March 30, 2015
REMN Wholesale has updated the VA and VA IRRRL guidelines as detailed below.
VA now requires a copy of the sales contract, along with any applicable addendums, be provided to the appraiser within one (1) business day of appraisal assignment on all purchase transactions.
Clarification was also provided on the topic of VA inspections: termite forms for new construction, validity dates for septic inspections (90 days); and requirements for public water/sewer connections.
A new section was also added for REMN-REMN refinances.
VA IRRRL Program
The VA IRRRL guidelines were updated to provide clarification between requirements for credit qualifying and non-credit qualifying IRRRLs, and adds a new section for REMN-REMN NCQ No Overlay/No Credit loans.
CAIVRS is required to be pulled on VA IRRRLs.
The updated guidelines have been posted on the REMN Wholesale website at www.REMNwholesale.com.
If you have any questions, please contact your Account Executive.