DATE: March 18, 2020 rev. March 23, 2020

**UPDATE – Due to the continuation of volatile secondary market conditions, REMN Wholesale is unable to proceed with any Non-QM or Jumbo loans. All Non-QM and Jumbo programs are suspended indefinitely, and may not be submitted, underwritten, locked or funded, until further notice**

Due to secondary market conditions, REMN Wholesale is immediately suspending all new Non-QM mortgage applications. This includes the Simple Access, Elite, and Expanded Plus suite of products. Pertinent details are below:

NEW APPLICATIONS (Broker and Emerging Banker)
• No new applications on ANY Non-QM product will be accepted

LOCKED PIPELINE
• The ability to lock loans is suspended for all Non-QM products
• Locked pipeline for the Expanded Plus and Simple Access product line will be honored through the lock period. There will be no extensions if the lock expires
• Locked pipeline for the Elite product line is still under review

UNLOCKED OR EXPIRED LOCK PIPELINE
• The Non-QM product is no longer available. If a loan is not already locked or if the lock has expired – the loan will be declined due to unavailability of the Non-QM product line
• New locks will not be accepted, and expired locks will not be extended, regardless of the reason why it expired

UNDERWRITING CRITERIA
• All loans must fully comply with all guidelines exactly as published – there are NO EXCEPTIONS at this time

IMPORTANT NOTE: This guidance is subject to change without notice, based upon changes in the Secondary Market.

Please contact your Account Executive with any questions

Important Changes To Our Broker and Emerging Banker Agreements  Read More