Federal agencies, along with Fannie Mae and Freddie Mac (the “GSEs”) have issued temporary guidance urging that additional due diligence be taken in verifying borrower income and employment information prior to closing. The guidance does not include specific disclosure requirements but allows for flexibility in verifying that a borrower’s ability to repay a loan has not been negatively impacted by the COVID-19 pandemic.
DocMagic is making available a COVID-19 Attestation form (DocMagic Form ID: COVID19.MSC) in response to client inquiries. By signing the form, a borrower will affirm that (1) the income documentation submitted for qualifying purposes is unchanged and not affected by the COVID-19 resulting economic impact and that (2) the borrower is unaware of any future changes in employment and/or income status that will affect their ability to repay the loan.
DocMagic Form ID: COVID19.MSC is available for review or to add upon request to Closing or other package types.
If you have any questions, or to add DocMagic Form ID: COVID19.MSC to any packages, please contact DocMagic’s Customer Service.
