TBD/Conditional Approvals - Non Delegated Clients
Newrez LLC "Newrez" Approved Correspondent Clients: We are pleased to announce an enhancement to our product menu and have added TBD/Conditional Approvals.
TBD/Condition Commitments are available on Non-Delegated Conforming Conventional products only. To get started:
- Register the loan through the Newrez website. On the “Property Information” screen, choose yes for “Is this a TBD Property for Pre-Approval?”
- The property address will default to TBD and cannot be changed.
- Upload a full credit package through Image Central. All documentation per DU/LPA must be provided. The only documentation that can be conditioned for is the purchase contract, an appraisal, and the title binder.
- Files without complete credit documentation will be suspended in Underwriting. Once all required documentation has been provided and underwritten, a loan decision letter will be issued.
- If documentation is not provided within 30 days of the initial credit file upload, the loan will be declined for missing documentation and adverse action letter posted.
Once a property has been identified:
- Call the Registration Desk with the property address. Note, the property address cannot be updated online.
- Upload the sales contract, new application, 3 day disclosure documents and any conditions from the Conditional Approval. Updated credit (if expired since original approval) should also be provided.
- The loan will be underwritten, and an updated loan decision letter issued.
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