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Conventional Update

New Penn Financial is pleased to announce the following changes to our Conventional underwriting guidelines effective immediately.

New Penn Financial is pleased to announce the following changes to our Conventional underwriting guidelines effective immediately.

Refer to the updated product profile posted to the Loan Programs page for specific details.

Matrix

Removed footnote reference for investment transactions with 80-85 LTV requiring full review by MI provider.

5.1 Income

Updated to provide alternative W2 transcript requirement when borrower is wage earner and receives direct deposit. Paystub, W2’s and bank statement(s) verifying direct deposit from paystub may be used in lieu of W2 transcripts.

6.1 Credit

Updated Disputed Accounts requirements for DU scored loans 6.6 Student Loans Updated monthly payment options for DU scored loans when an income based loan has a $0 monthly payment