Fannie Mae, Freddie Mac & FNMA/FHLMC Second Home & Investment Property Update
The below update is effective for loans registered on or after May 7, 2025
| Fannie Mae, Freddie Mac & FNMA/FHLMC Second Home & Investment Property | ||
|---|---|---|
| Topic | Current Guideline | New Guideline |
| Written Verification of Employment (WVOE) | When the borrower is using a Written Verification of Employment (WVOE), that is not from a 3rd party, to verify income, the file must also provide proof of income received prior to the application that supports the income from the VOE. | When income is validated using a Written Verification of Employment (WVOE), a paystub including year-to-date earnings is required. Sufficient information must be provided to verify the most recent two full years of income. This policy does not apply to an employer that uses a third-party employment verification vendor database (such as The Work Number). |
Freddie Mac Update
The below update is effective for loans with applications dated on or after May 6, 2025
| Freddie Mac | ||
|---|---|---|
| Topic | Current Guideline | New Guideline |
| Documentation Requirements for Verification of Completion Freddie Mac Selling Guide Section 5605.8 |
For appraisal reports that are subject to an inspection of the property or PDRs where the Seller's review determines an inspection is required, a licensed professional or other person trained in the particular field of concern (e.g., structural engineer, plumber, pest inspector, etc.) must perform the inspection of the property. The inspector must obtain either:
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For appraisal reports that are subject to an inspection of the property or PDRs where the Seller's review determines an inspection is required, a licensed professional or other person trained in the particular field of concern (e.g., structural engineer, plumber, pest inspector, etc.) must perform the inspection of the property. The Seller must obtain either:
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