The Arc Edge Non-QM eligibility for the CPA Prepared P&L program was updated as noted below, effective immediately for all loans.
|
Edge – Alt Income |
||
|
Topic |
Previous Guideline |
New Guideline |
|
CPA P&L Income Eligibility |
· CPA Prepared P&L documentation type is allowed on Edge Plus Alt Income and Edge Alt Income. |
· CPA Prepared P&L documentation type is NOT allowed on Edge Plus Alt Income. · CPA Prepared P&L documentation type is allowed on Edge Alt Income. |
Additionally, the employment requirements for wage earner borrowers qualifying under the Access and Elite One Year Full Doc program were clarified as noted below, effective immediately for all loans.
|
Access & Elite – Alt Income |
||
|
Topic |
Previous Guideline |
New Guideline |
|
One Year Full Doc – Wage Earner Requirements |
Silent |
Borrower must have two (2) years history of employment in same industry and one (1) year continuous employment at current job. |
The revised Arc Guideline Update Summary, which provides a side-by-side comparison of the guideline changes, will be published on the website soon. The updated program matrices will be published on the website soon (HERE). As a reminder, the Arc Underwriting Guide is available within the SPARC 2.0 portal HERE.