HELOC Second Mortgage Product Updates
Effective for all loans, including loans in process, on and after 08/15/2020, the following updates have been made to the HELOC second mortgage product guidelines.
- Non-Occupant Borrowers Ineligible
- Business Assets Ineligible (Closing and Reserves)
- Appraisal Options
- Asset Reserves
For full program guidelines, refer to the Second Mortgage Product Matrix in Knowledge Owl. Note: As a reminder, you must be logged into KO to access guidelines.
FEMA Disaster Area Declaration for Iowa & California
The following areas in Iowa have been added as a disaster area due to severe storms. The disaster incident period was declared on 08/10/2020.
The following areas in California have been added as disaster areas due to wildfires. The disaster incident period declared 08/14/2020 and is ongoing.
- Lake, Monterey, Napa, San Mateo, Santa Cruz, Solano, Sonoma, and Yolo Counties
Please Note: This is a FEMA declaration and it will affect all programs; therefore, we are implementing Fairway’s Disaster Area Appraisal and Re-Inspection requirements for both conventional and government loans.
This information has been added to FIMC’s Disaster Area List in Knowledge Owl for future reference.
Six Tips to Calculating Income During COVID-19
Genworth Mortgage Insurance Company has released a compilation of their top 6 tips to calculating income during COVID-19 to help you through the changes.
For details, refer here.
FWL Underwriting Turn Times
Fairway Wholesale Lending wants to remind our valued clients that during these increased activity levels, turnaround times may vary. Please ensure you are reviewing our current turn times on rate sheets or the Resource Page of DRIVER.
Incomplete submissions could delay your file being submitted to Underwriting. For submission checklists, access the Forms & Documents in DRIVER.