Government Loan Insuring and Remittance Reminder
Newrez LLC "Newrez" Approved Correspondent Clients: For loans underwritten and approved by Newrez, Newrez will submit the loan for insurance to FHA, USDA and VA. Loans underwritten under delegated authority, the correspondent is responsible for submitting the loan for insurance. Loans must be insured within 60 days following the date of loan closing. This policy applies to any client who is approved and authorized under the Agent Principal relationship or is in their Test Case phase.
All Delegated and Non-Delegated clients are responsible for remitting the funding fee on all government loans and must provide the following when submitting the package for purchase:
FHA: Screen shot of FHA connection showing upfront MIP submitted within 10 calendar days of disbursement.
VA: Screen shot showing processed, must submit even if the borrower is exempt, screen shot will show zero payment confirmation.
USDA:
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- Non-Delegated USDA loan: Newrez will hold the Guarantee Fee from purchase wire and submit
- Delegated USDA loan: Client is responsible to remit the Guarantee Fee