Conforming Co-ops
Newrez LLC "Newrez" Approved Correspondent Clients: Newrez will now allow co-ops for products listed below. These changes are effective September 1, 2022.
Eligible Products
- Fannie Mae and Freddie Mac Conforming Products
- Fannie Mae HomeReady
- Fannie Mae RefiNow
- Freddie Mac Refi Possible
Ineligible Products
- Freddie Mac Home Possible
State Eligibility
- Delegated Clients
- Five (5) Boroughs of New York (Bronx, Brooklyn, Manhattan, Queens, and Staten Island) and Nassau, Rockland, Suffolk, and Westchester counties
- New Jersey (Bergen, Essex, and Hudson Counties)
- Non-Delegated Clients
- New Jersey (Bergen, Essex, and Hudson Counties)
Project Review Process
- Co-ops must be approved by the Newrez Project Review Department (PRD) and include the Project Review Submission Checklist.
- RefiNow and Refi Possible loans do not require project review, but the following is still required:
- Must confirm the project is not a condo hotel or motel, houseboat, timeshare, or segmented ownership project.
- Must confirm the appropriate property and flood insurance is obtained
Required Documents
The following original documents must be sent to:
Deutsche Bank National Trust Company
ATTN: DATA ENTRY / NEWREZ CORRESPONDENT TEAM
1761 East St. Andrew Place
Santa Ana, CA 92705-4934
- Note
- Stock Certificate
- Proprietary Lease or Occupancy Agreement
- Irrevocable Stock Power- Stock Power the same
- UCC1 certified copy
- UCC3
- Assignment of Proprietary Lease
- Assignment of Recognition Agreement
Client must ensure that copies of the original documents listed above are sent with the file for purchase along with the following documents:
- Consent to Transfer (on Purchase loans only)
- Recognition Agreement
- Assignment of Proprietary Lease
- Recognition Agreement
- Assignment of Security Agreement and Other Collateral Documents
Fees
- Full Review - $350 (not on approved list or on approved list and expired)
- FastTrack Review - $250 (on approved list and not expired)
Job Aid