Today HUD announced major changes to their guidelines for borrowers with Deferred Action for Childhood Arrivals (DACA) status. These changes are effective immediately and apply to new loan submission as well as pipeline loans. The following guidelines now apply to borrowers under this category:

  • The property must be the borrower’s principal residence;
  • The borrower must have a valid Social Security Number (SSN), except for those employed by the World Bank, a foreign embassy, or equivalent employer identified by HUD;
  • The borrower must be eligible to work in the U.S., as evidenced by the Employment Authorization Document issued by the USCIS; and
  • The borrower must satisfy the same requirements, terms, and conditions as those for U.S. citizens

The link to HUD’s announcement can be found here.

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

To download this announcement in PDF format click here.

REMN Wholesale is removing all prior overlays on government loans for FICO scores 620-659. These updates are effective immediately and apply to new loans being submitted and pipeline loans.

  • The minimum credit score is now 620 for all transactions (formerly only purchase transactions were allowed on 620-639 FICO scores)
  • DTI per AUS or, for manual underwrites, max allowed per FHA/VA/USDA as applicable (previously max DTI for transactions < 660 FICO was limited to 43% unless cash reserves could be verified)
  • Manual underwrite now eligible for transactions with a credit score of 620-639 (formerly 620-639 FICO required AUS approval only; manual underwrite was ineligible)
  • Gift funds are now allowed per FHA/VA/USDA guidelines (formerly 620-639 FICO, gift funds ineligible for down payment and/or reserves)

Guidelines have been updated and can be found on www.remnwholesale.com.

PLEASE NOTE:  Refinance loans with FICO scores between 620-639 must be manually locked with REMN’s lock desk. The Hub will be updated to remove the lock stop in the near future.

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

To download this announcement in PDF format click here.

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

Declaration Date:  January 12, 2021
Incident Period:  October 26-October 29, 2020

The following counties require re-inspection: Jefferson, Lafourche, Orleans, Plaquemines, St. Bernard, Terrebonne

If the subject property is in one of the above counties and the appraisal was completed on or before October 29, 2020 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.

To download this announcement in PDF format click here.

REMN Wholesale has made significant revisions to our Conventional AMC alignments. Brokers must use the state-specified AMC when ordering an appraisal for any FNMA or FHLMC loan. These changes are effective immediately for any new loan submissions and existing pipeline loans for which an appraisal has not been ordered. Below is an updated AMC map and state-specific details, which can also be found on www.remnwholesale.com. Guidelines have also been updated.

  • Appraisal Tek:  AK, AZ, CA, HI, ID, MT, NM, NV, OR, UT, WA, WY
  • MaxVantage:  DE, MA, MD, NH, PA, RI, VA
  • MMC:  AL, CT, FL, GA, IL, IN, KY, MI, MS, NC, NJ, NY, OH, SC, TN, VT, WI
  • Pendo:  AR, CO, DC, IA, KS, LA, MN, MO, ND, NE, OK, SD, TX, WV
  • Property Val:  ME

Please contact your Account Executive with any questions.

 

To download this announcement in PDF format click here.

REMN is pleased to announce we are removing our higher FICO score overlay for cash-out transactions on FNMA and FHLMC products.

Effective immediately, DU/LP findings relative to credit score may be followed and applies to new submissions as well as pipeline loans.

Guidelines are updated and can be found on www.remnwholesale.com.

If you have any questions, please contact your Account Executive

To download this announcement in PDF format click here.

REMN is providing guidance on W-2/1099 and transcript requirements for 2020.

The following policy applies to any loan closing or signing on or after February 1st, 2021:

2020 W-2/1099 Requirements

Federal law requires employers to issue Wage and Tax Statements (W-2) and form 1099-Misc for the previous year to employees/individuals no later than January 31st of the current year (this year is extended to February 1st, as January 31st falls on a Sunday).

Any loan closing or signing on or after February 1st, 2021 will require a 2020 W-2 and/or 1099 form to be submitted for any applicable qualifying income (in addition to any former years that may be required or were already evaluated). In the event a borrower has not received their 2020 W-2/1099, REMN will consider an exception on a case-by-case basis.

2020 W-2/1099 Transcripts (if required)

Unless advised otherwise due to continued COVID restrictions:  REMN will order W-2/1099 transcripts when required by program or if selected for random transcript processing. The following dates apply only in the event a transcript is required:

Loans Funding on or before March 31, 2021

  • The 2020 W-2/1099 transcript not required

Loans Funding April 1, 2020 through April 30, 2021

  • The 2020 W-2/1099 transcript, OR
  • 2020 “No Record Found”

Loans Funding on or after May 1, 2021

  • The 2020 W-2/1099 transcript required

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

To download this announcement in PDF format click here.

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

Declaration Date:  December 31, 2020
Incident Period:  October 28-October 29, 2020

The following counties require re-inspection: George, Greene, Hancock, Harrison, Jackson, Stone

If the subject property is in one of the above counties and the appraisal was completed on or before October 29, 2020 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.

To download this announcement in PDF format click here.

Important Changes To Our Broker and Emerging Banker Agreements  Read More