July 2017 Changes In Credit Underwriting and Guidelines
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.
