TEMPORARY SUSPENSION OF CONVENTIONAL REFINANCE SUBMISSIONS
Despite the introduction of a temporary .75% price add-on for conventional refinances announced last week (Announcement 12-09), the number of conventional refinance submissions has continued to increase. Therefore, as part of our ongoing effort to ensure that REMN continues to offer industry-leading service on purchase transactions, the submission of all conventional refinances is temporarily suspended. This applies to the wholesale channel ONLY.
The suspension does not apply to any loan that has already been submitted (as a full or a litefile) or locked prior to this announcement.
To reiterate, this has become necessary in order to preserve our level of service on purchase transactions. As you would expect, the dramatic increase in the volume of refinances has begun to cause our condition review turntimes to deteriorate. We are aggressively increasing our staff in order to accommodate more volume without compromising the service you have come to depend upon (including opening an additional underwriting center in Wall, NJ). Once we have successfully increased our staff, we will again accept conventional refinance submissions.
As always, REMN appreciates your loyalty and business!