Effective immediately, REMN’s existing prohibition on all property transfers in the last year as defined in Announcement 08-06 is hereby rescinded.  Our new property transfer guidelines for all product types are below:

Property transfers in less than 91 days

If less than 91 days elapsed from the date the seller acquired the property until the date the new sales contract was executed, then the loan is not eligible for approval by REMN.

Property transfers between 91 and 365 days

If between 91 and 365 days elapsed from the date the seller acquired the property until the date the new sales contract was executed, then the loan is eligible for approval by REMN under the following circumstances:

(1) If the increase in sales price is more than 100%, then a full second appraisal ordered through a REMN-approved AMC is required.

(2) if the increase in sales price is less than 100%, one of the following will be required at REMN’s discretion:  (a) a full second appraisal ordered through a REMN-approved AMC; (b) a internal or external 2055 ordered through a REMN-approved AMC; or (c) a desk review performed by our in-house appraiser.

(3) All additional appraisal expenses are the responsibility of the broker.

(4) Gifts are not permitted.

(5) The borrower cannot currently own any properties.

(6) All loans of this type must be reviewed by an underwriting manager.

If you have any questions, please contact your AE.

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