Version 8.5 of the Correspondent Lending Guide brings us a small update to one of our overlays.
On our Rate Advantage program and product, we allowed borrowers to have income that did not exceed 115% of the AMI. With this April 6th update, we are increasing that limit to 135% of the AMI, effective today, April 6th. You can see these changes in sections 5.3.2 and 5.7.
A few other minor semantic changes were put into place in this version as well. If you have questions about those semantics, please email firstname.lastname@example.org.
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