Remn Wholesale Va Product Guidelines

REMN WHOLESALE VA PRODUCT GUIDELINES IRRRL Non-Credit Qualifying vs. Credit Qualifying ................ 15 Credit Qualifying to Non-Credit Qualifying........................... 15 PROGRAM OVERVIEW……………………………………………………………………………3 REMN WS to REMN WS Refinance Transactions .................. 15 FULL DOC – (1-4 Family) ........................................................ 3 Underwriting of IRRRLs When Obligors Have Changed......... 15 Covid_19 Temporary Flexibilities ........................................... 4 IRRRL Submissions .............................................................. 16 Covid_19 – Existing Liens for Refinance Transactions ............. 5 IRRRL vs. Cash-Out .............................................................. 17 PROGRAM OVERVIEW ........................................................... 6 Fees & Charges ................................................................... 18 Program Overview ................................................................ 6 Allowable Fees .................................................................... 18 Eligible Transactions.............................................................. 6 1% Origination Fee Charged (Unallowable Fees) .................. 18 Eligible Properties ................................................................. 6 VA IRRRL – Safe Harbor QM ................................................ 19 Estate of Veteran in Real Property......................................... 6 VA IRRRL - Net Tangible Benefit .......................................... 19 Lava Zone Properties............................................................. 6 Non-IRRRL Refinances - Net Tangible Benefit ...................... 20 Occupancy ............................................................................ 6 Recoupment of Fees – required on IRRRLs AND Type I Cash- Ineligible Transactions........................................................... 6 Out VA to VA Refinances ..................................................... 20 Loans Ineligible for Automatic Approval by REMN WS ........... 6 Eligible Borrowers ............................................................... 21 Assumptions ......................................................................... 6 VA Guarantee Calculation - GNMA ...................................... 21 Prepayment Penalties ........................................................... 6 Prior Mortgage Fraud .......................................................... 21 Escrow/Impound .................................................................. 6 Age of Credit Documents .................................................... 22 Subordinate Financing .......................................................... 6 Credit Scores ...................................................................... 22 PROGRAM OVERVIEW ........................................................... 7 Determining Representative Credit Score ............................ 22 VA Loan Limits ...................................................................... 7 Credit Inquiries ................................................................... 22 VA 100% Financing Options ................................................... 8 Absence of Credit History .................................................... 22 Joint Loans ............................................................................ 8 Underwriting Consistency ................................................... 22 High Cost Counties ................................................................ 9 Borrower Debt Certification ................................................ 22 Loan Amounts Exceeding VA County Limits ........................... 9 Multiple Social Security Numbers ........................................ 22 Excluded Party Lists............................................................... 9 Child Support Delinquency .................................................. 22 CAIVRS .................................................................................. 9 Debt to Income (DTI) Ratios ................................................ 23 More than one VA Loan ........................................................ 9 Mortgage (Housing) History ................................................ 23 PROGRAM OVERVIEW ......................................................... 10 Installment Debt ................................................................. 23 Compensating Factors ......................................................... 10 Revolving Debt.................................................................... 23 Tax Exemptions / Abatements ............................................. 10 Debts Paid Prior to Closing or At Closing .............................. 23 Texas Home Equity ............................................................. 10 Student Loans ..................................................................... 23 Power of Attorney .............................................................. 10 Non-Purchasing Spouse ...................................................... 24 VA Funding Fee ................................................................... 10 Contingent Liability (Debt paid by others) ........................... 24 Payment of VA Funding Fee ................................................ 11 Contingent Liability (Business Debt) .................................... 24 VA Funding Fee Exception Status......................................... 11 Collection/Charge Off/Judgment ......................................... 24 Conditions Listed on COEs ................................................... 11 Borrowers with Delinquent Federal Tax Debt ...................... 24 Transaction Types ............................................................... 12 AUS .................................................................................... 25 Purchase ......................................................................... 12 AUS .................................................................................... 25 (Downgrading the recommendation) .................................. 25 Cash-Out Refinance ........................................................ 12 Payment Shock – REMN WS Policy ...................................... 25 LTV Calculation for Cash-Out Refinance ........................... 12 Adverse Data ...................................................................... 26 Seasoning Requirements for Cash-Out Refinance ............ 12 Re-established Credit ...................................................... 26 Other Refinancing Loans ................................................. 12 Collections ...................................................................... 26 LTV Calculation for Other Refinance Loans ...................... 12 Disputed Accounts .......................................................... 26 Seasoning Requirements for Other Refinance Loans ........ 12 Summary ........................................................................ 26 IRRRL .............................................................................. 13 Bankruptcy / CCCS .............................................................. 26 Seasoning Requirements for IRRRLs ................................ 13 Chapter 13 ...................................................................... 26 IRRRL Interest Rate Decrease Requirement ................. 13 Chapter 7........................................................................ 26 IRRRL Payment Decrease/Increase Requirements ...... 14 CCCS ............................................................................... 26 Foreclosure ......................................................................... 27 IRRRL Veteran’s Statement & Lender’s Certification .... 14 Deed in Lieu or Short Sale ................................................... 27 What Closing Costs can be Included in the IRRRL Loan 14 Borrower with Prior Foreclosure with REMN WS – .............. 27 REMN WS Policy ................................................................. 27 This information is provided for the use of mortgage professionals only and is not intended for distribution to consumers or other third parties. Guidelines, rates and fees are subject to change without notice. © 2014 REMN Wholesale a division of HomeBridge Financial Services, Inc. DBA Real Estate Mortgage Network. NMLS #6521 All rights reserved. May 2020 1 of 42 REMN WHOLESALE VA PRODUCT GUIDELINES Verbal VOE ......................................................................... 28 Funds to Close .................................................................... 35 Income Documentation ...................................................... 28 Down Payment ................................................................... 35 Income Analysis .................................................................. 28 Reserves ............................................................................. 35 Employed Less than 12 Months ....................................... 28 Cash on Hand...................................................................... 35 Underwriter’s Objective ...................................................... 28 Joint Access Letters ............................................................. 35 Projected Income from a new job ....................................... 28 Large Deposits .................................................................... 35 Income of a Spouse ............................................................

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