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:
If you have any questions regarding this announcement, please contact your Account Executive or Lender Support.
Thank you, Lender Support LenderSupport@onqfinancial.com
