SUSPENSION OF 203K STREAMLINE PRODUCT

Effective at 12:00pm EST today, REMN Wholesale will no longer accept new submissions in our FHA 203k Streamline product.  The decision to suspend the product was based on several factors, including:

1.    An unacceptably high percentage of closed loans with issues preventing the timely completion of repairs;

2.    Below average loan quality (credit and documentation); and

3.    Below average loan packaging/processing, which has led directly to a disproportionately large amount of underwriting resources being dedicated to each file.

Any loan in this product that has already been locked, or submitted as either a litefile or a full file, will be honored.

At this point in time, we are still offering our standard (full) 203k product.

Ultimately, our goal is to re-introduce the product with additional overlays, procedures, and training tools, as well as additional dedicated underwriting resources.

NEW 45% MAX DTI FOR FHA LOANS 640-659

Effective immediately, REMN Wholesale will no longer accept new submissions of FHA loans with a low middle credit score 640-659 with a DTI over 45.00%.

If the loan has already been locked, or submitted as either a litefile or a full file, it will be honored.  However, the last date to close will be May 29, 2012.

If you have any questions, please contact your AE.

Important Changes To Our Broker and Emerging Banker Agreements  Read More