02/26/2022
Self-Employed Borrower Alert!
Fannie Mae & Freddie Mac Just Announced A BIG WIN for Self Employed Borrowers!
They are modifying Temporary COVID Guidelines for Self-Employed Borrowers when their Most Recent Tax Return is dated 2020 or After.
Here is What Changed - Effective Immediately for Loans in Process or New Applications!
IF the Self-Employed Borrowers Most Recent Tax Return is dated 2020 or 2021, Temporary Guidance is Suspended.
This Temporary Guidance included the burden of Extra Documentation & Income Analysis along with YTD P&L & Bank Statements - NOW SUSPENDED
IF the Self-Employed Borrower's Most Recent Tax Returns are PRIOR to 2020, the Temporary Guidance is Still in Place!
Full details will be released in our Upcoming Rules Issue!
To Assist You With These Guideline Updates, we have:
* Updated Affected Charts - See "Latest Updates" under "Charts & Checklists"
* Added Agency Bulletins to our "Agency Bulletin" Page
* Linked a Summary of Fannie Mae COVID Policy Changes Under "Latest Updates"
* Posted a NEW Social Media Post to Share with Referral Sources & Consumers
Keeping You Smarter Than the Competition!
www.mortgagecurrentcy.com
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