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Important Adverse Market Fee Reminder
As a reminder, Fairway has been phasing the 50 bps adverse market fee as an LLPA for all FNMA and FHLMC refinances over the course of the past 45 days.
Any loan that funds or is purchased after November 9th, 2020 will be subject to the 50 bps adverse market fee at the time of extension.
Fairway Permitting Disaster Inspection Waivers in Certain CA Zip Codes
Fairway Wholesale Lending has been monitoring the California wildfires closely, and will begin to lift some of the reinspection requirements as many of the wildfires have been 100% contained.
The following list of LA County zip codes must have a disaster inspection completed according to the Disaster Policy, or may be considered for an exception on a case-by-case basis depending on proximity to reported damage. Informal exception requests may be sent to the Ask Box for review and approval.
90631, 91006, 91008, 91011, 91016, 91023, 91024, 91042, 91390, 91702, 91709, 91748, 91765, 92823, 93021, 93532, 93536, 93543, 93544, 93550, 93552, 93553 and 93563.
A disaster reinspection is no longer required in the balance of the zip codes in LA County; however, the appraiser must comment on the appraisal that the property was not negatively impacted by the wildfires. FWL will release additional counties / zip codes as needed.
USDA and FHA Extends Temporary COVID Exceptions
USDA announced the extension of the temporary exceptions to appraisals and verbal verification of employment in relation to COVID-19 through 12/31/2020.
FHA extended the policy for flexible alternatives for re-verifications of employment for cases closed on or prior to 10/31/2020 to cases closed on or prior to 12/31/2020. Additionally, the Desktop-Only appraisal option that was previously extended expired on 10/31/2020; however, the extension of Exterior-Only appraisals has been extended from 10/31/2020 to 12/31/2020.
Please refer to the USDA Bulletin and FHA ML for more details.