TEMPORARY REFINANCE ADJUSTERS
In order to ensure that REMN continues to offer industry-leading service on purchase transactions, we are instituting temporary price add-ons for refinances effective for new submissions beginning tomorrow (June 15th), as follows:
- 75 bps for ALL conventional refinances
- 75 bps for government CASH-OUT refinances
Once again, this only affects NEW submissions. The add-on does not apply to any loan that has already been submitted (as a full or a litefile) or locked prior to this announcment.
We would also like to remind you that we monitor broker pull-through very closely and urge you to ONLY submit files that you intend to close with REMN so we can continue to provide our same day turn-times if your file is submitted before 11am EST.
To reiterate, this has become necessary in order to preserve our level of service on purchase transactions. As you would expect, the dramatic increase in the volume of refis was beginning to cause our turntimes to deteriorate. We are aggressively increasing our staff in order to accommodate more volume without compromising the service you have come to depend on (including opening an additional underwriting center in Wall, NJ). Once we have successfully increased our staff, we will eliminate these temporary refi add-ons.
As always, REMN appreciates your loyalty and business!