Archived Announcements

2017 Announcements

Announcement 2017 : 23 - Texas Section 50(a)(6) Transactions Updates

The Texas Legislature recently amended the requirements of Texas Section 50(a)(6) that are effective with transactions closed on and after January 1, 2018. The changes include: The permissible fees limitation was lowered from 3% to 2% More fees are excluded from the fee calculation Agricultural properties are now eligible (previously ineligible) New and updated disclosures […]

Announcement 2017 : 24 - HMDA – New Demographic Information Addendum

The new HMDA data requirements under Dodd-Frank will be mandatory for loan applications taken on or after January 1, 2018. The expanded demographic information collected and reported by lenders and individual brokers will be available to the public on the Consumer Financial Protection Bureau’s (CFPB) website. The new Demographic Information Addendum provides expanded fields to […]

Announcement 2017 : 20 - 2018 Conventional Loan Limits

The Federal Housing Finance Agency (FHFA) has announced an increase to the maximum loan limits for 2018 for both conforming and high balance/super conforming loan amounts. The loan limits apply to both Fannie Mae and Freddie Mac transactions. *REMN limits the maximum loan amount on Freddie Mac transactions to $1,000,000 regardless of the number of […]

Announcement 2017 : 22 - 2018 VA Loan Limits

The Department of Veterans Affairs (VA) has announced the 2018 loan limits in VA Circular 26-17-41 issued December 12, 2017. The new loan limits are effective for VA loans funding on and after January 2, 2018. VA loan limits for 2018 will match conventional loan limits as set by the Federal Housing Finance Agency (FHFA) […]

Announcement 2017 : 21 - 2018 FHA Loan Limits

The Department of Housing and Urban Development (HUD) has announced the 2018 loan limits in HUD Mortgagee Letter 2017-16, issued December 7, 2017. The FHA loan limit for the low-cost area “floor” and the high-cost area “ceiling” have increased. Any area where the loan limit exceeds the “floor” is a high cost area. The new loan […]

Announcement 2017 : 19 - FEMA Disaster Declaration – California

October 17, 2017   The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of California due to wildfires. Declaration Date: October 10, 2017 Incident Period: October 8, 2017 The following counties require re-inspection: Butte, Lake, Mendocino, Napa, Nevada, Orange, Sonoma, and Yuba counties If the subject property is located in one […]

Announcement 2017 : 17 - FHA 203(h) Loans for Disaster

October 2, 2017 REMN Wholesale is pleased to offer FHA 203(h) Mortgage Insurance for Disaster Victims. The 203(h) loan is a specialty mortgage designed for people replacing homes that were destroyed in presidentially designated disaster areas.  Disaster victims can secure FHA financing to purchase a rebuild or purchase a new home elsewhere.  FHA makes the […]

Announcement 2017 : 18 - Introducing TCF 2nd Lien HELOC

October 3, 2017 REMN Wholesale is pleased to offer a Home Equity Line of Credit (HELOC) second lien available through TCF Bank.  TCF HELOCs are originated and fund in TCF Banks name.  They are eligible for Broker originations when using REMN Wholesale’s first mortgage loans. Highlights include: One loan application for first mortgage to be […]

Announcement 2017 : 17 - FHA 203(h) Loans for Disaster

September 27, 2017 REMN Wholesale is pleased to offer FHA 203(h) Mortgage Insurance for Disaster Victims. The 203(h) loan is a specialty mortgage designed for people replacing homes that were destroyed in presidentially designated disaster areas.  Disaster victims can secure FHA financing to purchase a rebuild or purchase a new home elsewhere.  FHA makes the […]

Announcement 2017 : 16 - FEMA Disaster Declaration – Georgia

Sep. 18, 2017; rev. Sep. 20, 2017; rev. Sep. 29, 2017; rev. Oct. 3, 2017 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Georgia due to Hurricane Irma. Declaration Date: September 15, 2017 Incident Period: September 7, 2017 The following counties require re-inspection: Camden, Charlton, Chatham, Coffee, Glynn, Liberty […]

Announcement 2017 : 15 - FEMA Disaster Declaration – Florida

September 12, 2017; rev. September 26, 2017 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Florida due to Hurricane Irma. Declaration Date: September 10, 2017 Incident Period: September 4, 2017 The following counties require re-inspection: Alachua, Baker, Bradford, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, […]

Announcement 2017 : 14 - FEMA Disaster Declaration – Texas

September 5, 2017; rev. September 8, 2017 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Texas due to Hurricane Harvey. Declaration Date: August 25, 2017 Incident Period: August 23, 2017 The following counties were identified by FEMA: Aransas, Austin, Bastrop, Bee, Brazoria, Calhoun, Chambers, Colorado, DeWitt, Fayette, Fort Bend, […]

Announcement 2017 : 13 - FEMA Disaster Declaration – West Virginia

August 21, 2017 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of West Virginia due to severe storms, flooding, landslides, and mudslides. Declaration Date: August 18, 2017 Incident Period: July 28, 2017 to July 29, 2017 The following counties were identified by FEMA: Harrison County, Marion County, Marshall County, and […]

Announcement 2017 : 12 - FEMA Disaster Declaration – Michigan

August 3, 2017 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Michigan due to Severe Storms and Flooding. Declaration Date: August 2, 2017 Incident Period: June 22, 2017 to June 27, 2017 The following counties were identified by FEMA: Bay County, Gladwin County, Isabella County, and Midland County If […]

Announcement 2017 : 11 - FEMA Disaster Declaration – Arkansas

June 16, 2017 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: June 15, 2017 Incident Period: April 26, 2017 to May 19, 2017 The following counties were identified by FEMA: Benton County, Boone County, Carroll County, Clay […]

Announcement 2017 : 10 - INTRODUCING FREDDIE MAC’S HOME POSSIBLE PROGRAMS

REMN Wholesale is pleased to announce that effective Monday, June 12, 2017 we will be offering Freddie Mac’s Home Possible and Home Possible Advantage programs. Home Possible/Home Possible Advantage are affordable lending programs designed for first-time homebuyers, move-up borrowers, retirees, very low and low-to-moderate income borrowers and borrowers in underserved areas. Income Requirements Property is […]

Announcement 2017 : 09 - FEMA Disaster Declaration – Missouri

June 5, 2017 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: June 2, 2017 Incident Period: April 28, 2017 to May 11, 2017 The following counties were identified by FEMA: Bollinger County, Butler County, Carter County, Douglas […]

Announcement 2017 : 08 - BlitzDocs Workflow Enhancements

May 8, 2017 REMN Wholesale is pleased to announce enhancements to BlitzDocs which provide additional email notifications for corresponding actions throughout the loan process. Loan Setup Once the Loan Set-Up Department is in receipt of the following items, the Broker will be notified that the loan is Sent for LE Review: FNM 3.2 file uploaded […]

Announcement 2017 : 07 - Electronic Disclosure Enhancements

April 17, 2017 This Announcement replaces all previous Announcements on this topic. REMN Wholesale is pleased to announce enhancements to electronic delivery of lender disclosures as described below. Effective with new loans submitted on and after April 17, 2017, REMN Wholesale will send electronic disclosures to all borrowers with an email address via Encompass by […]

Announcement 2017 : 06 - Manufactured Home Property Eligibility

February 21, 2017 REMN Wholesale is pleased to announce that effective February 13, 2017 we will be offering Manufactured Homes to our eligible properties. The Manufactured Home guidelines will be eligible for FNMA, FHLMC and FHA programs at this time. Manufactured Home lending allows REMN Wholesale to expand on the product line for homes that […]

Announcement 2017 : 05 - FEMA Disaster Declaration – Louisiana

February 13, 2017 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Louisiana due to Severe Storms, Tornadoes, and Straight-line Winds. Declaration Date: February 11, 2017 Incident Period: February 7, 2017 The following parishes were identified by FEMA: Livingston Parish and Orleans Parish. If the subject property is located in […]

Announcement 2017 : 04 - FHA, USDA, and VA Program Enhancements

February 9, 2017 REMN Wholesale is pleased to announce guideline enhancements to our government loan programs (FHA, USDA, and VA) as outlined below.  These enhancements are effective immediately and may be applied to new submissions and loans currently in the pipeline. FHA, USDA, and VA Borrowers with a qualifying credit score of 620-639: Requirement for […]

Announcement 2017 : 03 - FEMA Disaster Declaration – Mississippi

February 2, 2017 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 25, 2017 Incident Period: January 20, 2017 to January 21, 2017 The following counties were identified by FEMA: Forrest, Lamar, Lauderdale and Perry counties. If […]

Announcement 2017 : 02 - FEMA Disaster Declaration – Georgia

February 2, 2017 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Georgia due to Severe Storms, Tornadoes, and Straight-line Winds. Declaration Date: January 25, 2017 Incident Period: January 2, 2017 The following counties were identified by FEMA: Dougherty County. If the subject property is located in one of the […]

Announcement 2017 : 01 - FEMA Disaster Declaration – Georgia

February 2, 2017; rev. February 6, 2017 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Georgia due to Severe Storms, Tornadoes, and Straight-line Winds. Declaration Date: January 26, 2017 Incident Period: January 21, 2017 – January 26, 3017 The following counties were identified by FEMA: Berrien, Cook, Crisp, Dougherty, […]

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 : 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 […]

2014 Announcements

Announcement 2014 : 58 - Holiday Hours

December 22, 2014 REMN Wholesale will be closed for business on Thursday December 25,, 2014 and Friday December 26, 2014 in observance of the Christmas holiday and Thursday January 1, 2015 in observance of the New Year holiday. We will have coverage until 3:00 p.m. PST on Wednesday December 24 and Wednesday December 31. The […]

Announcement 2014 : 57 - 2015 VA County Loan Limits

December 16, 2014 The Department of Veterans Affairs (VA) announced the 2015 VA county loan limits in VA Circular 26-14-39 issued December 9, 2014. The VA county limits are used to calculate the maximum guaranty amount. VA loan limits for 2015 will match conventional loan limit levels (see below) as set by the Federal Housing […]

Announcement 2014 : 56 - Freddie Mac Conforming and Super Conforming Programs

December 12, 2014 REMN Wholesale is pleased to announce that we will begin offering Freddie Mac’s conforming and super conforming programs effective December 15, 2014. Freddie Mac Program Overview Highlights of the Freddie Mac program: Purchase, rate/term and cash-out transactions eligible Conforming and Super Conforming loan amounts Minimum credit score 620 Maximum 50% DTI Cash-out […]

Announcement 2014 : 55 - FHA 2015 Loan Limits

December 12, 2014 HUD Mortgage Letter 2014-25 issued December 5, 2014 announced the maximum loan limits for FHA loans for 2015. The FHA loan limit “floor” remains unchanged for all counties; the high-cost area “ceiling” also remains unchanged however the loan amount allowed for a number of specific counties has increased for 2015. The list […]

Announcement 2014 : 54 - Fannie Mae Release of DU Version 9.2

December 5, 2014 Fannie Mae will be releasing DU Version 9.2 the weekend of December 13, 2014. New loans submitted to DU on or after December 13, 2014 will be subject to the new guidance.  Loans submitted to DU Version 9.1 and resubmitted after the weekend of December 13th will continue to be underwritten through […]

Announcement 2014 : 53 - VA and VA IRRRL Enhancements

December 5, 2014 REMN Wholesale is pleased to announce enhancements to our VA and VA IRRRL guidelines. VA IRRRL The credit score for non-credit qualifying transactions has been lowered and a full appraisal requirement is no longer required for high balance transactions. Effective immediately the following applies to both new submissions and loans currently in […]

Announcement 2014 : 52 - 2015 Conventional Loan Limits

December 4, 2014 The Federal Housing Finance Agency (FHFA) issued the 2015 maximum loan limits that will apply to conventional transactions beginning January 1, 2015. The maximum loan limits for 2015 remain unchanged from 2014 and are provided below for reference below. While the general loan limits remain unchanged a number of high-cost area loan […]

Announcement 2014 : 51 - Radian

December 1, 2014 REMN Wholesale is pleased to announce we are expanding our approved mortgage insurance providers to include Radian effective December 1, 2014. Borrower paid (BPMI) monthly or single premium and lender paid (LPMI) single premium products are eligible. The MI Comparison has been updated with Radian information and posted on the REMN Wholesale […]

Announcement 2014 : 50 - FHA 203(k) Streamlined 2-Unit Enhancement

November 25, 2014 REMN Wholesale is pleased to announce we are enhancing the FHA 203(k) Streamlined program to allow 2-unit primary residence properties.  Two unit properties are eligible for both purchase and refinance transactions. The FHA 203(k) Streamlined matrix will be updated and posted on REMN Wholesale’s website at www.remnwholesale.com in the near future. This […]

Announcement 2014 : 49 - Conditional Commitment on USDA Loans

November 20, 2014 The new USDA Single Family Housing Guaranteed Loan Program (SFHGLP) 7 CFR 3555 will replace the current USDA RD Instruction 1980-D effective with Conditional Commitments issued on or after December 1, 2014. USDA has announced that in order to transition from the current guidelines to the new 7 CFR 3555 guides, and […]

Announcement 2014 : 48 - Thanksgiving Holiday

November 17,  2014 REMN Wholesale will be closed Thursday, November 27, 2014 and Friday, November 28, 2014 in observance of the Thanksgiving holiday. REMN Wholesale will resume normal business hours on Monday, December 1, 2014. If you have any questions, please contact your Account Executive.

Announcement 2014 : 47 - Amendments to the 4506T Transcript Policy

November 14, 2014 REMN Wholesale is pleased to announce the following revisions to the 4506T transcript procedures: W2 transcripts will be utilized unless tax transcripts are necessary for qualification purposes from the following agencies: FNMA, FHA, and VA. All other products, such as Jumbo and USDA, will need to have the tax transcripts processed. W-2 […]

Announcement 2014 : 46 - FEMA Disaster Declaration for the State of California

November 4, 2014 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of California due to an earthquake. Declaration Date:  September 11, 2014 Incident Period:  August 24, 2014 to September 7, 2014 The following counties were identified by FEMA: Napa and Solano counties. If the subject property is located in one […]

Announcement 2014 : 45 - Jumbo Program

November 3, 2014 REMN Wholesale is pleased to announce that effective November 4, 2014 we will be offering a Jumbo loan program. Highlights of the Jumbo program include: Loan amounts up to $2,500,000 Purchase, rate/term, and cash-out transactions Cash-out up to $750,000 1-2 unit primary residence and 1-unit second home SFR, PUDs, condos (attached/detached Fannie […]

Announcement 2014 : 43 - DU for Government Release Notes

Updated: November 3, 2014 Fannie Mae has announced that the DU for Government Release, scheduled for the weekend of October 18, 2014, was postponed due to technical issues.  The retirement of the “DU for Government Loans” Versions Earlier than 4.0 guidance below has not changed. The Gift Funds guidance has been updated to reflect current […]

Announcement 2014 : 42 - AMC REVISIONS

October 8, 2014 REMN Wholesale is pleased to announce we have made several additions to our approved AMC list. Please see below for additional clarification and a list of our approved AMCs. BROKERED LOANS FHA/USDA: All REMN Wholesale approved AMCs are eligible for use CONV: Must use MMC unless the property is located in the […]

Announcement 2014 : 41 - FEMA Disaster Declaration – Michigan

October 3, 2014 The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Michigan due to severe storms and flooding. Declaration Date:  September 25, 2014 Incident Period:  August 11, 2014 to August 13, 2014 The following counties were identified by FEMA: Macomb, Oakland, and Wayne Counties If the subject property is […]

Announcement 2014 : 40 - USDA Rural Development Guaranteed Housing Updates

October 1, 2014 REMN Wholesale is advising brokers that USDA has announced an increase to the annual fee charged on all Purchase transactions, Non-streamlined and Streamlined program refinance transactions. Annual Fee Increase The annual fee is increasing from 0.40% to 0.50% effective with conditional commitments issued on or after October 1, 2014. View the USDA […]

Announcement 2014 : 39 - FHA Programs State Listing Update

August 19, 2014 REMN Wholesale has updated the list of states subject to the 620-639 credit score requirements on the FHA and FHA 203(k) programs and the 660 and 680 credit score requirements on the FHA Streamline as detailed below. FHA and FHA 203(k) Programs The following states were removed from the list and are […]

Announcement 2014 : 38 - DU Refi Plus Enhancement

August 13, 2014 REMN Wholesale is pleased to announce we are enhancing our DU Refi Plus guidelines,  Effective immediately, we will no longer require the standard Fannie Mae waiting periods for a bankruptcy, foreclosure, deed-in-lieu, pre-foreclosure (short sale) be applied to DU Refi Plus loans.  Loans with derogatory credit are now eligible per DU Findings. […]

Announcement 2014 : 37 - Fannie Mae DU 9.1 Updates

August 8, 2014 REMN Wholesale is updating its guidelines to align with the release of Fannie Mae’s DU 9.1 updates.  Fannie Mae will be updating a number of policies and DU messaging the weekend of August 16, 2014. DU Foreclosure Message Updates The initial release of DU 9.1 included an enhancement to DU that allowed […]

Announcement 2014 : 36 - Updates to the Homeownership Counseling Form

August 1, 2014 The HOEPA Homeownership Counseling Disclosure requirement, which informs borrowers they have the option to receive homeownership counseling from a HUD approved counseling agency, became effective for loans with an application dated on or after January 10, 2014. The Consumer Financial Protection Bureau (CFPB) initially allowed for a temporary disclosure that directed borrowers […]

Announcement 2014 : 35 - FNMA to discontinue HomePath and HomePath Renovation

July 31, 2014 **UPDATED** FNMA has announced the discontinuance of the HomePath and HomePath Renovation products.   Any FNMA owned property wishing to use the current enhancements such as no MI and no appraisal must have the contract of sale executed on or before October 6, 2014. All loans with a fully executed contract dated on or […]

Announcement 2014 : 34 - Approved AMC Updates

July 29, 2014 REMN Wholesale has made some updates to our approved AMC list. Momentum Appraisal Group, Inc. is now an allowable AMC for loans with properties located in the state of Texas only. This AMC can be used for FHA, USDA, and Conventional product types. For all Conventional loans in Texas, Momentum MUST be […]

Announcement 2014 : 33 - Ineligible: <90 Day Property Flips on FHA 203k Loans

July 18, 2014 REMN Wholesale has made the decision to discontinue allowing submissions of 203k loans with <90 day property flips. This is effective immediately, and applies to loans not locked or submitted as of today. If you have any questions, please contact your Account Executive.

Announcement 2014 : 32 - New Submission Cover Sheets

July 17, 2014 REMN Wholesale has created separate cover sheets for Broker based submissions and Mini Correspondent submissions, effective immediately with new files. It is important that the correct form is used when submitting a new loan to REMN Wholesale. Both forms are posted on the REMN Wholesale website at www.remnwholesale.com; refer to the Forms […]

Announcement 2014 : 31 - Contractor’s Acknowledgement Form – HomePath and HomeStyle Renovation Programs

July 3, 2014 REMN Wholesale has a new Contractor’s Acknowledgement form that will be required on both the HomePath Renovation and HomeStyle Renovation programs. Contractors will be required to complete and sign the form for all HomePath and HomeStyle Renovation loans.  Brokers should submit the completed form at time of loan submission. The Contractor’s Acknowledgement […]

Announcement 2014 : 30 - Fannie Mae Updates and Clarifications

June 30, 2014 REMN Wholesale is providing a highlight of the changes and clarifications announced by Fannie Mae in Selling Guide Announcement SEL-2014-06 issued May 27, 2014. REMN Wholesale will follow the new guidance provided by Fannie Mae and has updated the Agency Conforming, Agency High Balance and DU Refi Plus matrices with this information. […]

Announcement 2014 : 29 - NEW! Renovation Worksheet in Broker Portal

June 18, 2014 REMN Wholesale is pleased to announce our new Renovation Worksheet.  This replaces our 203k Worksheet, and is designed to assist the Broker with proper disclosure of appropriate fees on all renovation loans; including 203k, HomePath Renovation, and HomeStyle. The completion of this form is mandatory for file submission. Your loan will be […]

Announcement 2014 : 28 - 3/1 ARM on FHA and VA Programs

May 15, 2014 REMN Wholesale is pleased to announce that effective May 15, 2014 REMN Wholesale will offer a 3/1 ARM on the FHA/FHA Streamline and VA/VA IRRRL programs. The following applies to the 3/1/ ARM: One year Treasury index Caps: 1/1/5 Margin/Floor: 2.00 The 3/1 ARM is qualified at the Note rate. The FHA/FHA […]

2013 Announcements

Announcement 2013 : 08 - Changes to Broker Compensation/Commitment Fee Buyout

In response to upcoming CFPB regulatory changes, REMN Wholesale is announcing new requirements for Broker Compensation Elections and a commitment fee buyout option which take effect January 2014. Broker Compensation Elections for Lender Paid Transactions Effective January 2014, Broker Compensation election buckets for Lender Paid Transactions will now range from .50% – 2.75% of the […]

Announcement 2013 : 07 - Broker Compensation

At REMN, Broker compensation is currently set at lock date. Effective December 1st our policy will change to reflect submission date. **Brokers who haven’t changed their compensation recently will most likely not experience any change.

Announcement 2013 : 06 - Reduced FHA overlays for 2-4 Unit Properties

The following replaces announcement 12-04 New FHA overlays for 2-4 Unit Properties and 12-12 Additional FHA Overlays for 2-4 Unit Properties in their entirety. This is effective immediately for both active pipeline and new submissions. The following FHA overlays only apply to 2-4 unit properties in Illinois, and 3-4 unit properties in New York and […]

Announcement 2013 : 05 - Hawaii Transactions

Effective immediately REMN Wholesale will accept applications for transaction in the state of Hawaii.  The following guidelines apply; see pricing sheet for additional details 1- 4 unit primary residence, second home and investment properties are eligible Fixed rate and ARM programs are eligible FHA, VA, USDA, and FNMA products are eligible including DU Refi Plus […]

Announcement 2013 : 04 - Appraisal Transfers from other lenders for use at REMN

ALL Appraisals completed for other lenders that wish to be used for loans submitted to REMN will be considered for use under the following circumstances: Appraisal must have been completed prior to the loan submission to REMN. Appraisal must have been completed for another lender. Appraisal must contain acceptable documentation that it has been completed […]

Announcement 2013 : 03 - Conventional Appraisal Orders

Effective immediately REMN Wholesale will begin requiring all conventional appraisal orders follow the process outlined below: All Conventional loan appraisal orders must be placed through REMN’s approved appraisal management company Mortgage Management Consulting, Inc. In the event MMC is not licensed in the state requested, MMC will inform REMN who will confirm the alternative AMC […]

Announcement 2013 : 01 - Fannie Mae 5/1 and 7/1 Conventional ARM products

Effective 6/17/2013 REMN Wholesale will begin accepting locks and new loan submissions for FNMA 5/1 and 7/1 LIBOR Non-Convertible ARMs.  These programs are available for conforming and high balance loan amounts. Index – 1 Year LIBOR Margin – 2.25 Caps – 5/2/5  (5.00 initial, 2.00 periodic,  5.00 life time) Floor – Margin Term – 360/360 […]

2012 Announcements

Announcement 2012 : 17 - Changes to VA IRRRL Guidelines

Effective Monday, November 19th, the following guideline changes apply to all new VA IRRRL submissions: Loan Amounts <=$417,000 High Balance Loan Amounts Maximum LTV 100% 100% Valuation Requirement AVM with 80% confidence score; if score is <80%, 2055 is required. All AVMs and 2055s must be ordered through MMC (REMN’s AMC) Full appraisal Credit Qualification Not required […]

Announcement 2012 : 16 - Hurricane Sandy Re-inspection Procedures

Hurricane Sandy Re-Inspection Procedures Payment of the re-inspections will be as follows: Loans that were CTC prior to Hurricane Sandy (prior to 10/29) – Borrower will be charged for the re-inspection, but they will be fully reimbursed at closing via a lender credit. Loans that were not CTC prior to Sandy – The borrower will […]

Announcement 2012 : - Special Update

SPECIAL UPDATE:  TUESDAY, NOVEMBER 6, 12:00 PM EST In spite of our very best efforts, the continuing lack of power and other services to many of our employees’ homes has delayed the restoration of full functionality to our Edison NJ Wholesale Operations Center.  Many key personnel from all departments are still unable to return to […]

Announcement 2012 : 15 - Clarification of the HomeBridge Name

Earlier this year, REMN made a strategic marketing decision to begin using the trade name Homebridge in certain aspects of our business. Currently, both our new west coast-based Wholesale Operation (“Homebridge Wholesale”) and our newly-formed Correspondent Division are operating using this trade name (dba). Additionally, certain other internal administrative accounts have begun using email addresses […]

Announcement 2012 : 14 - FHA Streamline Refinance Minimum Credit Score

ORIGINALLY POSTED ON AUGUST 16, 2012 (REVISED 9/5) In order to keep pace with industry changes,  REMN Wholesale is instituting a minimum credit score of 640 for FHA Non-Credit-Qualifying (NCQ) Streamline refinances endorsed prior to June 1, 2009.  This does not affect (1) NCQ Streamlines of FHA loans already in REMN’s portfolio (no score minimum), […]

Announcement 2012 : 13 - Multiple Topics

JULY 12, 2012 (REVISED JULY 17, 2012) MULTIPLE TOPICS In response to recent market events and the associated unprecedented increase in volume, REMN Wholesale has implemented the changes outlined below. Please read this announcement carefully. PREFERRED BROKER STATUS Effective immediately, all “Preferred Brokers” will have access to our “Preferred Broker” ratesheet. Brokers that have not […]

Announcement 2012 : 12 - Additional FHA Overlays for 2-4 Unit Properties

ADDITIONAL FHA OVERLAYS FOR 2-4 UNIT PROPERTIES Effective for all new FHA submissions beginning Monday, July 2, the following new overlays apply for all 2-4 unit properties: At least one full calendar year must have elapsed between the Seller’s acquisition date the execution of the Sales Contract.  This does not apply if the Seller is […]

Announcement 2012 : 11 - Temporary Wholesale FHA Streamline Refinance Price Add-on

TEMPORARY WHOLESALE FHA STREAMLINE REFINANCE PRICE ADD-ON In order to ensure that REMN Wholesale continues to offer industry-leading service on purchase transactions, we are instituting a temporary 75 basis point (0.75%) price add-on for all FHA Streamline refinances. This add-on is effective immediately for all new FHA Streamline submissions.  It does not affect any Streamline that […]

Announcement 2012 : 10 - Temporary Suspension of Conventional Refinance Submissions

TEMPORARY SUSPENSION OF CONVENTIONAL REFINANCE SUBMISSIONS Despite the introduction of a temporary .75% price add-on for conventional refinances announced last week (Announcement 12-09), the number of conventional refinance submissions has continued to increase.  Therefore, as part of our ongoing effort to ensure that REMN continues to offer industry-leading service on purchase transactions, the submission of […]

Announcement 2012 : 09 - Temporary Refinance Adjusters

TEMPORARY REFINANCE ADJUSTERS In order to ensure that REMN continues to offer industry-leading service on purchase transactions, we are instituting temporary price add-ons for refinances effective for new submissions beginning tomorrow (June 15th), as follows: 75 bps for ALL conventional refinances 75 bps for government CASH-OUT refinances Once again, this only affects NEW submissions.  The add-on does not apply to any […]

Announcement 2012 : 08 - Temporary Increase of Government Minimum Credit Score to 640

TEMPORARY INCREASE IN GOVERNMENT CREDIT SCORE MINIMUM TO 640 Effective immediately, REMN Wholesale will no longer accept new submissions of government loans (FHA, VA, USDA) with a low middle credit score under 640. Several factors led to this decision, including unacceptably high delinquency and dramatically lower submission-to-closing pull-through relative to other loans. If the loan […]

Announcement 2012 : 07 - Suspension of FHA 203k Streamline Product and New Max DTI For FHA Loans 640-659

SUSPENSION OF 203K STREAMLINE PRODUCT Effective at 12:00pm EST today, REMN Wholesale will no longer accept new submissions in our FHA 203k Streamline product.  The decision to suspend the product was based on several factors, including: 1.    An unacceptably high percentage of closed loans with issues preventing the timely completion of repairs; 2.    Below average […]

Announcement 2012 : 06 - Updates Homeowners Insurance Guidelines

UPDATED HOMEOWNER’S INSURANCE GUIDELINES Effective immediately for all products, REMN has adjusted our requirements for Homeowner’s Insurance to provide an additional (easier to meet) option for determining the property’s insurable value.  This guidance applies to both new and existing loans in the pipeline.  The requirement is as follows: Coverage must be the lesser of (1) and […]

Announcement 2012 : 05 - New Government Loan Size Adjusters for Loan Amounts Under $125,000

NEW GOVERNMENT LOAN SIZE ADJUSTERS FOR LOAN AMOUNTS UNDER $125,000   Effective for all new floating government (FHA, VA, USDA) submissions beginning Monday, April 16, new loan size adjustments will apply, as listed in the grid below.  To clarify, if your loan is already submitted OR locked prior to April 16, then the new adjustment […]

Announcement 2012 : 04 - New FHA Overlays for 2-4 Unit Properties

NEW FHA OVERLAYS FOR 2-4 UNIT PROPERTIES Due to the under-performance of FHA loans secured by 2-4 unit properties in certain States, we have concluded that additional underwriting overlays are necessary.  Effective for all new submissions beginning Thursday, April 12, the following new overlays apply for 2-4 unit properties in Illinois, and 3-4 unit properties […]

Announcement 2012 : 03 - New DTI Restriction for FHA Loans with 640-659 Scores

NEW DTI RESTRICTION FOR FHA LOANS WITH 640-659 SCORES Due to the under-performance of certain loans with scores between 640-659, we have concluded that an additional underwriting overlay is necessary.  Effective for all new submissions beginning Thursday, April 12, the maximum allowable DTI for all FHA loans with low middle credit scores between 640-659 will […]

Announcement 2012 : 02 - New Underwriting Restrictions for Government Laons With 620-639 Scores

NEW UNDERWRITING RESTRICTIONS FOR GOVERNMENT LOANS WITH 620-639 SCORES Due to the under-performance of loans with scores between 620-639, we have concluded that additional underwriting overlays are necessary.  Effective for all new submissions beginning Monday, February 13, the following restrictions will apply to all government loans (FHA, VA, USDA) with low middle credit scores between […]

Announcement 2012 : 01 - Suspension of VA IRRRL Product

NEW UNDERWRITING RESTRICTIONS FOR GOVERNMENT LOANS WITH 620-639 SCORES Due to the under-performance of loans with scores between 620-639 in our own portfolio, we have concluded that additional underwriting overlays are necessary.  Effective for all new submissions beginning Monday, February 13, the following restrictions will apply to all government loans (FHA, VA, USDA) with low […]

2011 Announcements

Announcement 2011 : 13 - Hurricane Irene Re-Inspection Procedures

We hope that all of our broker partners and your families are safe following Hurricane Irene. We understand the aftermath is a very stressful time and we want to help out as much as we can. PURCHASES Loans scheduled to close 8/29 and after will require the following: Confirmation from Settlement Agent that all parties […]

Announcement 2011 : 12 - 620-639 FHA Loans: DTI Limitation

Effective for all new FHA loans we receive on or after August 5, 2011, the maximum allowable debt-to-income ratio is limited to 45.0%. If you have any questions, please contact your AE.

Announcement 2011 : 11 - Improved Government Product Loan Size Price Adjusters

Effective for all government loans (FHA/VA/USDA) we receive on or after July 18, 2011, the following loan size price adjustments will apply: LOAN SIZE ADD-ON/INCENTIVE CHANGES Loan Size Previous Add-on New Add-on ≥$60K..<$75K 1.000 1.000 ≥$75K..<$100K 0.375 0.375 ≥$100K..<$125K 0.125 0.125 ≥$250K..<$300K 0.000 (0.125) ≥$300K..<$417K (0.125) (0.250) High balance FHA/VA 0.000 (0.250) Unless otherwise specified, […]

Announcement 2011 : 10 - New Government Product Price Adjusters

Effective for all government loans (FHA/VA/USDA) we receive on or after 12:00pm EST June 15, 2011, the following price adjustments will apply: FICO ADD-ON/INCENTIVE CHANGES Score Previous Add-on New Add-on 600-619 2.000 3.000 620-639 1.500 2.000 740+ 0.000 (0.125)   MULTI-FAMILY ADD-ON CHANGES Units Previous Add-on New Add-on 2 UNITS 0.000 0.500 3-4 UNITS 0.000 1.000 […]

Announcement 2011 : 09 - Updated IRS Transcript Procedure (Broker Orders, REMN Pays)

Effective for all loans we receive on or after June 15, 2011, we will require the broker to order IRS transcripts through REALEC (www.realec.com).  We have partnered with LSI Verification Bureau and Settlement One to provide two vendor choices for obtaining the actual transcript. The benefits of this new procedure are: REMN will continue to pay for […]

Announcement 2011 : 08 - Revised Underwriting Guidelines

This announcement describes significant changes to the following: (1) Elimination of overlays for 620-639 scores on FHA loans (2) Acceptance of FHA loans with scores between 600-619 (3) New FHA price adjusters for loans with scores below 640 (4) Elimination of FHA “thin credit” guidelines (5) Elimination of FHA gift donor relationship documentation requirement (6) […]

Announcement 2011 : 07 - New Broker comp Rules – Implementation Delay

Due to the legal delays associated with the new Reg Z Compensation Rules, REMN Wholesale is continuing operations under our existing rate sheet format and pricing structure in effect as of March 31, 2011. All new loans received by REMN Wholesale during the period in which a final ruling is pending will be subject to […]

Announcement 2011 : 06 - Broker Compensation – Preliminary Guidance

The following is an overview of the loan originator compensation rules as set forth by current guidance regarding the Fed’s amendment to Reg. Z and REMN’s associated policies and procedures. Please note that this memo is not intended to be legal advice and we recommend that you consult compliance counsel for additional direction. REGULATION KEY […]

Announcement 2011 : 05 - Updated New File Submission Requirements

Effective for all loans we receive on or after March 14, 2011, we will require final DO/DU findings to be assigned to REMN. In order to facilitate the opening and underwriting of your file, please make sure this is taken care of in advance. If you have not already added REMN as a sponsor in […]

Announcement 2011 : 04 - New 620-639 FHA Guidelines and New FHA Adjusters

New guidelines for FHA loans with scores between 620-639 PURCHASE 90% LTV: If no gift/grant, then no further restrictions If gift/grant, then either 31/43 max OR 12 months canceled rent checks 96.5% LTV: Choose any three of the four following restrictions: (1)    12 months canceled rent checks 0x30 (2)    Down payment all borrower funds (no […]

Announcement 2011 : 03 - Revised Florida Maximum Condominium LTVs

Effective immediately, the following maximum owner-occupied LTVs apply for all new condominium submissions: Product Type FHA 96.5% Purchase 97.75% R/T Refi 85% Cash-out Conventional 75.00% All transaction types If you have any questions, please contact your AE.

Announcement 2011 : 02 - Effective Monday February 7th, We Have Consolidated All Wholesale Operations To Our Edison, NJ Location

Our Kennesaw Operations center will continue to service our South East retail operations. All loan types, including Conventional, FHA, and VA will now be underwritten and closed in one operations center. Please note the following: • Existing Pipeline – You and your Account Executive will be notified via email of the Edison Underwriter now responsible for each […]

Announcement 2011 : 01 - FHA Case Number Ordering Procedures

Pursuant to updated FHA initiatives, effective 1/1/2011, all Sponsored Originators will lose their access to FHA Connection. In order to best assist our broker partners REMN has developed procedures for the ordering and updating of FHA Case Numbers. Please go to www.remnwholesale.com and choose FHA Case No. on the left-side menu bar.  It is important that you […]

2010 Announcements

Announcement 2010 : 07 - Revised Florida Maximum Condiminium LTVs

Effective immediately, the following maximum LTVs apply for all new condominium submissions: Product Type Florida All other States FHA 90% FHA maximum Conventional not available If you have any questions, please contact your AE.

Announcement 2010 : 06 - Conventional Investment and Second Homes

Effective immediately, REMN is pleased to announce that we will now permit conventional loans for investment properties and second homes.  The eligibility criteria is as follows: (1) 70% maximum LTV. (2) Single-family residences only, no condominiums or attached PUDs. (3) No gifts permitted. If you have any questions, please contact your AE.

Announcement 2010 : 05 - Amendment to Property Flip Guidelines

Effective immediately, REMN’s existing prohibition on all property transfers in the last year as defined in Announcement 08-06 is hereby rescinded.  Our new property transfer guidelines for all product types are below: Property transfers in less than 91 days If less than 91 days elapsed from the date the seller acquired the property until the […]

Announcement 2010 : 04 - FHA “Thin Credit” and Credit Score Policy

The following policy concerning “thin credit” is effective for new submissions beginning April 6, 2010. A “thin credit” file exists when the primary occupying borrower (the individual with highest percentage of income in the transaction) has a credit score, however, they do not meet the following criteria: At least three open tradelines with a 12-month satisfactory […]

Announcement 2010 : 03 - NEW FHA UFMIP and Annual Premiums

Pursuant to Mortgagee Letter 2010-02, effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent. This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions. If you […]

Announcement 2010 : 03 - Elimination of FHA Non-Credit-Qualifying Streamline Refis

Effective April 6, 2010, REMN will no longer accept FHA non-credit-qualifying (NCQ) streamline refinances.  We will continue to accept credit-qualifying streamline refinances. Approved NCQ streamline refis in REMN’s pipeline must be funded by Friday, April 30th. If you have any questions, please contact your AE.

Announcement 2010 : 01 - FHA HVCC Procedures and Information

The HUD Appraisal Independence guidelines originally planned for implementation on January 1, 2010 are officially effective for all case numbers assigned on or after February 15, 2010.  The new guidelines prohibit mortgage brokers and commission-based employees from participating in the appraisal ordering process. Case number assignment functionality will be available in the FHA Connection without […]

2009 Announcements

Announcement 2009 : 27 - Short Sale Guidelines

The FHA has issued important guidance concerning short sales and short refis.  These guidelines are effective immediately, and apply to all existing approvals in the pipeline as well as new loans. Guidelines for purchases only: Borrowers are NOT eligible for FHA-financing if they are selling their current primary residence to purchase a similar or superior […]

Announcement 2009 : 26 - Multiple Topics

Increase in Underwriting Fee In order to offset costs incurred by our company associated with the recent industry-wide changes, REMN is increasing our underwriting fee to $650.  The higher fee is effective for all loans submitted on or after Monday, January 18, 2010.  This amount applies to all transaction types and all States where REMN […]

Announcement 2009 : 25 - 2010 RESPA Reform – REMN Policies and Procedures

For mortgage applications taken on or after January 1, 2010, lenders and Brokers are required to provide borrowers with a new standard Good Faith Estimate (GFE) that clearly summarizes key loan terms, fees, and closing costs.  At settlement, the closing agent must provide a new HUD-1 Settlement Statement that offers a side-by-side comparison of the […]

Announcement 2009 : 24 - Multiple Topics

CASH OUT REFINANCES OVER 85% LTV The deadline to close any cash-out FHA refinance with an LTV over 85% is September 30, 2009.  No exceptions will be granted. FHA DE TEST CASES Effective immediately, REMN will no longer accept new submissions from any non-supervised lender currently in the “test case” phase of their DE application.  […]

Announcement 2009 : 23 - Multiple Topics

“LITEFILE” SUBMISSION OPTION TO FACILITATE EARLY DISCLOSURE Effective immediately, all brokers are eligible to submit “Litefiles” to REMN. The purpose of a Litefile submission is to meet the initial disclosure requirements of the MDIA. Once a Litefile is received by REMN, we will mail out initial disclosures to the borrower within one business day. We […]

Announcement 2009 : 20 - MDIA Procedures

In accordance with the Mortgage Disclosure Improvement Act (MDIA), we have implemented a number of sweeping procedural changes that will affect every transaction.  Click here for the detailed memo. If you have any questions, please contact your AE.

Announcement 2009 : 19 - Multiple Topics

NEW SUBMISSION COVER SHEET Effective immediately, the new submission coversheet must be utilized.  It is posted on the front page of our website.  The new submission sheet contains an up-to-date list of our underwriters.  Also, please be aware that for a multitude of reasons we can no longer guarantee your file will be assigned to […]

Announcement 2009 : 05 - Total Scorecard Approve/Eligible Findings For Loans With Scores 600 and Above

Currently, TOTAL Scorecard Approve/Eligible findings are acceptable in lieu of manual underwriting.  However, effective Wednesday, January 28, REMN reserves the right not to accept Approve/Eligible findings for loans that appear to lack sufficient credit quality.  If the underwriter concludes that the findings are not acceptable, the file will be brought to a manager to determine […]

2008 Announcements

Announcement 2008 : 06 - Multiple Topics

1. ELIMINATION OF DPA PROGRAMS Effective Monday, April 14th, REMN will no longer accept new submissions if the buyer is using a Down Payment Assistance (DPA).  This does not include government entities giving a grant.  This decision was based on the mounting evidence that DPAs have between a 200%-300% greater likelihood of default (for recent […]