TIP OF THE DAY- FREDDIE 10 DAY VERIF FOR UNION MEMBERS

TIP OF THE DAY- FREDDIE 10 DAY VERBAL VERIFICTION FOR UNION MEMBERS

 

10-DAY PRE-CLOSING VERIFICATION REQUIREMENTS FOR UNION MEMBERS

Previously, we allowed Sellers to obtain the 10-day pre-closing verification (10-day PCV) from the union instead of from the employer for any Borrower who was a union member and was in between employers at the time of loan closing.

We are specifying that the Seller may obtain the 10-day PCV from the union for a Borrower who is in between employers at the time of loan closing or is employed at the time of loan closing. This provides additional flexibility in recognition of the fact that in some instances it may be easier to reach the union than the Borrower’s employer for the verification.

The applicable Loan Product Advisor® feedback message has been updated to align with this change.

Guide impact: Section 5303.2.

justin brown