SUBJECT: Updates to REMN’s Temporary Buydown Eligibility
DATE: April 3, 2023
**This Announcement updates the contents of Announcements 22-15 “Temporary Buydowns” and 23-2 “Buydowns Available for Jumbo AUS and Access Loans”**
REMN is pleased to announce the availability of additional subsidy options for Temporary Buydowns:
- Lender Funded
- Available on Conventional, FHA, USDA, and VA
- Listing or Selling Agent Funded
- Available on Conventional, FHA, Jumbo, Non-QM, USDA, and VA
This feature is available for new applications and existing pipeline transactions on or after April 3, 2023.*
*NOTE: Pipeline transactions will require an applicable CoC if a Buydown option is applied
Buydown Options By Product
New Broker Required Action in the HUB:
- In the Short Application screen, the Broker must now select a Subsidy Source to identify if the buydown is Lender, Listing Agent, Seller or Selling Agent funded
- A job aid has been created to assist Brokers
Amendments to LE and CD
Changes to REMN’s Loan Estimate and Closing Disclosure have been made to support these updates:
- The Projected Payment Section will no longer reflect the reduced monthly P&I payment based on the buydown features
- The Adjustable Interest Rate (AIR) Table Section will no longer reflect rate change information based on the buydown features
- The buydown payment will now be reflected in Section H
The Temporary Buydown Calculator is available and can be downloaded by clicking here: REMN Temporary Buydown Calculator.
Guidelines have been updated and can be found at www.remnwholesale.com
**Please contact your Account Executive with any questions**