Effective immediately, NewRez is removing the assessment of the LLPAs associated with conventional purchase and rate and term loans entering forbearance issued in announcement 2020-056 on April 30, 2020.
In addition, NewRez will not assess the $1,000 administrative fee for loans entering forbearance within 60 days of the NewRez purchase date.
Conventional cash-out transactions will remain subject to repurchase if the loan enters forbearance within 15 days of purchase by NewRez.
As a reminder NewRez will not purchase any loan where the borrower is actively seeking a forbearance or any loan that is in an active forbearance status prior to funding by NewRez. Lenders must continue to provide an attestation that the loan in not in active forbearance and that no forbearance requests have been received from the borrower(s) prior to purchase by NewRez.
Please contact your NewRez Account Executive with any questions.