REMN Wholesale is pleased to announce additional enhancements and clarifications to our position on third party processing fees and the eligibility of these based on whether the broker compensation is lender paid or borrower paid.
Third Party Processing Company Requirements:
When a third party processing company is used, the following items are required:
(1) An invoice that includes the processing company NMLS ID; and
(2) Completed and executed Broker Affiliate Certification (located on our website at www.remnwholesale.com).
Third party processing fees are allowed as detailed below:
*Must be included in the 1% Origination Fee
LE/CD and QM 3% Points and Fees Test
This new guidance applies to loans submitted on or after November 13, 2018. If you have any questions, please contact your Account Executive.