Smart Series Product Update
Newrez LLC "Newrez" Approved Correspondent Clients: Newrez is updating the terms for significant derogatory credit for the Smart Series products.
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SmartVest |
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Credit Event |
Current Guideline |
New Guideline |
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Foreclosure |
Discharged or dismissed or at least four (4) years |
Discharged or dismissed or at least four (4) years. OR Discharged or dismissed at least three (3) years subject to the following: · Lessor of 70% LTV or product guidelines; · Minimum 660 credit score; and · Additional three (3) months reserves for the subject property. |
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Bankruptcy Short Sale Deed in Lieu of foreclosure Pre-foreclosure Mortgage Charge-off |
Discharged or dismissed at least four (4) years. |
Discharged or dismissed at least four (4) years. OR Discharged or dismissed at least two (2) years subject to the following: · Lessor of 70% LTV or product guidelines; · Minimum 660 credit score; and Additional three (3) months reserves for the subject property. |
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SmartEdge |
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Bankruptcy Foreclosure Short Sale Deed in Lieu of foreclosure Pre-foreclosure Mortgage Charge-off |
Discharged or dismissed at least four (4) years. |
Discharged or dismissed at least four (4) years. OR Discharged or dismissed at least two (2) years subject to the following: · 0x30x12 housing payment history; and · Non-warrantable condos are not permitted. |
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SmartSelf |
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Bankruptcy Foreclosure Short Sale Deed in lieu of foreclosure Pre-foreclosure Mortgage Charge-off |
Discharged or dismissed at least four (4) years. |
Discharged or dismissed at least four (4) years. OR Discharged or dismissed at least two (2) years subject to the following: · 0x30x12 housing payment history; · LTV greater than 80% require a 5% reduction to LTV; · Additional three (3) months reserves for the subject property; and · Maximum loan amount of $1,500,000. |
Clarification for all programs:
- The re-use of an appraisal is not permitted.
- Appraisal transfers are permitted in compliance with Fannie Mae or Freddie Mac guidelines.