The Mortgage Grapevine is discussing the effects of Department of Housing and Urban Development Mortgagee Letter 2013-26, which the agency says provides minimum underwriting standards for evaluating borrowers who have lost their job or had another event which resulted in reduced income.
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A poster by the name of Dead Eye said, “Not much different than the old extenuating circumstance guideline. No one would do them.” But one account executive on the thread said his company would originate these loans.
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