SUBJECT: Updates to REMN’s Minimum Submission Requirements
DATE: November 1, 2022
REMN Wholesale is modifying our minimum submission requirements for new loan submissions to disclosure and setup. These changes are effective November 2, 2022; details are outlined below.
Submit for REMN-Prepared Initial Disclosures:
- Credit Report or AUS must be run
- Contract of Sale (Purchase loans only)
- Max Mortgage Worksheet (Renovation loans only)
Submit to Setup with REMN-Prepared Initial Disclosures:
- AUS must be Approve/Eligible (Conventional loans only)
- Income documentation for all borrowers on the loan (when applicable, according to product)
- Unexpired paystub and most recent W2*
- *Written VOE is acceptable in lieu of a W2
- *If borrower is salaried (not hourly; flat salary only), no W2 or VOE required for initial submission
- Most recent filed tax return (self-employed borrowers)
- Unexpired paystub and most recent W2*
- Simple Access Bank Statement Program: Bank Statements for 12 or 24 months, respectively
- Signed 1003 by the MLO (if not already e-signed)
- Signed Intent to Proceed by all borrowers (if not already e-signed)
- Consultant’s report (SOR) IF required or Contractor Bid (Renovation loans only)***
Submit to Setup – Broker or Emerging Banker Prepared Initial Disclosures:
- AUS must be Approve/Eligible (Conventional loans only)
- Contract of Sale (Purchase loans only)
- Credit Report
- Income documentation for all borrowers on the loan (when applicable, according to product)
- Unexpired paystub and most recent W2*
- *Written VOE is acceptable in lieu of a W2
- *If borrower is salaried (not hourly; flat salary only), no W2 or VOE required for initial submission
- Most recent filed tax return (self-employed borrowers)
- Unexpired paystub and most recent W2*
- Simple Access Bank Statement Program: Bank Statements for 12 or 24 months, respectively
- Signed 1003 by MLO
- Signed Initial Loan Estimate by all borrowers**
- Signed Intent to Proceed by all borrowers**
- Consultant’s report (SOR) IF required or Contractor Bid (Renovation loans only)***
- Max Mortgage Worksheet (Renovation loans only)***
**If borrower e-signed, proof of e-Consent must be provided
***Must be approved by Renovation Concierge Desk prior to underwriting submission
The reno questionnaire and contractor’s license are no longer required for submission to Setup for renovation loans. The link to the reno questionnaire on REMN’s website has been disabled.
Minimum submission requirements must be met in order for the loan to be moved to underwriting.
These updated submission requirements supersede any prior communications or announcements.
Complete minimum submission requirements may also be accessed on the Minimum Submission Requirement job aid.
Please contact your Account Executive with any questions