JULY 12, 2012 (REVISED JULY 17, 2012)


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.

Effective immediately, all “Preferred Brokers” will have access to our “Preferred Broker” ratesheet. Brokers that have not achieved Preferred Broker status must use our standard ratesheet. However, the Preferred Broker ratesheet will be used for all files submitted on or before July 12, regardless of the the Broker’s status. Both ratesheets will be available on our website.

Definition of Preferred status:
Currently, Preferred Broker status is based on pull-through of files submitted during the four-month period beginning January 1, 2012 through April 30, 2012. All approved brokers with a pull-through of 40% (at least 40% of the loans submitted during this time period eventually closed) have been awarded Preferred status. Additionally, all new brokers approved with REMN after January 1, 2012 that did not submit a loan during this time period are awarded Preferred status. Your AE will be contacting you shortly to inform you if you have achieved Preferred status.

Brokers with Preferred Status will be able to continue to submit loans of all transaction types, with no additional restrictions. Brokers with Standard Status will be subject to credit score, product, and transaction type restrictions. Below is a summary of the differences between Preferred and Standard Broker status:

Transaction Types All Purchase Only
Minimum Credit Score 640 or program minimum, whichever is higher 680
Ratesheet Preferred Broker ratesheet Standard Broker Ratesheet
Products All products currently offered by REMN Wholesale All except 203K


We will continue to monitor pull-through on a monthly basis. The current pull-through requirement for Preferred Broker status is only 40%. However, when pull-through is measured again on August 31, 2012, the requirement will be increased to 45%. The pull-through measured on that date will be for files submitted during the months of April, May and June of 2012. HIgher pull-through rates and other additional criteria to qualify for or maintain Preferred Broker Status may also be introduced in the future. Please be advised that failure to improve sub-par pull-through over time (or dramatically low pull-through at any time) may result in termination.

Effective immediately, REMN Wholesale will temporarily not accept lock-in requests for loans that have not been submitted (as either a full file or “Litefile”). Once a file has been submitted as either a Litefile or a full file, the file may be locked without restriction.

Effective for all new submissions beginning tomorrow (Friday, July 13), the add-ons for FHA refinances will be as follows:
FHA Streamline Refinances: 100 basis points (1.00%).
All other FHA Refinances: 50 basis points (0.50%).
All FHA 203K Products: 300 basis points (3.00%) above standard FHA (203b) pricing.
This does not apply to any loan that has already been submitted (either as a full file or a Litefile) or is already locked.
REMN Wholesale is extremely grateful for your continued loyalty, and greatly appreciates all additional business you have sent our way over the past few months. Of course, as most of you already know, our focus has been and always will be to provide exceptional service on purchase transactions, including our industry-leading same-day underwriting turntimes for purchase submissions.

If you have any additional questions, please contact your AE.