FNMA updated its Bulletins LL-2020-03 & LL-2020-04 and FHLMC released Bulletin 2020-8 with an additional update amid the COVID-19 national emergency. Sun West Mortgage Company, Inc. has updated its policy for conventional programs to align with the FNMA and FHLMC guidelines as given below:
These changes do not apply to income types such as military income, retirement income, survivor and dependent benefit income, long-term disability income, social security supplemental income, public assistance income, homeownership voucher program payments, foster-care income, trust income (fixed), royalty payments, and MCCs.
Business website demonstrating activity supporting current business operations (e.g., timely appointments for estimates or service can be scheduled)
The Seller must use no more than 70% of the balance in the accounts in order to meet the reserves requirements
Property Valuations – Appraisal Flexibilities for New Construction Properties (Purchase Transactions) (Effective immediately for application dates on or before May 17, 2020): For new construction properties where the appraisal is “subject to completion per plans and specifications,” and also when the property is 100% complete but an interior and exterior inspection appraisal cannot be completed, Sun West will accept a desktop appraisal on the forms identified in the following table:
|Property Type||Acceptable Appraisal Forms|
|1-unit property, including a unit in a Planned Unit Development (PUD) or a Detached Condominium Unit||Uniform Residential Appraisal Report (Form 1004/70)|
|Condominium Unit||Individual Condominium Unit Appraisal Report (Form 1073/465)|
|2-4 Unit properties||Small Residential Income Property Appraisal Report (Form 1025/72)|
|Manufactured Home||Manufactured Home Appraisal Report (Form 1004C / 70B)|
A builder certification (FNMA Sample, FHLMC Sample) signed by the builder will be required attesting that the information provided is true and correct.
6131 Orangethorpe Avenue, Suite 500
Buena Park, CA 90620
Phone: (800) 453-7884
This information is provided to licensed mortgage professionals only and not for distribution to consumers. Please visit https://www.swmc.com/disclaimer.php or refer to www.nmlsconsumeraccess.org to see where Sun West Mortgage Company, Inc. (NMLS ID 3277) is a licensed lender and servicer. All Rights Reserved. We are not accepting applications from Georgia or Massachusetts residents. We are purchasing mortgages secured by Massachusetts properties but not Georgia. Sun West Mortgage Company, Inc. (NMLS ID 3277) holds a Financing Law License (#6030119) [Loans made or arranged pursuant to a California Financing Law license], licensed by the California Department of Business Oversight, Phone: (866) ASK-CORP and has a DRE Real Estate Corporation License Endorsement (#00793885), licensed by the California Department of Real Estate, Phone: (877) 373-4542.