Seller/Servicer Memorandum 20-11
Date: August 12, 2020
From: Jan Miyagishima
Director, Mortgage Operations
(Anchorage Only: 907-330-8400/ Outside Anchorage: 888-854-3884)
Reminder Memo for COVID requirements and Streamline Refinance rate adjustment.
COVID-19 / Income Condition on Commitments
All commitments (except Streamline Refinances) have the following condition: “Due to Covid-19, provide verbal verification of employment within three business days of the Note date AND confirm qualifying income is still in place. Proof of this verification is required at AHFC loan purchase.”
This can be cleared by providing the following documents:
• W2 wage earner: Verbal Verification of Employment dated within 3 days of the Note date and most recent pay stub received prior to the Note date.
• Self-employed borrower: Current 2 months bank statements to show qualifying income is still in place. The bank statements should document sufficient deposits that justify the amount of income used. If the borrower receives a paystub, a current paystub will be required along with proof of any other income used to qualify.
Effective with lock-ins on or after 7/27/20, any streamline refinance of a First Home, My Home, Rural Owner Occupied, and Uniquely Alaskan loan will now require a .125% adjuster added to the rate.
First Home Limited, Veterans First Home Limited and VMP streamlines will remain unchanged with a .25% adjuster added to the rate.
Contact AHFC Hotline 907-330-8400
If you have any questions or would like to discuss a specific scenario.