Correspondent Lending Jumbo Underwriting Guidelines-Priced Based General Qualified Mortgage—September 29, 2022

Subject:   Jumbo Underwriting Guidelines- Priced Based General Qualified Mortgage

Date:        September 29, 2022

Attn:         All Sellers

We are pleased to provide an updated Jumbo Underwriting Guideline document.  The update reflects the revised Qualified Mortgage-Price Based General requirements.

Updates are provided throughout the guide with the  most substantive updates reflected in Chapters Six through Eight.  These Chapters have been restructured  in order to provide  a clear roadmap to the guidelines we align with Fannie Mae versus topics we have provided overlays to Fannie Mae’s Manual Underwriting guidelines. 

It is important to ensure you are reviewing Fannie Mae’s Manual Underwriting Guidelines in accordance with those sections specifically mentioned in each chapter. The original Qualified Mortgage DTI based rule will no longer be eligible for purchase for applications taken on or after October 1, 2022.  Additionally, we will continue to require a Fannie Mae DU approval in each file; however, it is important to note that the Desktop Underwriter documentation standards do not apply to these Jumbo Underwriting Guidelines.

Due to the significant number of revisions in this document; we will not be offering a Guideline Update Summary Document with this release.  We highly recommend a full review of the new Jumbo Underwriting Guideline document. 

The new Jumbo Underwriting Guidelines will be available at www.aig.com/correspondentlending within the coming days.  Should you have any questions related to this announcement, please reach out to Shane Larscheid, Vice President of Sales.

Thank you for your continued business.