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Frequently Asked Questions

Get answers to frequently asked questions.

These are the top trending underwriting and eligibility questions customers have asked us. Visit Ask Poli? to see trending content, find more answers, filter content by topic, and view recently added questions.

Asset Assessment > Verification of Non-Depository Assets

How is donor availability and transfer of gift funds verified? 
What are the documentation requirements for gift funds? 
When can gift funds be used? 
Who are acceptable gift donors? 

Income Assessment > Employment Income

How is variable income calculated? 
What is required when a borrower is employed by family? 

Income Assessment > Self-Employment

Is a profit and loss statement required to document self-employment income? 
What adjustments are made in the cash flow analysis for Schedule C? 
What adjustments are made to the business cash flow analysis for a partnership, LLC, or corporation? 
What is the liquidity test for business income from a partnership, LLC, or S corporation? 
When is a liquidity test required to use self-employment income? 

Mortgage Eligibility > Loan Purpose

How long does a borrower have to be on title to be eligible for a refinance transaction? 
What are the eligibility requirements for a cash-out refinance loan? 
What are the requirements for a delayed financing exception? 
What are the requirements for non-arm's length transactions? 

Mortgage Eligibility > Occupancy Types

What are the requirements for a second home? 

Note: Our Selling and Servicing Guides and their updates, including Guide announcements and release notes, are the official statements of our policies and procedures and control in the event of discrepancies between the information provided here and the Guides.

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