Seller/Servicer Memorandum 26-01

Date:   January 30, 2026

From:  Michelle Graves
           Director, Mortgage Operations

SELLING GUIDE REVISIONS: CONTACT UNDERWRITING
(Anchorage Only: 907-330-8400/Outside Anchorage: 888-854-3884)

RENTAL INCOME
(Section 4003.05)

When a borrower is departing a multi-unit property, positive rental income may be considered, provided the borrower’s tax returns document rental income from the other units.  The lender should use FNMA Form 1038 to calculate the rental income. 

When a borrower is departing a single-family principal residence, the rental income is still capped at the PITI. 

QUALITY REVIEW CHECKLISTS
(UND-100, UND-101, and UND-102)

These forms have been updated. Lenders must use these forms immediately.