Determining the value of the asset when used for reserves:
1. Stocks, bonds, and mutual funds: 70 percent of the value may be used as reserves (reduced from 100 percent).
2. Retirement accounts: 60 percent of the vested value may be used as reserves (reduced from70 percent).
3. In addition, stock options and non-vested restricted stock are no longer eligible for use as reserves.  As a reminder, the lender must verify the ownership of the accounts, and verify the borrower’s actual receipt of the funds realized from the sale or liquidation of the assets if needed to complete the transaction.
4. Verification of Employment:  Re-verify the employment within 10 days of closing to ensure the borrower is still employed and qualifies for the loan.  Cannot count overtime unless you have overtime for 2 years or more on the same job or same profession.

CREDIT DOCUMENTATION – reduced from 4 months to 3 months
5. Credit documents is reduced from 120 days to 90 days. Credit documents include credit reports and employment, income, and asset documentation. The age of the documents is measured from the date of the document to the date the note is signed.
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