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), (2) non-REMN NCQ Streamlines endorsed on or after June 1, 2009 (720 score minimum, among other overlays), or (3) Credit-Qualifying Streamlines.
In order to comply with this requirement, all three scores must be provided for each borrower. A mortgage-only credit report with scores may be utilized for this purpose.
This requirement is effective for all new FHA NCQ Streamline submissions received on or after August 17, 2012. However, it does not affect any NCQ Streamline that has been locked, or submitted as either a litefile or full file prior to August 17th. This only affects wholesale submissions; this announcement does not affect any other lending channel.
Please contact your Account Executive with any questions.