July 13, 2015
United Guaranty's Position on June 30 Fannie Mae Selling Guide Announcement SEL-2015-07
United Guaranty supports the changes announced by Fannie Mae in SEL-2015-07. Effective immediately, United Guaranty's underwriting requirements will align with the changes for the following topics in the Fannie Mae announcement:
- Conversion of Principal Residence.
- Stocks, Bonds, and Mutual Funds.
- Unreimbursed Employee Business Expenses.
- Tip Income.
- Use of IRS W-2 Transcripts in Lieu of W-2s.
- Permit Prepayment Penalties on Subordinate Liens.
- Optional Data Fields on Verification of Employment (VOE) Form 1005 and 1005(S).
In its next update, United Guaranty's Credit Union Underwriting Guide ("Guide") will reflect the removal of the additional reserves requirements in Section 3.11.02.01 (Reserves – General) for 1–4 unit primary residences when the borrower is retaining the current primary residence. United Guaranty's standard reserve requirements for 1–4 unit primary residences outlined in this Guide section will apply.
United Guaranty's Guide currently aligns with all other underwriting changes listed above from SEL-2015-07.
If you have questions or need additional information, please contact us at 877.642.4642.
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