The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of California due to wildfires.

Declaration Date: November 12, 2018
Incident Period: November 8, 2018 through November 25, 2018

The following counties require re-inspection:

• Butte, Los Angeles, and Ventura

If the subject property is located in one of the above counties and the appraisal was completed on or before November 25, 2018 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) or
• Catastrophic Disaster Area Property Inspection Report (CDAIR)

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, 2075, or CDAIR must also be ordered through AMC Settlement Services).

A 2075 or CDAIR 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 Note** FNMA is allowing appraisal waivers to remain in place for Butte, Los Angeles and Ventura Counties – EXCEPT – for the following zip codes:

90263, 90265, 91301, 91302, 91304, 91307, 91320, 91361, 91362, 91367, 91377, 93063, 93065, 95916, 95928, 95938, 95954, 95965, 95969, and 95978.

Loans in these zip codes, where DU had originally issued an appraisal waiver, are no longer eligible for the waiver and a full appraisal will now be required.

FHLMC is allowing the appraisal waiver to be retained. FHLMC has not issued a zip code list and their policy applies to all three (3) Counties.

A condition for a final inspection had been added for any loan where is it required.

Please contact your Account Executive with any questions.

The Federal Housing Finance Agency (FHFA) has announced the 2019 loan limits for FNMA and FHLMC agency loans.

The complete list of counties (including high-cost area counties) can be found via this link: Federal Housing Finance Agency.

REMN limits the maximum loan amount on Freddie Mac transactions to $1,000,000 regardless of the number of units.

**NOTE** Alaska and Hawaii high-cost limits have not been implemented by FHFA, which means loan limits in these states must conform to the general loan limits. REMN Wholesale will provide additional communication regarding how loans will be handled that are above the 2019 limits that do not fund in 2018.

If the loan is a high balance/super conforming loan, it is important to check the loan limit for the property address county as loan limits may be lower than the amount identified in the table above.

The 2019 loan limits may be applied to new submissions and to loans currently in the pipeline. Loans may receive an “Approve/Ineligible” or “Accept/Ineligible” finding, however, REMN will accept if the only ineligible reason is due to the loan amount exceeding the 2018 limit.

2019 loan limits will be incorporated into DU the weekend of December 8, 2018, and LP the weekend of December 1, 2018.

REMN will update our Fannie Mae and Freddie Mac guidelines with these new limits in the near future.

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

REMN Wholesale is pleased to announce enhancements to the Simple Access program.

Full product guidelines can be found on www.Remnwholesale.com

Key Product Changes:
• Maximum LTV/CLTV increased to 85% for 1-4-unit primary residence transactions. For transactions in which the LTV/CLTV is 80.01% to 85%:
• Purchase and rate/term transactions only
• Minimum 720 credit score
• Maximum loan amount $1,500,000
• Maximum DTI 43%
• 2 full appraisals required for loan amounts >$750,000
• 5% borrower own funds required (purchase transactions)
• Additional 6 months reserves required
• Maximum loan amount and maximum cash-out increased to $3,500,000 (formerly $3,000,000) for 1-4-unit primary residence and 1-unit second home transactions with a minimum 680 credit score
• 80% LTV/CLTV for purchase and rate/term refinance transactions with a FICO of 720 and $3,000,000 loan amount
• 75% LTV/CLTV for cash-out transactions with a FICO of 720 and $3,000,000 loan amount
• Legal accessory unit rental income now eligible for all documentation types
• Up to 50% of the proceeds from the sale of the borrower’s current primary residence that will not close prior to the subject transaction closing may be used to satisfy reserve requirements subject to specific requirements
• U.S. citizens living overseas that have a credit score, but do not meet tradeline
requirements, are eligible subject to specific requirements
• The waiting period for significant derogatory credit events (BK, foreclosure, etc.) is
measured from the applicable end date to the Note date (formerly was application date)

Bank Statement Option:
• Income from investments eligible using 24 months personal bank statements

Full Documentation Option:
• Interim financials may be used to determine qualifying income for self-employed borrowers
• The review period for averaging of capital gains was reduced from 3 years to 2 years

Investor Cash Flow Option:
• Interest-only payment can be used to calculate the DCSR with the following parameters:
o The borrower’s credit score must be a minimum of 20 points above the minimum
required based on the transaction type, loan amount, and LTV, and
o The LTV must be a minimum 5% below the maximum LTV allowed for the transaction
o An additional 9 months PITIA reserves required in addition to the standard reserve requirement.

Please contact your Account Executive with any questions.

REMN Wholesale is pleased to announce updates to the Expanded Plus program.

Full product guidelines can be found on www.remnwholesale.com.

Key Product Changes:

Qualifying Rates:
• Qualify at the greater of the Start Rate or Fully Indexed Rate (i.e. Current Index + Margin) for income ratio calculations. The same rule applies to the Interest- Only programs (using the same criteria mentioned above, but it will be amortized over the remaining period after the IO period (25 years)

Credit History
• Two (2) open and active tradelines reporting for at least 24 months with activity in the last 12 months are required

Mortgage/Rental History
• 0 x 30 in the previous 12 months (no exceptions) as evidenced by a credit report, 12 months canceled checks, or an institutional VOM/VOR
• 12 months of canceled checks or bank statements must be obtained if the borrower is making payments to an individual or interested party
• Properties owned free and clear are considered 0 x 30

Assets
• No more than 50% of the business funds can be used for the down payment and closing costs. Unused balance may be utilized to meet reserve requirements OR;
• A letter from a CPA must be obtained verifying that the withdrawal/use of funds for the transaction will not have a negative impact on the business

Appraisal
• The appraisal report must be completed within 120 days of closing. A recertification of value is required after 120 days and is allowed up to 180 days. A new appraisal is required after 180 days
• Repair Escrows: Escrow holdbacks for work completion are not allowed

Full Doc and Alt Doc 24 – Purchase/Rate and Term Refinance
• 1-unit max loan amount of $2,500,000; FICO 660-699 and max LTV of 60%
• 2-4 units max loan amount $2,500,000; FICO 700+ and max LTV of 65%
• 2-4 units max loan amount $2,500,000; FICO 660-699 and max LTV of 60%

Alt Doc 24 and Alt Doc 12
• Bank statements must either be personal or business – cannot be a combination of both

Asset Depletion
• Clarification that 70% of stocks & bonds may be used for eligible assets

Please contact your Account Executive with any questions.

REMN Wholesale is pleased to announce additional enhancements and clarifications to our position on third party processing fees and the eligibility of these based on whether the broker compensation is lender paid or borrower paid.

Third Party Processing Company Requirements:

When a third party processing company is used, the following items are required:

(1) An invoice that includes the processing company NMLS ID; and
(2) Completed and executed Broker Affiliate Certification (located on our website at www.remnwholesale.com).

Third party processing fees are allowed as detailed below:

 

 

 

 

 

*Must be included in the 1% Origination Fee

LE/CD and QM 3% Points and Fees Test

 

 

 

This new guidance applies to loans submitted on or after November 13, 2018. If you have any questions, please contact your Account Executive.

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Wisconsin due to severe storms, tornadoes, straight-line winds, flooding, and landslides.

Declaration Date: October 18, 2018
Incident Period: August 17, 2018 through September 14, 2018

The following counties require re-inspection:
• Crawford, Dane, Juneau, La Crosse, Marquette, Monroe, Richland, Sauk and Vernon

If the subject property is located in one of the above counties and the appraisal was completed on or before August 17, 2018 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) or
• Catastrophic Disaster Area Property Inspection Report (CDAIR)

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, 2075, or CDAIR must also be ordered through AMC Settlement Services).

A 2075 or CDAIR 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.

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Georgia due to Hurricane Michael.

Declaration Date: October 14, 2018
Incident Period: October 9, 2018, through October 23, 2018.

The following counties require re-inspection:

• Baker, Calhoun, Clay, Crisp, Decatur, Dougherty, Early, Grady, Laurens, Lee, Miller, Mitchell, Randolph, Seminole, Sumter, Terrell, Thomas, Tift, Turner, and Worth

If the subject property is located in one of the above counties and the appraisal was completed on or before October 23, 2018 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) or
• Catastrophic Disaster Area Property Inspection Report (CDAIR)

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, 2075, or CDAIR must also be ordered through AMC Settlement Services).

A 2075 or CDAIR 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.

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

Declaration Date: October 11, 2018
Incident Period: October 7, 2018 through October 19, 2018

The following counties require re-inspection:

• Bay, Calhoun, Franklin, Gadsden, Gulf, Holmes, Jackson, Leon, Liberty, Taylor, Wakulla, Washington

If the subject property is located in one of the above counties and the appraisal was completed on or before October 19, 2018, 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) or
• Catastrophic Disaster Area Property Inspection Report (CDAIR)

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, 2075, or CDAIR must also be ordered through AMC Settlement Services).

A 2075 or CDAIR 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.

DATE: October 1, 2018

REMN Wholesale is pleased to announce the Simple Access program is now available to our clients.
Full product guidelines can be found on www.remnwholesale.com and the REMN rate sheet reflects the pricing for Simple Access.

Simple Access loans will require a manual lock. Brokers must complete the REMN Manual Lock Request form found under General Forms on www.remnwholesale.com. The completed lock request should be emailed to remnlock@remn.com.

Product Highlights:

There are three documentation options:

  • Bank Statement
    • Available for self-employed borrowers
    • 12 or 24 months personal or business bank statements (multiple accounts allowed)\
    • Personal bank statement qualifying income – total deposits divided by 12 or 24 months
    • Business bank statement income can be determined by several methods
      • CPA letter for expense ratio, or
      • Deposits less withdrawals, or
      • Profit and Loss Statement, or
      • Uniform expense ratio
  • Full Doc
    • Available for salaried or self-employed borrowers
  • Investor Cash Flow
    • Uses only rental income from the subject investment property to determine cash flow
    • Rents are determined using 100% of the lessor of the current rent or market rent as determined by the appraiser
    • Employment and income are not verifiedLoans are not subject to ATR or HPML requirements as they are considered business purpose loans
  • ARM and Fixed rates available (including interest-only)
  • Minimum FICO 620
  • Maximum 80% LTV/CLTV
  • All occupancy types allowed
  • Loan amounts up to $3MM
  • 1-4 unit primary residence, 1-unit second home, 1-4 unit investment properties
  • Simple Access NOT available to Emerging Bankers

Please contact your Account Executive with any questions.

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of South Carolina due to Hurricane Florence.

Declaration Date: September 16, 2018
Incident Period: September 8, 2018 through October 8, 2018

The following counties require re-inspection:

• Chesterfield, Darlington, Dillon, Florence, Georgetown, Horry, Marion, Marlboro

If the subject property is located in one of the above counties and the appraisal was completed on or before October 8, 2018, 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) or
• Catastrophic Disaster Area Property Inspection Report (CDAIR)

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, 2075, or CDAIR must also be ordered through AMC Settlement Services).

A 2075 or CDAIR 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.

Important Changes To Our Broker and Emerging Banker Agreements  Read More