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. Once the non-supervised lender has received their DE designation from the FHA, they may request that REMN enter into a “Principal/Agent” relationship. At this time, REMN is entering into this type of relationship on an exception basis only.
LOANS TO REAL ESTATE AND MORTGAGE INDUSTRY PROFESSIONALS
Effective immediately, REMN will no longer accept new submissions if any of the borrowers on the application are real estate or mortgage industry professionals. This includes, but is not limited to: realtors, appraisers, title company employees, and real estate speculators/rehabilitators. We will still accept loan applications for borrowers who are employed by mortgage companies, but due an increased incidence of irregularities, these files will be subject to additional quality control measures prior to closing.
PRE-CLOSING QUALITY CONTROL REVIEWS
As most of you are already aware, REMN performs random pre-closing QC review on approximately 10% of the files cleared from underwriting. Please be advised that if your file is chosen for review, it may result in possible delays and/or additional underwriting conditions.
NEW YORK CLOSING ATTORNEY CHANGES
Effective immediately, we require that our Attorney, The Law Firm of Bonnie Nachamie, perform the title review and coordinate all New York closings. Our “approved attorney” list has been deleted. The Law Firm of Bonnie Nachamie will dispatch an attorney to represent REMN at the settlement. For additional information, please see the “NY Attorney Info” page, which can be found by choosing the “Company Info” tab.
If you have any questions, please contact your AE.