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Newport Guidelines Update

The following changes were made to the guidelines:

  • Clarified that we are limited to a total of up to 15 properties on any occupancy types regardless if property is free or clear, page 2 & 8

  • Clarified that we will use the highest PITIA payments to calculate PITIA to meet reserve requirement for other finance REOs, page 3

  • Updated subordinate liens guideline, page 22

  • Updated POA guideline, page 23

  • Updated Non-warrantable guideline, page 26

  • Added insurance maximum deductible is the lesser of $5,000 or 5% of the face value of the property insurance, page 27

  • Added 1031 only allowed if exchange to a similar property, page 28