Updates in this thread
Selling Guide updates: verbal VOE, K-1 <25% income, income continuance, attorney opinion letters, wire instructions
What to review: Start with the new requirement to complete a verbal VOE for borrowers who qualify with Schedule K-1 income from a business they own less than 25% of. It applies to applications dated on or after December 2, 2026 and does not apply when the K-1 reports only rental income. Then look at the optional changes that take effect immediately: lenders may use any reasonable, verifiable verbal VOE method, measure income continuance from the application date, show acceptance of an employment offer by email or other verifiable means, treat a tenant right of first refusal that comes from a statute or local ordinance as not making a loan ineligible, and submit wire instructions through the new self-service application that replaces the PDF Form 482 process and retires Form 360. AWACS interpretation