Lender Paid Mortgage Insurance loans are now available
NewRez LLC "NewRez" Approved Correspondent Clients please note: effective immediately, Lender Paid Mortgage Insurance loans are now available, where NewRez will order and remit the mortgage insurance for the Correspondent Client.
For Delegated Correspondent Clients, NewRez will order and remit for mortgage insurance upon receipt of the loan and prior to loan purchase.
For Non-Delegated Correspondent Clients, NewRez will order and remit for mortgage insurance upon approval of the loan file.
The following product codes must be used when NewRez is ordering and remitting for mortgage insurance and have been added to the Product Profiles.
|
Y59 |
15 Yr Fannie/Freddie Fixed LPMI |
FF2 |
15 Yr Freddie Mac Eligible Fixed LPMI |
|
Y50 |
30 Yr Fannie/Freddie Fixed LPMI |
FF3 |
30 Yr Freddie Mac Eligible Fixed LPMI |
|
Y60 |
15 Yr Fannie Fixed High-Balance LPMI |
Y64 |
15 Yr Super Conforming LPMI Freddie Mac Eligible Fixed |
|
Y32 |
30 Yr Fannie Fixed High-Balance LPMI |
Y57 |
30 Yr Super Conforming LPMI Freddie Mac Eligible Fixed |
|
II3 |
HomeReady 30 Year Fixed Rate LPMI |
JJ7 |
Home Possible 30 Year Fixed LPMI |
If you have any questions regarding any information in this announcement, please feel free to contact your regional account manager or client manager.