Announcements

2016 Announcements

Announcement 2016 : 24 - FEMA Disaster Declaration – South Carolina

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. […]

Announcement 2016 : 22 - FEMA Disaster Declaration – Georgia

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 […]

Announcement 2016 : 21 - FEMA Disaster Declaration – North Carolina

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, […]

Announcement 2016 : 20 - REMN Prepared Initial Loan Estimate, Broker Channel

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 […]

Announcement 2016 : 19 - Conventional AMC Revisions

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, […]

Announcement 2016 : 23 - FEMA Disaster Declaration – Florida

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 […]

Announcement 2016 : 17 - Conventional AMC Revisions

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) […]

Announcement 2016 : 16 - Revision to HUD 92900-A

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 […]

Announcement 2016 : 15 - Announcing the Expanded Plus Program

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 […]

Announcement 2016 : 15 - Announcing the Expanded Plus Program

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 […]

Announcement 2016 : 14 - Announcing the Jumbo Choice Program

July 6, 2016 REMN Wholesale is pleased to announce the expansion of our Jumbo product offerings to include Jumbo Choice effective July 6, 2016. Jumbo Choice allows lower credit scores, higher LTVs and greater flexibility with derogatory credit events than our standard Jumbo program. Highlights of Jumbo Choice include: Minimum 661 credit score Maximum 90% […]

Announcement 2016 : 13 - Conventional AMC Revisions

July 1, 2016 REMN Wholesale is pleased to announce revisions to our Conventional AMCs in the states of Arizona and California for Broker Loans to ACT Appraisal Management as reflected below. ACT Appraisal Management (AR, AZ, CA, MN, MT, NE, NV, NM, OK, PA, WY) Momentum Appraisal Group, Inc (TX) Mortgage Management Consulting (All other […]

Announcement 2016 : 12 - FEMA Disaster Declaration – West Virginia

June 30, 2016 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Texas due to Severe Storms, and Flooding Declaration Date: June 25, 2016 Incident Period: June 22, 2016 The following counties were identified by FEMA: Clay, Fayette, Greenbrier, Kanawha, Monroe, Nicholas, Pocahontas, Roane, Summers, and Webster. If the subject […]

Announcement 2016 : 11 - FEMA Disaster Declaration – Texas

June 13, 2016, rev June 30, 2016 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Texas due to Severe Storms, and Flooding Declaration Date: June 11, 2016 Incident Period: May 26, 2016 – June 24, 2016 The following counties were identified by FEMA: Austin , Bastrop , Brazoria , Brazos […]

Announcement 2016 : 10 - Expiration of GFE Acceptance

April 29, 2016 Effective Monday 5/2/16 REMN Wholesale will no longer accept new loan submissions with an initial broker application date prior to 10/3/2015. All new loans received on or after 5/2/16 will be required to be in compliance with TRID Regulations.   Please contact your Account Executive with any questions.

Announcement 2016 : 9 - FEMA Disaster Declaration – Texas

April 26, 2016 rev. May 9, 2016 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Texas due to Severe Storms, and Flooding Declaration Date: April 25, 2016 Incident Period: April 17, 2016 – April 24, 2016 The following counties were identified by FEMA: Austin, Colorado, Fayette, Fort Bend, Grimes, […]

Announcement 2016 : 08 - FEMA Disaster Declaration – Mississippi

March 29, 2016 rev. April 13, 2016 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Mississippi due to Severe Storms and Flooding Declaration Date: March 25, 2016 Incident Period: March 9, 2016 The following counties were identified by FEMA: Bolivar , Clarke , Coahoma , Forrest , George , Greene […]

Announcement 2016 : 07 - FEMA Disaster Declaration – Texas

March 21, 2016 rev April 11, 2016 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Texas due to Severe Storms, Tornadoes and Flooding Declaration Date: March 19, 2016 Incident Period: March 7, 2016 The following counties were identified by FEMA: Erath, Gregg, Harrison, Henderson, Hood, Jasper, Limestone,  Marion, Newton, […]

Announcement 2016 : 06 - FEMA Disaster Declaration – Louisiana

March 14, 2016 – Revised March 21, 2016 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Louisiana due to Severe Storms and Flooding Declaration Date: March 13, 2016 Incident Period: March 8, 2016 The following counties were identified by FEMA: Allen, Ascension, Beauregard, Bienville, Bossier, Caddo, Calcasieu, Caldwell, Claiborne, […]

Announcement 2016 : 05 - FEMA Disaster Declaration – Arkansas

February 8, 2016 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Arkansas due to Severe Storms, Tornadoes, Straight-line Winds, and Flooding Declaration Date: February 5, 2016 Incident Period: December 26, 2015 to January 22, 2016 The following counties were identified by FEMA: Benton County, Carroll County, Crawford County, Faulkner […]

Announcement 2016 : 04 - FEMA Disaster Declaration – Missouri

January 21, 2016 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Missouri due to Severe Storms, Tornadoes, Straight-line Winds, and Flooding Declaration Date: January 21, 2016 Incident Period: December 23, 2015 to January 9, 2016 The following counties were identified by FEMA: Barry, Barton, Camden, Cape Girardeau, Cole, Crawford, […]

Announcement 2016 : 03 - FNMA HomeReady Program

January 20, 2016 REMN Wholesale is pleased to announce the release of Fannie Mae’s HomeReady Mortgage, which has replaced the MyCommunityMortgage, effective immediately. HomeReady has been designed for credit worthy, low-moderate income borrowers, with expanded eligibility for home financing in designated communities to support sustainable homeownership.  Highlights of the program include: Low Down Payment Up […]

Announcement 2016 : 02 - Update to Conventional Appraisal Ordering

January 6, 2016 REMN Wholesale has updated the direction Brokers need to take when ordering an appraisal for a Conventional loan. This new procedure is effective immediately. Momentum Appraisal Group, Inc. – must be used for loans in the state of TX Nationwide Property and Appraisal Services – must be used for loans in the […]

Announcement 2016 : 01 - FEMA Disaster Declaration – Mississippi

January 5, 2016 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Mississippi due to Severe Storms, Tornadoes, Straight-line Winds, and Flooding Declaration Date: January 4, 2016 Incident Period: December 23, 2015 to December 28, 2015 The following counties were identified by FEMA: Benton, Coahoma, Marshall, Monroe, Panola, Prentiss, Quitman, […]

2015 Announcements

Announcement 2015 : 29 - New Mortgagee Clause for Insurance

December 7, 2015 REMN Wholesale’s mortgagee clause for homeowners insurance (including hazard, flood, wind and hail) has been updated to the following: HomeBridge Financial Services, Inc. DBA Real Estate Mortgage Network ISAOA / ATIMA P.O. Box 7047 Troy, MI 48007-7047 This mortgagee clause must be used for any loans disbursing on or after December 14, […]

Announcement 2015 : 28 - New Loan Terms for Fixed Rate FHA and VA Loans

November 25, 2015 REMN Wholesale is pleased to announce we have added additional loan terms for the following loan types (fixed rate ONLY): FHA FHA Streamline VA VA IRRRL Loan terms are now available in one year increments (i.e. 21, 22, 23, etc.) for the above products only and do not include Jumbo, Conventional, USDA, […]

Announcement 2015 : 27 - Jumbo Program Updates

November 25, 2015 REMN Wholesale is pleased to announce several enhancements to the Jumbo program. Below are some major highlights of the program updates (refer to program guidelines for all updates): Maximum LTV/CLTV 85% (formerly 80%) 1-unit primary residence purchase and rate/term only Mortgage insurance not required Subordinate financing not allowed Maximum DTI 36% Gift […]

Announcement 2015 : 26 - Massachusetts

November 6, 2015 REMN Wholesale is pleased to announce that Massachusetts is now an eligible state. Effective Monday November 9, 2015 we will accept new submissions for properties located in this state. For conventional loans in Massachusetts, the AMC that needs to be selected is MMC. The guidelines are in the process of being updated, […]

Announcement 2015 : 25 - Broker Draft LE Review

November 6, 2015 REMN Wholesale is pleased to announce a new enhancement to assist brokers with their Loan Estimate (“LE”) preparation. Effective Monday November 9, 2015; we will offer a draft Loan Estimate (“LE”) review for brokers. Brokers who wish to have their draft LE reviewed prior to sending to the borrower can do the […]

Announcement 2015 : 24 - HUD Handbook 4000.1

September 17, 2015 HUD’s Single Family Housing Policy Handbook, HUD Handbook 4000.1, became effective September 14, 2015. This new Handbook replaces and supersedes all prior Handbooks and Mortgagee Letters. REMN Wholesale has published several resources help our business partners navigate through the numerous changes: Updated FHA guidelines based upon the new changes. The pre 9/14/15 […]

Announcement 2015 : 23 - USDA Guarantee Fee Change – Conditional Commitments

September 16, 2015 USDA will be increasing the upfront Guarantee Fee from 2.00% to 2.75% for RD conditional commitments received on or after Thursday, October 1, 2015. Per USDA, GUS applications in a “Final Submission” status with an upfront guarantee fee of 2% must receive a conditional commitment from RD prior to the close of […]

Announcement 2015 : 22 - REMN Wholesale Tax Service Fee

September 16, 2015 Effective with new file submissions on and after October 1, 2015, REMN Wholesale will charge a tax service fee. The tax service fee will be $83 and will be charged on Conventional loans. If you have any questions, please contact your Account Executive.

Announcement 2015 : 21 - Policy Change for FNMA Investment Properties with First Time Homebuyers Using Rental Income

July 16, 2015 Effective immediately for new applications, REMN Wholesale has amended our requirements for FNMA investment properties with first time homebuyers: First time homebuyers purchasing an investment property will no longer be able to use the subject property rental income for qualification purposes If any borrower answers “No” to Declaration Question M on the […]

Announcement 2015 : 20 - FNMA Updates

July 16, 2015 Consistent with FNMA Announcement 2015-07, REMN Wholesale has made the following changes effective immediately for existing pipeline loans as well as new submissions:   CONVERSION OF PRINCIPAL RESIDENCE TO INVESTMENT PROPERTY All unique requirements have been removed, including the 30% equity position Rental income calculation and minimum reserves follow standard guidelines   […]

Announcement 2015 : 19 - LLPA Changes for Fannie Mae and Freddie Mac

July 14, 2015 REMN Wholesale will implement the new FHFA-directed Loan Level Pricing Adjustors (LLPA) to comply with FNMA Announcement SEL-2015-04 made on April 17, 2015 (link to the announcement here). This will apply to all new Fannie Mae and Freddie Mac locks effective July 15, 2015. If you have any questions, please contact your […]

Announcement 2015 : 18 - FHA 203k Loans in the States of Connecticut and New York

July 14, 2015 In order to proactively determine any potential issues with HPML and high cost violations due to state requirements, REMN Wholesale is implementing the below changes effective immediately. These requirements apply ONLY to 203k loans in the states of Connecticut and New York.   The loan MUST be locked at time of submission. […]

Announcement 2015 : 17 - Transition to Birchwood Credit Services Inc. for 4506 Processing

June 29, 2015 REMN Wholesale is partnering with Birchwood Credit Services, Inc. as our new vendor for 4506 processing. This change will take place on July 1, 2015. Through our new partnership with Birchwood Credit Services, Inc., we will be able to provide a faster, more efficient turn around on your tax return requests, helping […]

Announcement 2015 : 16 - Update to Conventional Appraisal Ordering (Revised)

May 7, 2015 REMN Wholesale has updated the direction Brokers need to take when ordering an appraisal for a Conventional loan. This new procedure is effective immediately. Momentum Appraisal Group, Inc. – must be used for loans in the state of TX MMC, Inc. – must be used for loans in all states they hold […]

Announcement 2015 : 15 - Temporary Refinance Adjustors

May 6, 2015 In order to ensure that REMN continues to offer industry-leading service on purchase transactions, we are instituting a temporary price add-on for refinances effective for new submissions beginning tomorrow (May 7th). The amount of the adjuster can vary, but the initial amount will be 0.50%. It will be published daily on our […]

Announcement 2015 : 14 - VA and VA IRRRL Updates

March 30, 2015 REMN Wholesale has updated the VA and VA IRRRL guidelines as detailed below. VA Program VA now requires a copy of the sales contract, along with any applicable addendums, be provided to the appraiser within one (1) business day of appraisal assignment on all purchase transactions. Clarification was also provided on the […]

Announcement 2015 : 13 - Electronic Signatures

REMN Wholesale allows electronic signatures on all loan programs subject to the following: Electronic signatures are acceptable on: Purchase contracts, Initial 1003, Initial disclosures including: Notice of Intent to Proceed Borrower Certification and Authorization (in the event a physical borrower signature is required to verify employment REMN Wholesale will notify the broker) Homeownership Counseling Disclosure […]

Announcement 2015 : 12 - Electronic Disclosures

March 20, 2015 REMN Wholesale is pleased to announce that effective Monday, March 23, 2015 the borrower initial disclosure package will be delivered electronically. The borrower will receive an email and will be instructed to retrieve the disclosures from the link included (see example below). REMN Wholesale will also continue to email the disclosure package […]

Announcement 2015 : 11 - Fannie Mae 97% LTV MyCommunityMortgage First Time Home Buyer

March 5, 2015 REMN Wholesale is pleased to announce we are enhancing our Fannie Mae Conforming guidelines to include 97% LTV first time home buyer MyCommunityMortgage program option. 97% LTV MyCommunityMortgage (MCM) First Time Home Buyer 97% LTV first time homebuyer is eligible under MCM as follows: None of the borrowers own any other real […]

Announcement 2015 : 10 - Escrow Netting on REMN to REMN Refinance Transactions

February 18, 2015 REMN Wholesale is pleased to announce we will now offer escrow netting as an option for REMN to REMN FHA and VA Rate/Term and Streamline/IRRRL refinance transactions. Escrow netting allows the borrower to have their current escrow fund balance applied to the payoff amount of the loan being refinanced.  Escrow netting is […]

Announcement 2015 : 09 - REMN to REMN FHA and VA Rate/Term Including Streamline & IRRRLs No Overlay/No Credit Option

February 18, 2015 REMN Wholesale is pleased to announce a No Overlay/No Credit option for FHA and VA Rate/Term refinance loans including Streamline and IRRRLs when the loan being refinanced is currently owned by REMN Wholesale and serviced by Cenlar. REMN Wholesale will waive all REMN Wholesale overlays and follow straight FHA or VA guidelines […]

Announcement 2015 : 08 - Website Maintenance

January 30, 2015 REMN Wholesale will be performing required website maintenance Friday, February 6, 2015 through Saturday, February 7, 2015.  The maintenance will be performed beginning at 10:00 p.m. EST on Friday and continue through 8:00 p.m. EST Saturday. The REMN Wholesale website will be unavailable during this time. We apologize for the inconvenience. If […]

Announcement 2015 : 07 - FHA Non-Credit Qualifying Streamline Program Enhancements

January 19, 2015 REMN Wholesale is pleased to announce enhancements to our FHA Non-Credit Qualifying Streamline program as detailed below. The minimum credit score for all non-credit qualifying Streamlines is now 620 regardless of property location (removing minimum credit score by state requirement) Mortgage seasoning for non-credit qualifying Streamlines is now per FHA guidelines (removing […]

Announcement 2015 : 06 - FHA Program Enhancement 600-619 Credit Score

January 19, 2015 REMN Wholesale is enhancing the LTV requirement on FHA transactions with a credit score of 600-619. FHA purchase and rate/term refinance transactions with a credit score of 600-619 are now eligible for the standard LTV allowed by FHA for a 1-unit primary residence (currently limited to a maximum 90% LTV/CLTV) as follows: […]

Announcement 2015 : 05 - Loan Payoff Interest Calculation on FHA Loans

January 19, 2015 FHA is changing its policy on the interest charged when an FHA loan is being paid in full. The new interest calculation applies when an FHA loan with a Note date of January 21, 2015 or after, is paid in full. Currently when an FHA loan pays off interest is collected through […]

Announcement 2015 : 04 - Enhancement to Freddie Mac Program

January 19, 2015 REMN Wholesale is pleased to announce that we are enhancing our Freddie Mac guidelines to allow a non-occupant co-borrower’s income to be used when calculating the debt-to-income ratio when the LTV is ≤ 75% (currently not allowed to use non-occupant co-borrower’s income). Loans with an LTV > 75% will be considered on […]

Announcement 2015 : 03 - Fannie Mae 97% LTV

January 19, 2015 With the release of DU Version 9.2 during the weekend of December 13, 2014 Fannie Mae re-introduced 97% LTV subject to the following.  97% LTV First Time Homebuyer The maximum LTV for first time home buyers is being expanded to 97% for purchase transactions subject to the following: Property is a 1-unit […]

Announcement 2015 : 02 - New FHA Annual MIP Rates

January 15, 2015 HUD Mortgagee Letter 2015-01, issued January 9, 2015, announced the annual mortgage insurance premiums (MIP) for loans with a loan term greater than 15 years are being reduced by 50 basis points from the current premiums effective with FHA case numbers assigned on or after January 26, 2015. The new MIP rates […]

Announcement 2015 : 01 - 2014 Tax Forms

January 15, 2015 REMN Wholesale is providing guidance on W-2/1099 forms and tax return requirements on loans closing after January 31, 2015 on both conventional and government programs that require income documentation. W-2 and 1099 Forms Federal law requires employers to issue Wage and Tax Statements (W-2) and Form 1099-Misc for the previous year to […]

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