DATE: October 1, 2018
REMN Wholesale is pleased to announce the Simple Access program is now available to our clients.
Full product guidelines can be found on www.remnwholesale.com and the REMN rate sheet reflects the pricing for Simple Access.
Simple Access loans will require a manual lock. Brokers must complete the REMN Manual Lock Request form found under General Forms on www.remnwholesale.com. The completed lock request should be emailed to firstname.lastname@example.org.
There are three documentation options:
- Bank Statement
- Available for self-employed borrowers
- 12 or 24 months personal or business bank statements (multiple accounts allowed)\
- Personal bank statement qualifying income – total deposits divided by 12 or 24 months
- Business bank statement income can be determined by several methods
- CPA letter for expense ratio, or
- Deposits less withdrawals, or
- Profit and Loss Statement, or
- Uniform expense ratio
- Full Doc
- Available for salaried or self-employed borrowers
- Investor Cash Flow
- Uses only rental income from the subject investment property to determine cash flow
- Rents are determined using 100% of the lessor of the current rent or market rent as determined by the appraiser
- Employment and income are not verifiedLoans are not subject to ATR or HPML requirements as they are considered business purpose loans
- ARM and Fixed rates available (including interest-only)
- Minimum FICO 620
- Maximum 80% LTV/CLTV
- All occupancy types allowed
- Loan amounts up to $3MM
- 1-4 unit primary residence, 1-unit second home, 1-4 unit investment properties
- Simple Access NOT available to Emerging Bankers
Please contact your Account Executive with any questions.