July 2017 Changes In Credit Underwriting and Guidelines

July 26, 2017

 

More changes are in effect for the month of July 2017. Credit underwriting and guidelines have shifted a bit and Rob Chrisman outlines them in his latest round-up of news from the mortgage world.


"Citi Correspondent Lending has issued its July 21st bulletin," according to Chrisman

 

"General policy updates include: Desktop Underwriter – Version 10.1, 97% LTV Option: Credit Score Change, Delegated Underwriting: Ineligible Transactions, Condo Project Updates and Bankruptcy Documentation."

 

Wells Fargo undoubtedly takes the lead in changes this month as they "aligned the max debt-to-income requirement with correspondent credit underwrite loans."

 

"Loans sold to Wells Fargo Funding should be underwritten to the Wells Fargo Funding Standard Non-Conforming guidelines in the Wells Fargo Funding Seller Guide and Correspondent Credit Underwrite Non-Conforming Guidelines," according to Chrisman's round-up.

 

Other companies reflecting changes include, NewLeaf, MFW, Sun West and Pacific Union. To learn more about the changes to guidelines and credit underwriting, check out Rob Chrisman's July 25 round-up by clicking on the image above.  

 

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