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Short-Term Rental Income Calculations Changed
Thursday, August 10, 2017
Mac has made some changes to the way in which lenders must handle rental income.
The changes are primarily aimed at
determining the stability of that income, especially when it is short term and
does not involve a lease. The changes
apply to loans with settlement dates on or after February 9, 2018, but sellers
can, if they wish, implement them in their entirety immediately.
company says the changes to rental income requirements reflect changes in the
rental market such as short-term rental income and are intended to support the
determination of stability, calculation of rental income, and a reasonable
expectation that rental income will continue.
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