Correspondent ALERT – Updates to Access, Edge & Elite Guidelines

Correspondent ALERT – Updates to Access, Edge & Elite Guidelines

The Arc Edge Non-QM eligibility for the CPA Prepared P&L program was updated as noted below, effective immediately for all loans.

Edge – Alt Income
CPA P&L Income Eligibility	· CPA Prepared P&L documentation type is allowed on Edge Plus Alt Income and Edge Alt Income.	· CPA Prepared P&L documentation type is NOT allowed on Edge Plus Alt Income. · CPA Prepared P&L documentation type is allowed on Edge Alt Income.

Edge – Alt Income

Topic

Previous Guideline

New Guideline

CPA P&L Income Eligibility

· CPA Prepared P&L documentation type is allowed on Edge Plus Alt Income and Edge Alt Income.

· CPA Prepared P&L documentation type is NOT allowed on Edge Plus Alt Income.

· CPA Prepared P&L documentation type is allowed on Edge Alt Income.

Additionally, the employment requirements for wage earner borrowers qualifying under the Access and Elite One Year Full Doc program were clarified as noted below, effective immediately for all loans.

Access & Elite – Alt Income
Topic	Previous Guideline	New Guideline
One Year Full Doc – Wage Earner Requirements	Silent	Borrower must have two (2) years history of employment in same industry and one (1) year continuous employment at current job.

The revised Arc Guideline Update Summary, which provides a side-by-side comparison of the guideline changes, will be published on the website soon. The updated program matrices will be published on the website soon (HERE). As a reminder, the Arc Underwriting Guide is available within the SPARC portal HERE.