2022-16

Date: September 12, 2022 (Revised 10/14/22)

REMN is amending maximum loan limit amounts for eligible conforming loans as noted below

• Maximum conforming loan amount in the contiguous states is $700,000 (formerly $715,000)*
• Maximum conforming loan amount for Hawaii and Alaska is $1,050,000 (formerly $1,073,000)*

*Updated loan limits effective 10/14 for new submissions and pipeline loans being locked 10/14 or later. Locked pipeline transactions using the previously communicated higher limits will be honored. All other guidance is still applicable.

REMN is pleased to announce that we will accept new FNMA & FHLMC applications with anticipated 2023 general/conforming loan limits, effective immediately.
New applications utilizing anticipated 2023 loan limits are subject to the following:

• FNMA & FHLMC conforming products only
• 1 unit properties only (including condos). 2 4 unit properties are ineligible until a formal announcement is made by FNMA/FHLMC
• Purchase and refinance transactions are eligible
• Owner occupied, 2nd home, and investment occupancies are eligible
• There is no change to high balance limits until a formal announcement is made by FNMA/FHLMC
• New applications only
  • Existing conforming loans (locked or floating) cannot participate in this “early release” offering
  • Existing jumbo loans (locked or floating) cannot be switched to the new “early release” conforming loan limit
• Loans over 80% LTV that need mortgage insurance must use MGIC, Essent, or Radian as the MI provider. At this time, they are the only MI companies REMN utilizes that will accept the “early release” of 2023 loan limits. As other companies are added, REMN will update this announcement.
• The earliest Note date is 10/01/2022
• AUS findings of “Approve/Ineligible” will be accepted if the SOLE reason for ineligibility is due to 2022 loan amount restrictions (and anticipated 2023 loan limits are not exceeded):

**Please contact your Account Executive with any questions**