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 an option for borrowers, not a requirement. Borrowers will have their current escrow balance refunded to them from Cenlar (the servicer) after loan closing if escrow netting is not requested.
Brokers may request escrow netting on any REMN to REMN refinance transaction when submitting the ticket request to the REMN Wholesale helpdesk at REMN Wholesale Help Center to verify if it is a REMN to REMN refinance. Refer to REMN Wholesale Announcement 2015:09 for requirements when submitting a ticket.
FHA Transaction Specific
Escrow netting on FHA transactions will require the borrowers sign the REMN Borrower Escrow Credit Authorization; this form is only required on REMN to REMN FHA transactions utilizing escrow netting.
If you have any questions, please contact your Account Executive.