The Federal Housing Finance Agency (FHFA) has announced 2020 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.

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 2020 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 2019 limit.

2020 loan limits will be incorporated into DU the weekend of December 7, 2019. Freddie Mac has not provided a specific date for LP incorporation other than it will occur in early December.

REMN will update Fannie Mae and Freddie Mac guidelines with these new limits in our December guideline release.

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

REMN Wholesale is pleased to announce that effective Wednesday, October 30 the REMN-generated initial disclosure package will include all Federal and State disclosures.

Here are some important details about this feature:

  • This is available for brokers that have transitioned over to the Hub, REMN’s new portal.
  • When brokers select REMN to prepare their initial disclosure package, they will no longer need to send out a separate disclosure package to their borrowers as previously required. REMN’s initial disclosure package is now inclusive of Federal and State disclosures.
  • There is no process change for brokers in the Hub. Brokers will still submit a request for disclosures as per current process.
  • Broker needs to ensure all pertinent loan data fields are completed in the Hub or a 3.2 is uploaded. The loan data information in the Hub will transmit over to complete the 1003.
  • REMN will send the Loan Officer of record the 1003 and other required disclosures to e-sign simultaneously when sending the borrower the initial disclosure package.
  • The broker is still responsible for providing product-specific disclosures.
  • The broker will no longer need to provide a signed 1003 upfront, as this is now included in the REMN initial disclosure package. All other documents required for initial disclosure generation are still required.
  • Brokers can find training material at https://remnwholesale.zendesk.com/hc/en-us/categories/360001941514-Training-Materials.

Please contact your Account Executive with any questions.

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Texas due to tropical storm Imelda.

Declaration Date: October 4, 2019
Incident Period: September 17, 2019 through September 23, 2019

The following counties require re-inspection:
• Chambers, Harris, Jefferson, Liberty, Montgomery, and Orange

If the subject property is located in one of the above counties and the appraisal was completed on or before September 23, 2019 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 on the following:
• FNMA transaction with a property inspection waiver (PIW) from DU or an automated collateral evaluation (ACE) from LPA

NOTE: A 2075/CDAIR is not required on an FHA Streamline or VA IRRRL transaction.

In the event significant damage is indicated on the 1004D, 2075, or CDAIR additional conditions may apply. The report must comment on the impact the disaster had on the value and marketability of the property.

Please contact your Account Executive with any questions.

REMN Wholesale, an industry leader in customer service and consistent same day turn times, is introducing their revamped portal on Monday, July 1, 2019. Appropriately named The Hub (hub.remnwholesale.com), the new portal will provide a central location for partners to submit and manage their pipeline. The Hub allows REMN’s customers to initiate live chats with helpdesk experts, request locks and extensions, organize multiple submissions, track the status of loans, and other tasks critical to the success of the broker and emerging banker channels.

“The Hub was created from the ground up to align with our core mission that we consistently need to earn our customer’s next loan,” said Julie McCall, REMN’s VP of Operations. “Our team has worked tirelessly to develop a system that leverages the latest technology to improve efficiency while maintaining the human element that defines our brand.”

The Hub was designed in lockstep with feedback from some of REMN’s most active customers as a way to meet the needs of the modern originator. REMN’s partners played a crucial role in identifying gaps in the initial planning of The Hub and guiding changes to ensure the portal exceeded the needs of those it was designed to serve.

“When we began brainstorming The Hub, we realized right immediately that the best way to develop the portal was to make sure the end users, our partners in the real world, were involved in the development process,” continued McCall.

Brett Lopes, President of Intercounty Mortgage in Hazlett, New Jersey, was one of the most vocal testers in the development of The Hub for REMN.

“The Hub is a gamechanger. It allows me and my sales team to spend more time originating loans and my processors love the intuitive design and ease of use. REMN Wholesale is my go-to lender” commented Lopes.

In keeping with REMN Wholesale’s commitment to white-glove customer service, The Hub will be rolled out in phases to provide its partners with adequate onboarding support during the launch. REMN will be communicating specific roll-out dates directly with their partners.

“The introduction of new technology is often a pain point in the mortgage industry, something REMN is dedicated to avoiding with the launch of The Hub,” continued McCall. “REMN
Wholesale’s training department is ready to provide private demo webinars and follow-up training sessions between July and September.”

To request additional training assistance and materials, please email remnportalhelp@remn.com.
REMN will also be showcasing a live demo of The Hub at the NAMB Annual Convention in September and AIME Fuse in October in Las Vegas.

More information on REMN Wholesale can be found on Facebook at www.facebook.com/REMNWholesale, on Twitter at www.twitter.com/REMN_Wholesale or on the company’s website at www.remnwholesale.com.

About REMN Wholesale
REMN is a national wholesale lender, servicing brokers and bankers across the country, providing products with an unwavering emphasis on customer service. Their industry-leading, same-day turn times on new files, combined with their commitment to solving problems with live human beings, has helped REMN to become one of the most trusted wholesale lenders in the country. REMN offers a full range of government and conventional loans as well as a full suite of renovation and non-QM products, supported by regular training opportunities, an award-winning closing department, and a dedicated internal helpdesk.

REMN Wholesale is a division of HomeBridge Financial Services, Inc., DBA Real Estate Mortgage Network.

REMN Wholesale has added Asset Qualifier to its Simple Access suite of products.

This program is designed for borrowers who are sound credit risks based on a common-sense approach to underwriting.

• Loan amounts up to $3.5MM
• Interest only feature available with no reduction to LTV
• No Income Documentation necessary
• Credit scores down to 620
• Recent credit events allowed with compensating factors
• All occupancy types allowed
• 5/1, 7/1, 10/1 ARM, 15yr Fixed and 30yr Fixed
• Multiple-financed properties
• Non-warrantable condos are allowed

Qualification is determined solely based on the borrower’s liquid assets and assets that they can liquidate without restriction.

Total liquid assets must meet the sum of the below:

• 100% of loan amount
• Closing costs and pre-paids
• Reserves required per program
• 60 months of total debt

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

Please contact your Account Executive with any questions.

REMN Wholesale’s tax service fee will be changing with new loans submitted on or after March 18, 2019.

Our tax service fee will be reduced from $83 to $70 on the following products:

• Conventional (Fannie/Freddie)
• Jumbo/Jumbo Flex
• Non-QM (Elite Plus, Expanded Plus, and Simple Access)

Please contact your Account Executive with any questions.

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

Declaration Date: March 5, 2019
Incident Period: March 3, 2019

The following county requires a re-inspection:

• Lee

If the subject property is located in the above county and the appraisal was completed on or before March 3, 2019 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 Alaska due to the earthquake.

Declaration Date: January 31, 2019
Incident Period: November 30, 2018

The following boroughs require a re-inspection:
• Anchorage, Kenai Peninsula, and Matanuska-Susitna

If the subject property is located in one of the above boroughs and the appraisal was completed on or before November 30, 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: January 31, 2019

REMN Wholesale is pleased to announce that we will be transitioning to a new servicing platform effective Friday, February 1, 2019. Due to this update, our mortgagee clause and payment address are changing.

New Mortgagee Clause (Including Hazard, Flood, Wind, Hail, etc.)

Homebridge Financial Services, Inc. D/B/A Real Estate Mortgage Network

ISAOA/ATIMA
P.O. Box 202028
Florence, South Carolina 29502-2028

PLEASE NOTE: If the insurance policy has already been received and approved with our prior mortgagee clause, there is no need to obtain an updated mortgagee clause. This guidance is effective until February 28, 2019. ANY loans closing March 1, 2019 or later MUST have the new mortgagee clause on all applicable insurance documents.

New Mortgage Payment Address

Payment Processing Center
P.O. Box 11733
Newark, NJ 07101-4733

Please contact your Account Executive with any questions.

DATE: January 29, 2019

REMN Wholesale’s policy for receipt of 2018 W2/1099 forms can be found below. This guidance is applicable for all loan products that require income documentation:

If the AUS findings or program requirements for manually underwritten loans require a W2 or 1099 for income qualification, REMN Wholesale requires receipt of the most recent form. As Federal law mandates that an employer issue a W2 or 1099 by January 31st of the current year, REMN Wholesale will require receipt of the 2018 W2 or 1099 for any loan that is disbursing on or after February 1, 2019.

REMN Wholesale will consider case by case exceptions if the borrower has not received their 2018 W2/1099 form by January 31, 2019.

This policy applies to all pipeline loans.

Please contact your Account Executive with any questions.

Important Changes To Our Broker and Emerging Banker Agreements  Read More