Subject:  REMN’s Renovation Lending Software Launch

Date:  September 20, 2021

 

REMN Wholesale is pleased to announce the rollout of new software that will assist brokers in managing their renovation transactions with us.

REMN’s Renovation Lending Software will go live Monday September 27, 2021 and offers many benefits for renovation loans:

Key Highlights:

  • Central repository for all renovation docs
  • Renovation condition manager, checklist, and progress bar
  • Pipeline manager capabilities for reno loans
  • Real time and customized reporting for loan pre & post-closing
  • Automated email follow-ups to contractors, consultants, brokers, and borrowers
  • Built-in consultant and contractor database and mapping
  • Consultant software tie-in for seamless transfer of numbers and descriptions
  • Draw accounting snapshot
  • Real time updates with time stamps
  • Improved communication between all parties
  • Availability for all parties to view and keep track of pipeline, documents, draws and progress

REMN is offering two sessions for our clients to learn all about the benefits of our Renovation Lending Software (select the training link to register):

  1. Monday, September 27, 2021, from 12:00pm – 1:00pm EST (Click Here to Register)
  2. Tuesday, September 28, 2021, from 2:00pm – 3:00pm EST (Click Here to Register)

Please contact your Account Executive with any questions.

Subject:  FEMA Disaster Declaration for Pennsylvania

Date:  September 13, 2021

 

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Pennsylvania due to remnants of hurricane Ida.

Declaration Date:  September 10, 2021
Incident Period:  August 31, 2021 – September 5, 2021

The following counties require re-inspection:  Bucks, Chester, Delaware, Montgomery, Philadelphia, York

If the subject property is in one of the above counties and the appraisal was completed on or before August 31, 2021, 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), and
VA transactions only (when appraisal was required): A signed letter and Veteran Certification

REMN Wholesale prefers the original appraiser provide the 1004D or 2075 however REMN 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 MMC, the 1004D, 2075, or CDAIR must also be ordered through MMC).

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.

Subject:  FEMA Disaster Declaration for North Carolina

Date:  September 10, 2021

 

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of North Carolina due to remnants of tropical storm Fred.

Declaration Date:  September 8, 2021
Incident Period:  August 16 – August 18, 2021

The following counties require re-inspection:  Buncombe, Haywood, Transylvania

If the subject property is in one of the above counties and the appraisal was completed on or before August 16, 2021 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), and
VA transactions only (when appraisal was required): A signed letter and Veteran Certification

REMN Wholesale prefers the original appraiser provide the 1004D or 2075 however REMN 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 MMC, the 1004D, 2075, or CDAIR must also be ordered through MMC).

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.

Subject:  FEMA Disaster Declaration for New York

Date:  September 8, 2021, rev. September 14, 2021

 

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of New York due to remnants of Hurricane Ida.

Declaration Date:  September 5, 2021
Incident Period:  September 1 – September 3, 2021

The following counties require re-inspection: Bronx, Kings, Nassau, Queens, Richmond, Suffolk, Westchester

If the subject property is in one of the above counties and the appraisal was completed on or before September 1, 2021REMN 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), and
VA transactions only (when appraisal was required): A signed letter and Veteran Certification

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

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.

Subject:  FEMA Disaster Declaration for New Jersey

Date:  September 8, 2021, rev. September 21, 2021

 

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of New Jersey due to remnants of Hurricane Ida.

Declaration Date:  September 5, 2021
Incident Period:  September 1 –September 3, 2021

The following counties require re-inspection: Bergen, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Morris, Passaic, Somerset, Union, Warren

If the subject property is in one of the above counties and the appraisal was completed on or before September 1, 2021REMN 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), and
VA transactions only (when appraisal was required): A signed letter and Veteran Certification

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

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.

Subject:  FEMA Disaster Declaration for Louisiana

Date:  September 1, 2021

 

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

Declaration Date:  August 29, 2021
Incident Period:  August 26, 2021-ongoing

The following counties require re-inspection:

  • Ascension
  • Assumption
  • East Baton Rouge
  • East Feliciana
  • Iberia
  • Iberville
  • Jefferson
  • Lafourche
  • Livingston
  • Orleans
  • Plaquemines
  • Pointe Coupee
  • St. Bernard
  • St. Charles
  • St. Helena
  • St. James
  • St. John the Baptist
  • St. Martin
  • St. Mary
  • St. Tammany
  • Tangipahoa
  • Terrebonne
  • Washington
  • West Baton Rouge
  • West Feliciana

 

If the subject property is in one of the above counties and the appraisal was completed on or before August 26, 2021 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), and
  • VA transactions only (when appraisal was required): A signed letter and Veteran Certification

 

REMN Wholesale prefers the original appraiser provide the 1004D or 2075 however REMN 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 MMC, the 1004D, 2075, or CDAIR must also be ordered through MMC).

 

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.

Subject:  FEMA Disaster Declaration for California

Date:  August 26, 2021

 

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

Declaration Date:  August 24, 2021
Incident Period:  July 14, 2021-ongoing

The following counties require re-inspection: Lassen, Nevada, Placer, Plumas

If the subject property is in one of the above counties and the appraisal was completed on or before July 14, 2021 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), and
  • VA transactions only (when appraisal was required): A signed letter and Veteran Certification

REMN Wholesale prefers the original appraiser provide the 1004D or 2075 however REMN 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 MMC, the 1004D, 2075, or CDAIR must also be ordered through MMC).

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.

For a PDF version of this announcement click here.

Please contact your Account Executive with any questions.

Subject:  FEMA Disaster Declaration for Tennessee

Date:  August 26, 2021

 

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Tennessee due to flooding and severe storms.

Declaration Date:  August 23, 2021
Incident Period:  August 21, 2021-ongoing

The following counties require re-inspection: Dickson, Hickman, Houston, Humphreys

If the subject property is in one of the above counties and the appraisal was completed on or before August 21, 2021 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), and
  • VA transactions only (when appraisal was required): A signed letter and Veteran Certification

REMN Wholesale prefers the original appraiser provide the 1004D or 2075 however REMN 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 MMC, the 1004D, 2075, or CDAIR must also be ordered through MMC).

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.

For a PDF version of this announcement click here.

Please contact your Account Executive with any questions.

REMN Wholesale’s Simple Access product has been updated with several positive enhancements – including the addition of Foreign National borrower eligibility.

Key Updates – General

  • 90 LTV to $1.5MM on primary purchase with 720+ FICO
  • 75 LTV to $2.5MM on primary purchase or rate/term refi with 720+ FICO
  • 80 LTV to $1.5MM on a primary cash out refinance with a 720+ FICO
  • Agriculturally Zoned Properties (up to 20ac) are now eligible provided no agricultural use. Exception from investor required prior to closing
  • Removed general LTV restrictions for CT, NJ, NY (declining markets restrictions still apply)
  • Extended age of paystubs, P&L and asset statements to 120 days
  • Extended age of CPA letter to verify self-employment to 60 days
  • Removed gift funds requirement for an applicant contribution for primary residence purchases with LTVs ≤70
  • Removed 0x60x24 requirement for housing payment history
  • Any collections or charge-offs >$250 individually and >$1k aggregate allowed to remain open provided they are evidenced as not impacting title
  • Transferred appraisals acceptable
  • Removed requirement that LLC be single purpose
  • Removed requirement for an attorney opinion letter for LLC

Key Updates – Bank Statement

  • Added allowance for borrowers 1-2 years self-employed
  • Decreased minimum ownership percentage in a business to use business statements to 25% (from 50%)

Key Updates – Investor Cash Flow

  • Added allowance for <1.0 DSCR up to 75 LTV on a purchase with min 700 FICO and min 1-year PPP
  • Increased max LTV to use IO payment to calculate DSCR to 75
  • Added guideline option for waiving landlord history requirement
  • Clarified that taxes, insurance, HOA dues, and other carrying costs for other properties are not required and mortgage statements only required to extent necessary to help validate payment history

Key Highlights – Foreign National Borrowers

Foreign Nationals are defined as Borrowers who do not work in or reside in the U.S. The Borrower must reside in and work in a foreign country

  • An IRS form W-8BEN, Certificate of Foreign Status must be filed with the IRS
  • Legible, valid foreign passport AND visa required
  • No credit report or credit score required* – use 680 for underwriting purposes  *If borrower has a US SSN, credit report must be obtained and reviewed
  • Foreign Nationals utilizing the Asset Qualifier product may only be qualified using method two
  • Assets for reserves asset qualification purposes may remain in a foreign account provided that the institution which is custodian of the funds is on the Acceptable Institution List
  • Minimum 1.00 DSCR for Investor Cash Flow loans
  • Funds to close must be in a US bank account
  • A Know Your Customer (KYC) check to be completed prior to the loan closing
  • Borrowers must complete an ACH agreement signed at closing

** Please note – there are specific data entry requirements when registering a Foreign National loan in the Hub. Please see job aid for details **

This list is not all-inclusive. Refer to the Simple Access guidelines located at www.remnwholesale.com for complete product updates.

For a PDF version of this announcement [click here].

Please contact your Account Executive with additional questions.

SUBJECT:  FEMA Disaster Declaration for Michigan

DATE:  July 23, 2021

 

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Michigan due to severe storms, flooding and tornadoes.

Declaration Date:  July 15, 2021
Incident Period:  June 25-June 26, 2021

The following counties require re-inspection: Washtenaw, Wayne

If the subject property is in one of the above counties and the appraisal was completed on or before June 25, 2021 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), and
  • VA transactions only (when appraisal was required): A signed letter and Veteran Certification

REMN Wholesale prefers the original appraiser provide the 1004D or 2075 however REMN 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 MMC, the 1004D, 2075, or CDAIR must also be ordered through MMC).

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.

Click here to access this announcement in PDF format.