October 13, 2016

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for an incident that occurred in the State of South Carolina.

Declaration Date: October 11, 2016

Incident Period: October 4, 2016

The following counties were identified by FEMA:

  • Beaufort, Berkeley, Charleston, Colleton, Darlington, Dillon, Dorchester, Florence, Georgetown, Horry, Jasper, Marion, and Williamsburg.

If the subject property is located in one of the above counties and the appraisal was completed on or before October 4, 2016 REMN Wholesale will require one of the following:

  • Borrower affidavit stating property has not been damaged or otherwise adversely affected by Hurricane Matthew AND one of the below:
  • An Appraisal Update and/or Completion Report (Fannie Mae Form 1004D), or
  • A Desktop Underwriter Property Inspection Report (Fannie Mae Form 2075).

REMN Wholesale prefers the original appraiser provide the 1004D or 2075 however REMN Wholesale will accept the report from any appraiser as long as the original Appraisal Management Company assigns the appraiser (i.e. if the original appraisal order was placed through AMC Settlement Services, the 1004D or 2075 must also be ordered through AMC Settlement Services).

A 2075 is also required for the three (3) months following the end date of the incident period on the following:

  • FNMA transaction with a property inspection waiver (PIW).
  • FHA Streamline without an appraisal.
  • VA IRRRL.

In the event significant damage is indicated on the 1004D or 2075 additional conditions may apply.

Please contact your Account Executive with any questions.

October 13, 2016

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for an incident that occurred in the State of Georgia.

Declaration Date: October 8, 2016

Incident Period: October 4, 2016

The following counties were identified by FEMA:

  • Bryan, Camden, Chatham, Glynn, Liberty, and McIntosh Counties

If the subject property is located in one of the above counties and the appraisal was completed on or before October 4, 2016 REMN Wholesale will require one of the following:

  • Borrower affidavit stating property has not been damaged or otherwise adversely affected by Hurricane Matthew AND one of the below:
  • An Appraisal Update and/or Completion Report (Fannie Mae Form 1004D), or
  • A Desktop Underwriter Property Inspection Report (Fannie Mae Form 2075).

REMN Wholesale prefers the original appraiser provide the 1004D or 2075 however REMN Wholesale will accept the report from any appraiser as long as the original Appraisal Management Company assigns the appraiser (i.e. if the original appraisal order was placed through AMC Settlement Services, the 1004D or 2075 must also be ordered through AMC Settlement Services).

A 2075 is also required for the three (3) months following the end date of the incident period on the following:

  • FNMA transaction with a property inspection waiver (PIW).
  • FHA Streamline without an appraisal.
  • VA IRRRL.

In the event significant damage is indicated on the 1004D or 2075 additional conditions may apply.

Please contact your Account Executive with any questions.

October 13, 2016

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for an incident that occurred in the State of North Carolina.

Declaration Date: October 10, 2016

Incident Period: October 4, 2016

The following counties were identified by FEMA:

  • Beaufort, Bertie, Bladen, Columbus, Cumberland, Edgecombe, Greene, Harnett, Hoke, Johnston, Lenoir, Nash, Pitt, Robeson, Sampson, Wayne and Wilson.

If the subject property is located in one of the above counties and the appraisal was completed on or before October 4, 2016 REMN Wholesale will require one of the following:

  • Borrower affidavit stating property has not been damaged or otherwise adversely affected by Hurricane Matthew AND one of the below:
  • An Appraisal Update and/or Completion Report (Fannie Mae Form 1004D), or
  • A Desktop Underwriter Property Inspection Report (Fannie Mae Form 2075).

REMN Wholesale prefers the original appraiser provide the 1004D or 2075 however REMN Wholesale will accept the report from any appraiser as long as the original Appraisal Management Company assigns the appraiser (i.e. if the original appraisal order was placed through AMC Settlement Services, the 1004D or 2075 must also be ordered through AMC Settlement Services).

A 2075 is also required for the three (3) months following the end date of the incident period on the following:

  • FNMA transaction with a property inspection waiver (PIW).
  • FHA Streamline without an appraisal.
  • VA IRRRL.

In the event significant damage is indicated on the 1004D or 2075 additional conditions may apply.

Please contact your Account Executive with any questions.

October 11, 2016

REMN Wholesale is pleased to offer the service for Mortgage Brokers to request REMN prepared Initial Loan Estimates. 

  • REMN WS will complete your initial Loan Estimate (LE), request must be received within 24 hours of application.
  • Initial disclosure package sent to the borrower(s) includes:
    • Loan Estimate
    • Intent to Proceed
    • Settlement Service Provider List
    • Affiliated Business Disclosure
    • Notice of Right to Receive Copy of Appraisal
    • Homeownership Counseling Disclosure
    • E-Consent

How do I submit a request for REMN to prepare the Initial LE?

Visit REMNWholesale.com and click on “Help Desk” then click on “REMN LE Requests.”  Complete the form on the next page and upload required documents directly to the form:

How long does it take to prepare and deliver to the borrower?

REMN Wholesale requires completed forms as indicated above within 24 hours of application date as reflected on the 1003, or on the TRID certification, in order to meet initial disclosure timing requirements.  Upon receipt, REMN will complete the request within 24 hours.

How are the documents delivered to the borrower?

REMN will send a draft LE to the requestor prior to delivery to the borrower.  Once reviewed, the documents will be delivered via BlitzDocs.  Please click here for additional information regarding REMN’s e-consent procedure.

There’s nowhere for me to enter title fees on the request form, how are they being disclosed?

Please review the “Important Information” on the REMN Mini-TRID Request Form.  REMN will disclose standard fees in sections B and C pertaining to the applicable loan type.  We will generate a quote from a national provider, Linear Title and Closing, which will also be disclosed on the Service Provider List.  If your borrower chooses to use Linear, the quote will be honored.  In most cases, the borrower will opt for a different provider.  Once the initial LE and Service Provider List have been issued, the broker may submit a change request with a more customized title & settlement quote from a local provider of their choice.

Will you accept “TBD” properties?

Yes!  REMN will require a Change Request to be submitted as soon as a property has been identified.  Upon receipt of the Purchase Contract, documentation will be reviewed to ensure timing requirements are met, that is – the contract must be dated after the date of the initial LE, and within 3 days of receiving the Change Request.

What’s next?  How do I submit the loan?

When REMN discloses the initial LE, the individual loan number and blitzdocs file will be created where you can view the initial disclosures as well.  When ready to submit the credit package for underwriting, just upload to the loan number in the BlitzDocs file REMN created for you as “** Initial Submission Package** ”  The loan set-up department will review the file and submit to underwriting.  Please note: the initial submission package must include the signed Intent to Proceed from the borrower(s).

Please visit REMNWholesale.com and click on Resources > Training Materials > Requesting an Initial LE from REMN Wholesale for a step-by-step presentation.

 

Please contact your Account Executive with any questions.

October 11, 2016, rev. October 14, 2016

REMN Wholesale is pleased to announce revisions to our Conventional AMCs in the States of Utah and Virginia for Broker Loans to ACT Appraisal Management, Integrity Appraisal Management for Texas, and Property Val for the state of Maine as reflected below.

  • ACT Appraisal Management (AR, AZ, CA, IL, MN, MT, NE, NM, NV, OK, PA, UT, VA, WY)
  • Integrity Appraisal Management (TX)
  • Mortgage Management Consulting (All other states)
  • Nationwide Property and Appraisal Services (ID)
  • Property Val (ME)

This change is effective immediately.

A complete list of all approved AMCs for FHA, USDA, and all Emerging Banker Loans can be found on the Broker Portal.

Please contact your Account Executive with any questions.

September 29, 2016 rev 9/30/16

 

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Florida due to Hurricane Hermine

Declaration Date: September 28, 2016

Incident Period: August 31, 2016- September 12, 2016

The following counties were identified by FEMA:

  • Citrus, Dixie, Hernando, Hillsborough, Leon, Levy, Pasco and Pinellas

If the subject property is located in one of the above counties and the appraisal was completed on or before September 12, 2016 REMN Wholesale will require one of the following:

  • An Appraisal Update and/or Completion Report (Fannie Mae Form 1004D), or
  • A Desktop Underwriter Property Inspection Report (Fannie Mae Form 2075).

REMN Wholesale prefers the original appraiser provide the 1004D or 2075 however REMN Wholesale will accept the report from any appraiser as long as the original Appraisal Management Company assigns the appraiser (i.e. if the original appraisal order was placed through AMC Settlement Services, the 1004D or 2075 must also be ordered through AMC Settlement Services).

A 2075 is also required for the three (3) months following the end date of the incident period on the following:

  • FNMA transaction with a property inspection waiver (PIW).
  • FHA Streamline without an appraisal.
  • VA IRRRL.

In the event significant damage is indicated on the 1004D or 2075 additional conditions may apply.

Please contact your Account Executive with any questions.

August 2, 2016

REMN Wholesale is pleased to announce revisions to our Conventional AMCs in the state of Illinois for Broker Loans to ACT Appraisal Management as reflected below.

  • ACT Appraisal Management (AR, AZ, CA, IL, MN, MT, NE, NM, NV, OK, PA, WY)
  • Momentum Appraisal Group, Inc (TX)
  • Mortgage Management Consulting (All other states)
  • Nationwide Property and Appraisal Services (ID)

This change is effective immediately.

A complete list of all approved AMCs for FHA, USDA, and all Emerging Banker Loans can be found on the Broker Portal.

Please contact your Account Executive with any questions.

Effective August 1, 2016

 

Mortgagee Letter 2016-06 has updated the HUD 92900-A, HUD/VA Addendum to Uniform Residential Loan Application form effective for case numbers assigned on or after August 1, 2016.

Click here for the new required document.

 

Please Note:  Broker and Emerging Banker originators must continue to use the previous version for all case numbers dated on or before July 31, 2016.

 

Please contact your Account Executive with any questions.

Effective July 18th, 2016

REMN Wholesale is pleased to announce we will be offering the Expanded Plus program.  Self-employed borrowers using alternative documentation will benefit from the flexibility offered by the Expanded Plus Program.

Highlights of Expanded Plus are provided below.

  • Expanded Plus documentation options:
  • Full Doc and Alt-Doc Limited are available for wage earner/salaried and self-employed borrowers.
  • Alt-Doc 24 and Alt-doc 12 are available for self-employed borrowers with > 25% or more ownership interest in a business. Borrower is qualified using the applicable number of month’s personal bank statements.
  • Asset Depletion is eligible as a stand-alone options or to supplement other income to lower DTI.
  • Minimum credit score 660
  • 1-4 owner-occupied, 1-unit second home, and 1-4 unit investment properties eligible
  • SFD, PUD, condo (FNMA warrantable), site/detached condos, and modular properties eligible
  • Purchase, rate/term and cash-out allowed
  • Permanent resident aliens, first-time homebuyers, and non-occupant co-borrowers eligible (blended ratios allowed for non-occupant c-borrowers)
  • Maximum loan amount $2,500,000
  • Maximum LTV 75% (determined by documentation option, credit score, and property type; refer to the Expanded Plus program guidelines for details)
  • Maximum DTI is determined by LTV:
  • > 65% LTV: 50%
  • ≤ 65% LTV: 55%
  • Maximum DTI for First Time Homebuyer is determined by LTV and Documentation option:
  • Full doc
  • > 65% LTV: 50%
  • ≤ 65% LTV: 55%
  • All other documentation options (Alt-doc 24, 12, Alt-Doc Limited)
  • Maximum 43% DTI
  • Residual Income is required as follows:
  • DTI ≤ 43% not required
  • DTI > 43% requires residual income:
  • Residual income is defined as qualifying income minus total monthly obligations
  • The Required amount of residual income is determined by: Subject loan amount multiplied by .45% equals amount of required residual income.  (i.e. loan amount x .45% = amount of required residual income)
  • Down payment requirement determined by documentation option:
  • Full Doc, owner occupied: Minimum 10% borrower own funds
  • All others (occupancy and documentation options): minimum 30% borrower own funds
  • Gift funds, from an immediate family member, eligible after borrower own funds requirement met
  • Mortgage/rental history: 0x30 in previous 12 months (no exceptions)
  • Two year employment history in same job or same line of work. Sel-employed borrowers require business to be in existence for a minimum of 2 years
  • Borrowers with derogatory credit eligible with 12 months seasoning from event end date to application date
  • Borrower may have up to four (4) financed properties, including subject
  • No seasoning requirement for refinance transaction
  • Reserve requirements determined by loan amount
  • An “Approve/Ineligible” or “Refer” AUS finding is required. After AUS submission, REMN WS will manually underwrite the loan
  • 5/1 LIBOR ARM only
  • Available in all states with the exception of: IL, NE and NY
  • The following are ineligible on the Expanded Plus program:
  • Inter-vivos trust
  • Appraisal Transfers
  • Power of Attorney
  • Non-permanent resident aliens
  • Limited and general partnerships, corporations and LLC entities as the borrower type.
  • The Expanded Plus program is not available for Emerging Bankers
  • The commitment fee buyout option is not eligible on the Expanded Plus program.

The following have been posted on REMN Wholesale website:

  • Expanded Plus Guidelines
  • Expanded Plus Documentation Option Comparison
  • Updated Loan Submission Form

Expanded Plus loans will require a manual lock.  Brokers should complete the REMN Manual Lock Request form, located on the broker portal, under the “current pricing” page.

Email the completed form to remnlock@remn.com .

The REMN rate sheet will reflect Expanded Plus pricing effective July 18, 2016.

If you have any questions, please contact your Account Executive.

Effective July 18th, 2016

REMN Wholesale is pleased to announce we will be offering the Expanded Plus program.  Self-employed borrowers and borrowers using alternative documentation will benefit from the flexibility offered by the Expanded Plus Program.

 

Highlights of Expanded Plus are provided below.

 

  • Expanded Plus documentation options:
    • Full Doc and Alt-Doc Limited are available for wage earner/salaried and self-employed borrowers.
    • Alt-Doc 24 and Alt-doc 12 are available for self-employed borrowers with > 25% or more ownership interest in a business. Borrower is qualified using the applicable number of month’s personal bank statements.
    • Asset Depletion is eligible as a stand-alone options or to supplement other income to lower DTI.
  • Minimum credit score 660
  • 1-4 owner-occupied, 1-unit second home, and 1-4 unit investment properties eligible
  • SFD, PUD, condo (FNMA warrantable), site/detached condos, and modular properties eligible
  • Purchase, rate/term and cash-out allowed
  • Permanent resident aliens, first-time homebuyers, and non-occupant co-borrowers eligible (blended ratios allowed for non-occupant c-borrowers)
  • Maximum loan amount $2,500,000
  • Maximum LTV 75% (determined by documentation option, credit score, and property type; refer to the Expanded Plus program guidelines for details)

 

  • Maximum DTI is determined by LTV:
    • > 65% LTV: 50%
    • ≤ 65% LTV: 55%
  • Maximum DTI for First Time Homebuyer is determined by LTV and Documentation option:
    • Full doc
      • > 65% LTV: 50%
      • ≤ 65% LTV: 55%
    • All other documentation options (Alt-doc 24, 12, Alt-Doc Limited)
      • Maximum 43% DTI

 

  • Residual Income is required as follows:
    • DTI ≤ 43% not required
    • DTI > 43% requires residual income:
      • Residual income is defined as qualifying income minus total monthly obligations
      • The Required amount of residual income is determined by: Subject loan amount multiplied by .45% equals amount of required residual income.  (i.e. loan amount x .45% = amount of required residual income)

 

  • Down payment requirement determined by documentation option:
    • Full Doc, owner occupied: Minimum 10% borrower own funds
    • All others (occupancy and documentation options): minimum 30% borrower own funds
  • Gift funds, from an immediate family member, eligible after borrower own funds requirement met
  • Mortgage/rental history: 0x30 in previous 12 months (no exceptions)
  • Two year employment history in same job or same line of work. Sel-employed borrowers require business to be in existence for a minimum of 2 years
  • Borrowers with derogatory credit eligible with 12 months seasoning from event end date to application date
  • Borrower may have up to four (4) financed properties, including subject
  • No seasoning requirement for refinance transaction
  • Reserve requirements determined by loan amount
  • An “Approve/Ineligible” or “Refer” AUS finding is required. After AUS submission, REMN WS will manually underwrite the loan
  • 5/1 LIBOR ARM only
  • Available in all states with the exception of: IL, NE and NY
  • The following are ineligible on the Expanded Plus program:
    • Inter-vivos trust
    • Appraisal Transfers
    • Power of Attorney
    • Non-permanent resident aliens
    • Limited and general partnerships, corporations and LLC entities as the borrower type.
  • The Expanded Plus program is not available for Emerging Bankers
  • The commitment fee buyout option is not eligible on the Expanded Plus program.

 

The following have been posted on REMN Wholesale website:

  • Expanded Plus Guidelines
  • Expanded Plus Documentation Option Comparison
  • Updated Loan Submission Form

 

Expanded Plus loans will require a manual lock.  Brokers should complete the REMN Manual Lock Request form, located on the broker portal, under the “current pricing” page.

Email the completed form to remnlock@remn.com .

 

The REMN rate sheet will reflect Expanded Plus pricing effective July 18, 2016.

If you have any questions, please contact your Account Executive.

Important Changes To Our Broker and Emerging Banker Agreements  Read More