February 18, 2015

REMN Wholesale is pleased to announce a No Overlay/No Credit option for FHA and VA Rate/Term refinance loans including Streamline and IRRRLs when the loan being refinanced is currently owned by REMN Wholesale and serviced by Cenlar.

REMN Wholesale will waive all REMN Wholesale overlays and follow straight FHA or VA guidelines on these loans subject to eligibility

Streamline Benefits

REMN to REMN FHA Non-Credit Qualifying Streamline

  • Credit report/mortgage only credit report not required
  • No credit score overlays
  • Units eligible
  • Investment property eligible
  • Short form title acceptable (if allowed by state law)

REMN to REMN VA Non-Credit Qualifying IRRRL

  • Credit report/mortgage only credit report not required
  • LTV/CLTV unlimited
  • AVM/2055 not required
  • No credit score overlays
  • Units eligible
  • Investment property eligible
  • Short form title acceptable (if allowed by state law) 

Determining Eligibility

To determine if a loan is eligible for the No Overlay/No Credit option, brokers should submit a ticket request to the REMN Wholesale helpdesk at REMN Wholesale Help Center.

The following is required when submitting the request:

  • The “Description” field should include:
    • Borrower name,
    • Cenlar loan number, if available,
    • Property address
    • Request for a net escrows payoff with the estimated closing month (if applicable), and
    • The new loan number (if the loan has already been submitted)
  • From the “Issue Type” drop down menu select “REMN Refi Verification: Is the Cenlar loan being paid off owned by REMN?”

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REMN Wholesale will determine eligibility and respond via email within 24 hours.

Loan Currently Submitted to REMN Wholesale

If a loan is eligible, REMN Wholesale will email the broker with confirmation the loan is eligible for the No Overlay/No Credit option and will include the payoff amount (if applicable), Current Loan Information and Loan Activity/Pay History provided by Cenlar. REMN Wholesale will upload the documents into Blitz Docs.

Loan Not Submitted to REMN Wholesale

If a loan is eligible, REMN Wholesale will email the broker with confirmation the loan is eligible for the No Overlay/No Credit option and will include the payoff amount (if applicable), Current Loan Information and Loan Activity/Pay History provided by Cenlar.

Brokers must upload the following in Blitz when submitting the loan to REMN Wholesale:

  • Current Loan History,
  • Loan Activity/Pay History,
  • Pay history,
  • Email from REMN confirming eligibility
  • Net escrow payoff (if applicable)

ReminderFor Streamline/IRRRL loans, do not submit a credit report or include the borrower’s income on the 1003 when submitting a loan under the No Overlay/No Credit option.

NOTE:  Brokers may also submit Streamline/IRRRLs as a REMN to REMN with overlays and with mortgage only credit report.

For a sample of the Current Loan Information and Loan Activity/Pay History, click here.

This new policy applies to loans currently in the pipeline and new submissions.

The FHA and VA matrices will be updated with this information in the near future and posted on the REMN Wholesale website, at www.remnwholesale.com.

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

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