***This communication replaces Announcement 2020:04 in its entirety*** REMN Wholesale has modified our guidance regarding employment and income continuation due to COVID-19. This applies to ALL product types (FNMA, FHLMC, FHA, VA and USDA) effective immediately: VERBAL VERIFICATION OF EMPLOYMENT • Employment must be re-validated by REMN no more than 5 business days prior to […]
REMN Wholesale is modifying our minimum submission requirements for both initial disclosure preparation and new underwriting submissions. These changes are effective June 8, 2020. Details are outlined below. REMN-Prepared Initial Disclosures – Required Documents • Broker credit report or AUS must be run • Broker TRID Certification • Contract of Sale (purchase loans only) • […]
REMN Wholesale has modified our minimum FICO score requirement for 203(K) loans to the following: Purchase loans – minimum FICO score is 640 Refinance loans – minimum FICO score is 700 These updates are effective with new loan submissions as of June 5, 2020. These FICO updates do not apply to existing pipeline loans (locked […]
REMN Wholesale has modified our minimum FICO score requirement for cash-out conventional (FNMA and FHLMC) loans. The new minimum FICO score is 680. This updated requirement applies to new loan submissions effective June 3, 2020 as well as floating pipeline loans. If you have additional questions please contact your Account Executive.
DATE: May 27, 2020 In response to current market conditions due to the COVID-19 pandemic, REMN Wholesale is announcing a forbearance loan policy. This policy is effective immediately and applies to both new submissions and loans currently in the pipeline. Overview REMN Wholesale’s forbearance policy: Gives direction for transactions where the borrower is in a […]
DATE: May 19, 2020 REMN Wholesale is temporarily suspending submissions and initial disclosure preparation for loans that do not have a property address (TBD loans). This guidance is effective with new submissions as of Tuesday, May 19, 2020 until further notice. If you have additional questions please contact your Account Executive.
DATE: April 6, 2020 REMN Wholesale has modified our policy regarding appraisal inspection report types due to new guidance from VA. In response to COVID-19, reduced documentation may be permitted in certain circumstances. The below guidance provided is effective immediately for loans closing after March 27, 2020. PURCHASE AND CASH-OUT TRANSACTIONS • Traditional appraisal – […]
DATE: March 27, 2020 REMN Wholesale utilizes a random loan selection to obtain tax transcripts. Due to the COVID-19 situation, there are significant delays in the processing of IRS transcripts. In order to accommodate for this delay, REMN has amended our IRS tax transcript policy effective immediately: RECEIPT OF TRANSCRIPTS – FNMA, FHLMC, FHA & […]
DATE: March 27, 2020 Due to continued Covid-19 market volatility and anticipated economic implications, REMN Wholesale is imposing temporary restrictions to our government lending policies including FICO and DTI limitations. This applies to new loan submissions dated 3/27/2020 and after. PRODUCTS IMPACTED: • FHA, VA, and USDA, including Streamlines and Interest Rate Reduction Refinances o […]
DATE: March 26, 2020 REMN Wholesale has modified our requirements in response to Fannie and Freddie’s guidance regarding employment and income continuation due to COVID-19. In addition, as FHA, VA and USDA have not yet provided guidance, REMN will be applying the new guidance to ALL product types (FNMA, FHLMC, FHA, VA and USDA) effective […]
Rev. June 28, 2020 **This guidance has been extended and is effect for applications taken on or before July 31, 2020** REMN Wholesale has modified our policy regarding appraisal inspection report types due to new guidance from FNMA and FHLMC. In response to COVID-19, reduced documentation may be permitted in certain circumstances. The below guidance […]
REMN Wholesale has modified our policy regarding the validation of any taxes owed due to new legislation enacted by the federal government. Taxpayers will be allowed to defer the payment of any taxes owed for the 2019 tax year until 90 days after April 15, 2020. Filing of 2019 Tax Returns Tax returns must still […]
DATE: March 18, 2020 rev. March 23, 2020 **UPDATE – Due to the continuation of volatile secondary market conditions, REMN Wholesale is unable to proceed with any Non-QM or Jumbo loans. All Non-QM and Jumbo programs are suspended indefinitely, and may not be submitted, underwritten, locked or funded, until further notice** Due to secondary market […]
The Federal Housing Finance Agency (FHFA) has announced the 2019 loan limits for FNMA and FHLMC agency loans. Read about these updates on our site now!