Updates to the Simple Access Program

Announcement 2018 : 19

REMN Wholesale is pleased to announce enhancements to the Simple Access program.

Full product guidelines can be found on www.Remnwholesale.com

Key Product Changes:
• Maximum LTV/CLTV increased to 85% for 1-4-unit primary residence transactions. For transactions in which the LTV/CLTV is 80.01% to 85%:
• Purchase and rate/term transactions only
• Minimum 720 credit score
• Maximum loan amount $1,500,000
• Maximum DTI 43%
• 2 full appraisals required for loan amounts >$750,000
• 5% borrower own funds required (purchase transactions)
• Additional 6 months reserves required
• Maximum loan amount and maximum cash-out increased to $3,500,000 (formerly $3,000,000) for 1-4-unit primary residence and 1-unit second home transactions with a minimum 680 credit score
• 80% LTV/CLTV for purchase and rate/term refinance transactions with a FICO of 720 and $3,000,000 loan amount
• 75% LTV/CLTV for cash-out transactions with a FICO of 720 and $3,000,000 loan amount
• Legal accessory unit rental income now eligible for all documentation types
• Up to 50% of the proceeds from the sale of the borrower’s current primary residence that will not close prior to the subject transaction closing may be used to satisfy reserve requirements subject to specific requirements
• U.S. citizens living overseas that have a credit score, but do not meet tradeline
requirements, are eligible subject to specific requirements
• The waiting period for significant derogatory credit events (BK, foreclosure, etc.) is
measured from the applicable end date to the Note date (formerly was application date)

Bank Statement Option:
• Income from investments eligible using 24 months personal bank statements

Full Documentation Option:
• Interim financials may be used to determine qualifying income for self-employed borrowers
• The review period for averaging of capital gains was reduced from 3 years to 2 years

Investor Cash Flow Option:
• Interest-only payment can be used to calculate the DCSR with the following parameters:
o The borrower’s credit score must be a minimum of 20 points above the minimum
required based on the transaction type, loan amount, and LTV, and
o The LTV must be a minimum 5% below the maximum LTV allowed for the transaction
o An additional 9 months PITIA reserves required in addition to the standard reserve requirement.

Please contact your Account Executive with any questions.