SUSPENSION OF 203K STREAMLINE PRODUCT
Effective at 12:00pm EST today, REMN Wholesale will no longer accept new submissions in our FHA 203k Streamline product. The decision to suspend the product was based on several factors, including:
1. An unacceptably high percentage of closed loans with issues preventing the timely completion of repairs;
2. Below average loan quality (credit and documentation); and
3. Below average loan packaging/processing, which has led directly to a disproportionately large amount of underwriting resources being dedicated to each file.
Any loan in this product that has already been locked, or submitted as either a litefile or a full file, will be honored.
At this point in time, we are still offering our standard (full) 203k product.
Ultimately, our goal is to re-introduce the product with additional overlays, procedures, and training tools, as well as additional dedicated underwriting resources.
NEW 45% MAX DTI FOR FHA LOANS 640-659
Effective immediately, REMN Wholesale will no longer accept new submissions of FHA loans with a low middle credit score 640-659 with a DTI over 45.00%.
If the loan has already been locked, or submitted as either a litefile or a full file, it will be honored. However, the last date to close will be May 29, 2012.
If you have any questions, please contact your AE.
