REMN Wholesale will begin offering loans under the Fannie Mae 97% loan-to-value program as of Jan. 19 in order to broaden their range of products and offer responsible buyers affordable options.
This initiative falls in line with the firm’s commitment to provide brokers with the products they need.
Both government-sponsored enterprises officially announced their individual 97% loan-to-value products on Dec. 8.
These announcements followed reports in October from Federal Housing Finance Agency Director Mel Watt, announcing a number of policy steps aimed at increasing mortgage credit availability at the Mortgage Bankers Association Convention & Expo in Las Vegas.
The Iselin, New Jersey-based lender has teams of account executives located across the country, management hubs on both coasts and a dedicated helpdesk team.
“REMN Wholesale’s overall mission is to make the mortgage experience as easy as possible for qualified borrowers every step of the way. In addition to offering the best possible mortgage products, it’s incredibly important that the brokers are supported by a team committed to helping ensure the best possible experience for everyone involved,” commented Carl Markman, director of national sales for REMN Wholesale.
“We’re offering the Fannie Mae product at just 3% down because we’ve seen before that there are creditworthy borrowers out there who are more than capable of making their mortgage payments, but haven’t had the time yet to accrue the necessary down payment to get the process started,” Markman added.
As a part of its commitment to brokers, REMN Wholesale has announced multiple pricing specials in January, including 0.625 for VA fixed rate high balance submissions over 720 FICO, 0.375 for VA fixed rate for conforming submissions in select states and 0.25 for all conventional submissions over $200,000 with a 720-739 FICO score, in addition to many others.