Temporary COVID-19 Policies – Refinance Only
In response to continued COVID-19 effects, Fairway will begin requiring 700 credit score on all refinance transactions effective Tuesday, 4/14/2020.
Any refinance loans under the 700 credit score threshold that have been submitted to Fairway for Underwriting (TPO Submit Date 4/13/2020 or earlier) will be allowed to lock Tuesday, 4/14/2020 (regardless of current loan status). Fairway will work to close out the existing pipeline as expeditiously as possible.
Fairway will continue to apply other temporary restrictions on refinance transactions (30 day lock period and Approved status).
As a reminder, the 45% DTI still applies on Government refinances.
Please contact your Regional Account Manager should you have any questions related to this Client Announcement.
Client Announcement 2020-04-14