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TPO – Credit Policy – Freddie Mac Bulletin 2022-5

Effective March 2, 2022

This notification is to identify that On Q Financial, Inc. will align with all updates issued in Freddie Mac’s Bulletin 2022-5. The changes are effective immediately.

Identified below are key bullet points from the announcement.

  • The introduction of Loan Product Advisor’s® (LPASM) asset and income modeler (AIM) using account data (AIM for income using direct deposits).
  • Two enhancements for AIM for self-employed (tax transcript and tax extension) – effective April 15, 2022.
  • An additional alternative to signatures on tax returns.
  • Updates related to AM Best requirements and ratings.
  • Additional description and examples related to the coverage limit requirements for 1- to 4-unit properties.
  • A clarification related to condominium unit mortgages that are Freddie Mac Home Possible® mortgages.

Please follow the below link for the full Freddie Mac update:

Freddie Mac 2022-5

If you have any questions regarding this announcement, please contact your Account Executive or Lender Support.

Thank you, Lender Support LenderSupport@onqfinancial.com

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