As long as it has at least 12 months of data, a single asset verification report will now be sufficient to validate a borrower's income, employment, assets, and positive rent payment and cash flow history.
“Synchronizing bi-merge credit reporting with the implementation of the new credit score model requirements will reduce complexity for market participants,” said FHFA Director Sandra Thompson.
The MBA was part of a trade group coalition that called on the VA to align minimum property requirements with standards already established by the GSEs.