This Week's Highlights - Tuesday, July 14, 2020
  • NEW! Jumbos are Back
  • NEW! Jumbo Program Training Wednesday
  • USDA Releases Advanced Copy of Chapter 15
  • FEMA Disaster Area Declaration for Utah and Michigan
  • Register Today! Knowledge Owl Training Opportunities 7/21
  • Disbursement Date as Defined by FNMA
  • Cancelled FHA Case Number
  • Stay Up-to-Date on Fairway's Covid-19 Temporary Guidelines
  • FWL VA IRRRL Checklist
  • Home Possible Income and Property Eligibility Tool
 
NEW! Jumbos are Back!
Great news! We are pleased to announce a new jumbo offering available for locks on and after 07/15/2020. Key highlights are:
  • Primary Residences & Second Homes
  • Purchase & Rate/Term Refinance Options
  • $1,500,000 Max Loan Amount
  • Up to 80% LTV
  • Minimum 720 FICO

Full program guidelines will be available in Knowledge Owl on 07/15. As a reminder, you must be logged into Knowledge Owl in order to access guidelines.

NEW! Jumbo Program Training Wednesday
Interested in knowing more about our new Jumbo Program? FWL will be offering a live training providing an overview of the new program on 07/15/2020 @ 3 CST. 
 
Register here for the training.
 
USDA Releases Advanced Copy of Chapter 15
USDA has released an advanced copy of Chapter 15 of their handbook. The update does not include any changes to their current guidelines; however, USDA continues to eliminate duplicate information throughout their handbook. Any applicable information will be notated within FWL's guidelines in Knowledge Owl. 

Refer to the Chapter 15 advanced copy for full details.
 
FEMA Disaster Area Declaration for Utah and Michigan
Effective immediately, FWL is implementing Fairway’s Disaster Area Appraisal and Re-Inspection requirements for both conventional and government loans. Note: As a reminder, you must be logged into Knowledge Owl to access guidelines.
 
The following areas in Utah have been added as a disaster area due to earthquake and aftershocks. The disaster incident period declared 03/18/2020 with an end date of 04/17/2020.
  • Davis and Salt Lake Counties

The following areas in Michigan have been added as a disaster area due to severe storms and flooding. The disaster incident period declared 05/16/2020 with an end date of 05/22/2020.

  • Arenac, Gladwin, Iosco, Midland and Saginaw Counties

Please Note: These are FEMA declarations and affect all loan programs.

 
Register Today! Knowledge Owl Training Opportunities 7/21
As a reminder, Fairway Wholesale Lending is excited to be offering live Knowledge Owl Training opportunities scheduled for the 3rd Tuesday of the every month for our valued clients.

Knowledge Owl (KO) is the system in which Fairway's program guidelines are housed and are accessible by logging into DRIVER.

The training will provide the ins & outs of KO's functionalities and assist you with various tips for accessing guidelines in a quick and efficient manner, as well as allow the opportunity for you to ask any questions you may have.

Register below for this month's opportunity! You don't want to miss out!

July 21st @ 12 PM CST

Q: How does Fannie Mae define “disbursement date" in regards to the waiting periods for derogatory events?

A: The Fannie Mae Selling Guide defines disbursement date as the date the loan funds are disbursed for the subject mortgage. The disbursement date may occur on or after the Note date.

DU will instruct the Lender that the waiting period is measured from the disbursement date of the new loan, not the credit report date. DU will identify a bankruptcy, foreclosure, deed-in-lieu of foreclosure, pre-foreclosure sale, or mortgage charge-off; however, it is up to the Lender to determine if the waiting period has been met. 
 

Q: If an FHA Case Number is canceled can the appraisal still be used for a new FHA loan with a different FHA Case Number?

A: No. Once an FHA Case Number is canceled, it automatically cancels the appraisal and a new appraisal would be required for the new FHA Case Number. The only way that the original appraisal could be used is if the canceled FHA Case Number is reinstated by HUD. 

 
Stay Up-to-Date on Fairway's Covid-19 Temporary Guidelines
Fairway Wholesale Lending continues to provide you with the most up-to-date information with the ever changing guidelines due to Covid-19. As a reminder, all temporary guidelines implemented by FWL and the agencies can be found by accessing the Covid-19 Temporary Guidance topic in Knowledge Owl.
 
Additionally, you can access the FWL Overlay QRG, which is a quick reference guide that was created for our valued clients, which reflects some of these temporary guidelines. This QRG is also available in Knowledge Owl.
 
Note: As a reminder, you must be logged into Knowledge Owl to access guidelines.
 
FWL VA IRRRL Checklist
The VA IRRRL Checklist has been updated and can be found on the FWL Resource Page within DRIVER. 
 
Home Possible Income and Property Eligibility Tool
Freddie Mac announced that the Home Possible Income and Property Eligibility Tool will be updated on 7/12/2020 with the new 2020 area median income (AMI) limits.  
  • If the AMI has declined and the loan was submitted to LPA prior to 7/12, the higher of 2019 AMI limits will be applied.
  • If the AMI has increased and the loan was submitted to LPA prior to 7/12, the higher 2020 AMI limits will be applied.

Steve Jacobson, CEO - "There is always good stuff around the corner; just keep moving forward."