MortgageCurrentcy Subscriber Library

Description:

SELLING UPDATES RELATED TO COVID-19

• The expiration of certain COVID-19 temporary credit underwriting requirements introduced in Bulletin 2020-8

• An overview of the remaining COVID-19 temporary credit underwriting requirements

Expiration of certain temporary credit underwriting requirements

Effective immediately, we are expiring the following COVID-19 requirements originally published in Bulletin 2020-8 on March 31, 2020:

* All income and asset documentation must be dated no more than 60 days prior to the Note Date, except as specifically stated otherwise in the Bulletin.

* Stocks, stock options and mutual funds:

• Evidence of liquidation when the funds are used for Down Payment and/or Closing Costs

• No more than 70% of the balance can be used as reserves

Document type:

  • Agency Bulletin/Form

Agency:

Freddie Mac

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