SUBJECT: Conventional Platinum Pricing Updates
DATE: May 15, 2023
**The contents of this announcement supersede Announcement 2020-20, “Conventional Platinum W2 Program”**
REMN Wholesale is pleased to announce enhancements to our Conventional Platinum Pricing Program. We have expanded program parameters for Platinum Pricing eligibility:
- Second homes now eligible (previously primary residence only)
- Self-employment now eligible (previously W2 only)
- All business ownership types eligible for conventional financing allowed – Schedule C, S-Corp, Partnership, etc.
- Maximum businesses owned is one
- One additional REO allowed, in addition to the subject property (previously no REO permitted)
These new enhancements are eligible for conventional (non-renovation) loans registered in REMN’s Hub portal Tuesday, May 16, 2023, and after.
When locking a loan, Brokers will receive an error message in the Hub until the system is updated. Therefore, please email REMN’s Lock Desk at firstname.lastname@example.org, and they will assist with a manual loan lock.
As a reminder, Conventional Platinum Pricing has no FICO or LTV restrictions, and is not applicable for Homestyle loans.
The criteria for REMN’s other Platinum Pricing Programs remains unchanged.