credit has already been pulled and the loan disclosed when it’s determined the last name is too long, the last name will need to be shortened to 20 characters, credit will need to be re-pulled and LP rerun. Re-disclosure is not required and this is not considered a change of circumstance. We will have the borrower sign a name affidavit at close which will cover all potential last name combinations.

 
 
FWL Releases New Conventional S/E Job Aid
In response to the recent FNMA/FHLMC updates effective for loans submitted to Underwriting on and after 06/08/2020, Fairway Wholesale Lending released the COVID-19 Self-Employed Income Analysis Job Aid, which assists in the additional documentation requirements required to support the decision in the qualification process of self-employment income.
 
The job aid can also be located in COVID-19 Temporary Guidance topic in Knowledge Owl.

Fannie Mae HomeReady 2020 Income Limits
Fannie Mae announced the 2020 HomeReady income limits will be increasing and will be implemented in DU on 06/20/2020. Effective dates are as follows:
  • DU will apply the 2020 limits to new DU loan casefiles created on or after 06/20/2020.
  • DU loan casefiles created prior to 06/20/2020 will continue to use the 2019 limits.
Fannie Mae Selling Guide Updates
Fannie Mae has announced updates to their selling guide, which became effective on 06/03/2020. Key updates include:
  • Rental Income Lease Review Requirements
  • Escrow Waiver Limited Cash-Out Refinance
  • Condo Policy Clarifications 
FHA Connection & VA Portal Functions
As a reminder, Fairway Wholesale Lending released newly created topics in Knowledge Owl for FHA Connection and VA Portal case assignment ordering. These topics provide a great amount of detailed instructions when utilizing both FHA and VA systems, some of which are also provided in job aids created specifically by FWL to assist the user.

For more details, please refer to FHA Connection & VA Portal Functions in KO. Note: As a reminder, you must be logged in to Knowledge Owl to access guidelines.

Steve Jacobson, CEO - "Adversity can make any team better, closer, more resilient and even more humble."