SUBJECT: ARM Availability for Jumbo Elite Product

DATE: May 27, 2022

REMN has made several enhancements to our Jumbo Elite product including the addition of ARMs.

ARM Parameters:

  • 5/6, 7/6, and 10/6 fully amortizing ARM
  • Caps: 2/1/5 (5/6 ARM) or 5/1/5 (7/6 and 10/6 ARM)
  • Index: SOFR (30 Day Average)
  • Margin: 2.75
  • Floor: 2.75
  • No Conversion Option
  • Assumable
  • Qualifying Rates: 5/6 ARM – greater of fully indexed rate or Note Rate + 2% or 7/6 and 10/6 ARM – greater of fully indexed rate or Note Rate
  • Max 80% LTV/CLTV/HCLTV
  • Minimum Credit Score 680
  • ARMs allowed only on Primary Residences and Second Homes
  • Minimum Loan Amounts is $500,000
  • Max DTI of 43%

REMN’s rate sheet reflects ARM pricing and updated guidelines can be found on www.remnwholesale.com.

Please contact your Account Executive with any questions.