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Newrez Correspondent · Correspondent Bulletin Announcement 2026-052 · Published

Agency Guideline Updates Aligning with Freddie Mac Bulletin 2026-9

Newrez updated conventional conforming guidelines to reflect changes from Freddie Mac Bulletin 2026-9. Revisions address large deposit sourcing, related-person gifts, condo project review standards, appraisal exhibits, and CHOICEHomes comps.

Review recommendedApplications dated on or after Jul 1, 2026Checks passed· adjusted automaticallyRead the bulletin ↗ (opens in a new tab)

Loan impact

Summarized from the bulletin · needs review

Applies to: Conventional conforming mortgages delivered to Newrez.

Scope differs by change; see each change below.

Addressed to
Newrez LLC "Newrez" Approved Correspondent Clients
Investor
NewrezFrom the publisher, not quoted from the text
Programs
Conventional
Affected areas
Report format; Depository; Gifts; Condo projects; EligibilityGuide Section 5501.1(f)(ii)
Affected documents
Asset account records; Gift letter form; Appraisal report documentation
Effective
Applications dated on or after Jul 1, 2026
Applicability confidence
Needs review: some rows could not be matched to a quote from the source

Summary by AWACS. Newrez Correspondent's guide is proprietary, so AWACS does not reproduce its text. Read the official announcement ↗ (opens in a new tab)

What changed

Summarized from the bulletin · Sections 5501.1(f)(ii), 5701.7/5705.7, 5703
RequirementPreviouslyNow
Criteria for sourcing large asset depositsRelaxedNot statedSourcing large deposits is mandatory only if deposited within sixty days prior to application receipt through note date and shown in mortgage file records.
Foreign account large deposit verificationClarifiedSection 5501.1(f)(ii)Not statedLarge deposits in foreign asset accounts outside domestic jurisdictions trigger sourcing rules whenever shown in documentation under Section 5501.1(f)(ii).
Gift funds from family-owned corporate entitiesRelaxedNot statedCompanies owned by a related party are eligible donors of gift funds or equity if confirmed by a signed gift letter stating the ownership stake.
Interested party contribution exemption for related sellersRelaxedNot statedGifts from related persons or their affiliated business, trust, or estate are exempt from IPC limits when selling the property without other affiliations.
Condo and coop project review exemptions for Refi PossibleClarifiedSection 5701.7/5705.7Not statedRefi Possible condo units and coop share mortgages must comply with exempt from review guidelines outlined in Sections 5701.7 and 5705.7.
Critical repair reviews for Refi Possible condo developmentsTightenedNot statedCritical repair and evacuation project review criteria apply to Refi Possible and seasoned agency rate-and-term refis in attached projects of 11 or more units.
Applies when: Type is condo
Floor plan exhibit rules for small multifamily appraisalsRelaxedNot statedAppraisal packages for two to four unit properties only necessitate a floor plan if the property displays atypical layout or obsolescence.
Applies when: Type is two_to_four_unit
Mandatory site-built comparables for CHOICEHomes valuationsTightenedSection 5703Previously: The guide mistakenly stated appraisal reports could optionally include site-built properties as comparable sales when CHOICEHomes were missing.The guide now specifies appraisal reports must contain site-built comparable sales when comparable CHOICEHomes are unavailable.

Also affected: Sections 5701.7, 5705.7.

What to do

AWACS interpretation · not source language

What to review: Review the updated agency guideline flexibilities regarding large deposit sourcing, gifts from family-owned entities, and two- to four-unit appraisal floor plans, along with clarified requirements for condo critical repairs and CHOICEHomes appraisal comparables.

QC implications

  • Quality control should test asset documentation to verify that large deposits appearing within sixty days prior to application through the note date, as well as foreign accounts, are sourced according to the updated criteria.
  • Quality control should sample files utilizing gifts from family-owned corporate entities to ensure the gift letter specifies and is executed by the related individual with an ownership interest.
  • Quality control should verify that Refi Possible and seasoned rate-and-term refinances in attached condo projects of 11 or more units satisfy critical repair and evacuation review standards.
  • Quality control should review CHOICEHomes appraisals to verify that site-built comparable sales are included when comparable CHOICEHomes are unavailable.

Source and record

Version 1 · archived

Checks

  • Source verified: Passed

    The document ID, link and publication date match the official source.

  • Quotes match the source: Passed

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    • A detail the source does not support was removed or adjusted
    • An independent check could not confirm a requirement; it is shown as review, not action

  • In scope: Passed

    The document is about residential mortgage lending.

  • Format and labels: Passed, adjusted automatically

    The record follows the AWACS format and uses its standard labels.

    • A detail the source does not support was removed or adjusted