Homebridge is pleased to announce the removal of most of the COVID-19 employment verification overlays, effective immediately. Fannie Mae and Freddie Mac continue to have specific re-verification requirements for a self-employed borrower’s business that were detailed in Fannie Mae Lender Letter 2021-03 and Freddie Mac Bulletin 2022-03 dated February 2, 2022.
Wage Earner Borrowers
Homebridge will complete the VVOE as noted below:
- Fannie Mae, Freddie Mac, VA, USDA, Jumbo Elite: Within the 10 business days prior to the Note date
- FHA: Within the 10 calendar days prior to the Note date
- Simple Access: Within 10 business days of the Note date
- Jumbo/Jumbo AUS: Within the 5 business days prior to the Note date
Self-Employed Borrowers
Homebridge will verify the existence of the business as noted below:
- Fannie Mae, Freddie Mac: Within 120 calendar days prior to the Note date for the initial verification and will re-verify within 20 business days of the Note date
- Acceptable re-verification includes updated CPA letter, verification with CPA or VVOE to certify business open and operating
- VA, USDA: Within the 30 business days prior to the Note date
- Simple Access: Within 10 business days of the Note date
- Jumbo/Jumbo AUS: Within the 5 calendar days prior to the Note date
- Jumbo Elite: Within the 30 calendar days prior to the Note date
Homebridge will no longer ask employers to address if COVID has had an adverse effect on the borrower’s income
Homebridge will continue to require the COVID Borrower Certification to be signed on all transactions, including non-credit qualifying loans. As a reminder, the requirements are as follows:
- Brokered Transactions and EB Transactions and Homebridge Draws Docs: Homebridge will provide with closing documents
- NDC Transactions and EB Transactions Drawing Own Closing Docs: The NDC/EB is responsible to provide the Borrower Certification. The Homebridge version or an NDC/EB version that contains similar language, is acceptable
If you have any questions, please contact your Account Executive
