Jumbo Program Guideline Updates
Effective immediately, the Jumbo Program guidelines have been revised as provided below:
1.00 Improvement Jumbo Price Reminder
- For Jumbo loans that do not have borrowers using any self-employed income, a 1.00 price improvement applies. Please email ratedesk@FairwayWholesaleLending.com with the loan details to request the adjustment.
- The Jumbo lock window is open until 6PM for all states. The complete Lock Policy can be viewed here.
- The S-Corporations, Corporations and Partnership guidelines have been updated to reflect that income must be reduced proportionately by the total obligations payable by the partnership/corporation in less than one year.
- Please refer to the Self-Employed Income topic in Knowledge Owl for full program guidelines. Note: As a reminder, you must be logged into KO to access guidelines.
VA Clarification for Fee Recoupment Calculation for IRRRLs
VA has provided the following clarification for the calculation of the fee recoupment for IRRRLs. This clarification is in addition to previous guidance and is effective for applications currently in process as of 07/24/2020.
- Lender credits may be used to offset allowable fees and charges. (Note: This is no change from how Fairway calculates the fee recoupment.)
- Additional updates to EEMs and ARMs were also made. However, please note, EEMs and ARMs are not eligible with Fairway Wholesale Lending.
- Loans closed prior to 07/24/2020 using the guidance in Circular 26-19-22 Exhibit B are considered compliant.
Please refer to Circular 26-19-22 for more details.
COVID-19 Temporary Guidelines in KO
Fairway Wholesale Lending will be making changes to the COVID temporary guidelines in the upcoming days. The current and active guidelines will continue to remain on the COVID-19 Temporary page as well as be provided within the matrices and their individual guideline topics.
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.