COVID-19 CLARIFICATION of VVOE Requirements for Correspondent Transactions
Dear Valued Correspondent Clients –
Wednesday's (04/08/2020) COVID-19 VVOE Client Announcement did not address Fairway Wholesale Lending’s updated policy on VVOEs relative to Correspondent transactions. This Client Announcement is to communicate the temporary COVID-19 VVOE requirements on Correspondent transactions.
- REVISED! VVOE prior to closing is required 7 days prior to the Note Date (Can be performed by Fairway OR Correspondent Client)
- REVISED! A SECOND VVOE will be performed by Fairway within 24 hours prior to Fairway purchase of closed loan
Fairway recommends performing the pre-close VVOE, and VVOE prior to release of correspondent funds to minimize exposure against potential borrower job loss.
This policy applies to all loans. The Fairway Team asks you to plan ahead and be available to assist with VOEs. The use of Fairways Verbal VOE Job Aid will help cut down on the timeframes to complete the required VOE.
Fairway will not purchase any loan where the borrower has experienced a loss of job prior to purchase.
Please contact your Regional Account Manager should you have any questions related to this Client Announcement.
Client Announcement 2020-04-09