SmartVest Product Enhancements and Updates
Newrez LLC "Newrez" Approved Correspondent Clients: Newrez is enhancing and updating our SmartVest product as part of our continuing efforts to provide competitive, Non-QM financing options to our Clients.
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SmartVest Enhancements and Updates
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Topic
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Current Guideline
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New Guideline
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Loan Term
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- 30-year Fixed Rate
- 30-year Fixed Rate Interest Only
- 10-year interest only period
- 20-year amortization period
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- 30-year Fixed Rate
- 30-year Fixed Rate Interest Only
- 10-year interest only period
- 20-year amortization period
- 40-year Fixed Rate Interest Only
- 10-year interest only period
- 30-year amortization period
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Qualifying Rate
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Fixed Rate: Note rate
- Fixed Rate Interest Only: Use the Note rate based on the scheduled remaining loan term at the time of recast after the interest only period has expired (Fully amortized payment based on 20-year term)
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Qualifying Rates for Fixed
Qualifying Rates for Fixed Rate Interest Only
- Fixed Rate Interest Only: Note rate based on the remaining loan term after the interest only period has expired
- 30 Year IO Fixed: based on 20-year amortization
- 40 Year IO Fixed: based on 30-year amortization
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