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 available for wage earner/salaried and self-employed borrowers.
    • Alt-Doc 24 and Alt-doc 12 are available for self-employed borrowers with > 25% or more ownership interest in a business. Borrower is qualified using the applicable number of month’s personal bank statements.
    • Asset Depletion is eligible as a stand-alone options or to supplement other income to lower DTI.
  • Minimum credit score 660
  • 1-4 owner-occupied, 1-unit second home, and 1-4 unit investment properties eligible
  • SFD, PUD, condo (FNMA warrantable), site/detached condos, and modular properties eligible
  • Purchase, rate/term and cash-out allowed
  • Permanent resident aliens, first-time homebuyers, and non-occupant co-borrowers eligible (blended ratios allowed for non-occupant c-borrowers)
  • Maximum loan amount $2,500,000
  • Maximum LTV 75% (determined by documentation option, credit score, and property type; refer to the Expanded Plus program guidelines for details)

 

  • Maximum DTI is determined by LTV:
    • > 65% LTV: 50%
    • ≤ 65% LTV: 55%
  • Maximum DTI for First Time Homebuyer is determined by LTV and Documentation option:
    • Full doc
      • > 65% LTV: 50%
      • ≤ 65% LTV: 55%
    • All other documentation options (Alt-doc 24, 12, Alt-Doc Limited)
      • Maximum 43% DTI

 

  • Residual Income is required as follows:
    • DTI ≤ 43% not required
    • DTI > 43% requires residual income:
      • Residual income is defined as qualifying income minus total monthly obligations
      • The Required amount of residual income is determined by: Subject loan amount multiplied by .45% equals amount of required residual income.  (i.e. loan amount x .45% = amount of required residual income)

 

  • Down payment requirement determined by documentation option:
    • Full Doc, owner occupied: Minimum 10% borrower own funds
    • All others (occupancy and documentation options): minimum 30% borrower own funds
  • Gift funds, from an immediate family member, eligible after borrower own funds requirement met
  • Mortgage/rental history: 0x30 in previous 12 months (no exceptions)
  • Two year employment history in same job or same line of work. Sel-employed borrowers require business to be in existence for a minimum of 2 years
  • Borrowers with derogatory credit eligible with 12 months seasoning from event end date to application date
  • Borrower may have up to four (4) financed properties, including subject
  • No seasoning requirement for refinance transaction
  • Reserve requirements determined by loan amount
  • An “Approve/Ineligible” or “Refer” AUS finding is required. After AUS submission, REMN WS will manually underwrite the loan
  • 5/1 LIBOR ARM only
  • Available in all states with the exception of: IL, NE and NY
  • The following are ineligible on the Expanded Plus program:
    • Inter-vivos trust
    • Appraisal Transfers
    • Power of Attorney
    • Non-permanent resident aliens
    • Limited and general partnerships, corporations and LLC entities as the borrower type.
  • The Expanded Plus program is not available for Emerging Bankers
  • The commitment fee buyout option is not eligible on the Expanded Plus program.

 

The following have been posted on REMN Wholesale website:

  • Expanded Plus Guidelines
  • Expanded Plus Documentation Option Comparison
  • Updated Loan Submission Form

 

Expanded Plus loans will require a manual lock.  Brokers should complete the REMN Manual Lock Request form, located on the broker portal, under the “current pricing” page.

Email the completed form to remnlock@remn.com .

 

The REMN rate sheet will reflect Expanded Plus pricing effective July 18, 2016.

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