REMN Wholesale is pleased to announce that effective immediately we will be conducting upfront and mid-process testing for QM Points and Fees Tolerance.

The Opening Department will test the points/fees with initial submission. If the loan passes, it will move on to underwriting. If the loan fails the points/fees test, the Opening Manager will send an email to the broker (and cc: the AE) informing them that they need to be adjusted, and will offer alternative solutions. The points/fees test and the TIL will be attached to the email. The broker will need to correct the points/fees before the loan is submitted to underwriting.

The TILA Department will test the points/fees for any loan received for a rate lock or changed circumstance. If the loan passes, the loan will continue through the process. If the loan fails the points/fees test, the TILA Manager will send an email to the broker (and cc: the AE) informing them that they need to be adjusted, and will offer alternative solutions. The points/fees test and the TIL will be attached to the email. The broker will need to correct the points/fees before the loan continues through the process.

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

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