Freddie Mac issued Bulletin 2022-5 (Bulletin), announcing the retirement of the remaining temporary COVID-19 related underwriting requirements. Per the Bulletin, the following requirements are retired effective February 15, 2023:
- The requirement that the lender verify that a self-employed borrower’s business is open and operating within 20 business days prior to the Note date; and
- The purchase and refinance eligibility requirements for borrowers with existing mortgages as announced in Bulletin 2020-17 (pertaining to whether the payments for each mortgage loan for which the borrower is obligated are current and any missed payments have been resolved).
Click to view the Freddie Mac Guide Bulletin 2023-5: https://www.tenaco.com/wp-content/uploads/2023/02/Freddie-Mac-Guide-Bulletin-2023-5-02-15-23.pdf
