Effective July 18th, 2016

REMN Wholesale is pleased to announce we will be offering the Expanded Plus program.  Self-employed borrowers and borrowers using alternative documentation will benefit from the flexibility offered by the Expanded Plus Program.

 

Highlights of Expanded Plus are provided below.

 

  • Expanded Plus documentation options:
    • Full Doc and Alt-Doc Limited are available for wage earner/salaried and self-employed borrowers.
    • Alt-Doc 24 and Alt-doc 12 are available for self-employed borrowers with > 25% or more ownership interest in a business. Borrower is qualified using the applicable number of month’s personal bank statements.
    • Asset Depletion is eligible as a stand-alone options or to supplement other income to lower DTI.
  • Minimum credit score 660
  • 1-4 owner-occupied, 1-unit second home, and 1-4 unit investment properties eligible
  • SFD, PUD, condo (FNMA warrantable), site/detached condos, and modular properties eligible
  • Purchase, rate/term and cash-out allowed
  • Permanent resident aliens, first-time homebuyers, and non-occupant co-borrowers eligible (blended ratios allowed for non-occupant c-borrowers)
  • Maximum loan amount $2,500,000
  • Maximum LTV 75% (determined by documentation option, credit score, and property type; refer to the Expanded Plus program guidelines for details)

 

  • Maximum DTI is determined by LTV:
    • > 65% LTV: 50%
    • ≤ 65% LTV: 55%
  • Maximum DTI for First Time Homebuyer is determined by LTV and Documentation option:
    • Full doc
      • > 65% LTV: 50%
      • ≤ 65% LTV: 55%
    • All other documentation options (Alt-doc 24, 12, Alt-Doc Limited)
      • Maximum 43% DTI

 

  • Residual Income is required as follows:
    • DTI ≤ 43% not required
    • DTI > 43% requires residual income:
      • Residual income is defined as qualifying income minus total monthly obligations
      • The Required amount of residual income is determined by: Subject loan amount multiplied by .45% equals amount of required residual income.  (i.e. loan amount x .45% = amount of required residual income)

 

  • Down payment requirement determined by documentation option:
    • Full Doc, owner occupied: Minimum 10% borrower own funds
    • All others (occupancy and documentation options): minimum 30% borrower own funds
  • Gift funds, from an immediate family member, eligible after borrower own funds requirement met
  • Mortgage/rental history: 0x30 in previous 12 months (no exceptions)
  • Two year employment history in same job or same line of work. Sel-employed borrowers require business to be in existence for a minimum of 2 years
  • Borrowers with derogatory credit eligible with 12 months seasoning from event end date to application date
  • Borrower may have up to four (4) financed properties, including subject
  • No seasoning requirement for refinance transaction
  • Reserve requirements determined by loan amount
  • An “Approve/Ineligible” or “Refer” AUS finding is required. After AUS submission, REMN WS will manually underwrite the loan
  • 5/1 LIBOR ARM only
  • Available in all states with the exception of: IL, NE and NY
  • The following are ineligible on the Expanded Plus program:
    • Inter-vivos trust
    • Appraisal Transfers
    • Power of Attorney
    • Non-permanent resident aliens
    • Limited and general partnerships, corporations and LLC entities as the borrower type.
  • The Expanded Plus program is not available for Emerging Bankers
  • The commitment fee buyout option is not eligible on the Expanded Plus program.

 

The following have been posted on REMN Wholesale website:

  • Expanded Plus Guidelines
  • Expanded Plus Documentation Option Comparison
  • Updated Loan Submission Form

 

Expanded Plus loans will require a manual lock.  Brokers should complete the REMN Manual Lock Request form, located on the broker portal, under the “current pricing” page.

Email the completed form to remnlock@remn.com .

 

The REMN rate sheet will reflect Expanded Plus pricing effective July 18, 2016.

If you have any questions, please contact your Account Executive.

Important Changes To Our Broker and Emerging Banker Agreements  Read More