This Week's Highlights - Tuesday, July 28, 2020
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1.00 Improvement Jumbo Price Reminder
Self-Employed Income
Please refer to Circular 26-19-22 for more details.
This will hopefully begin to eliminate any confusion and should save time navigating through the guidelines going forward.
As always, if you have any questions, please contact Ask@fairwaymc.com.
Q: Are we required to order a Flood Cert from FLS or do we have a few options?
A: Fairway requires a flood determination from FLS/CoreLogic for every loan originated within the Fairway system. Flood certs should not be requested from any other company outside of FLS and should not be placed directly with CoreLogic.
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A: Because alternative appraisal types will not generate a score in Collateral Underwriter (CU), an exception would be required to see if the appraisal would be permitted to be transferred to Fairway. Note: These are not new COVID requirements as the exception has always been required on loans that will not score.
Jumbo Program Released
Fairway Wholesale Lending released a new Jumbo Product effective on 07/15/2020. Key highlights are:
If you have any questions, please contact the Help Desk.
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Steve Jacobson, CEO - "All that is needed is to merely do the very best we can one day at a time. Not tomorrow - but today."
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