Effective immediately NewRez’s Smart Series now has even more financing opportunities for your customers!
NewRez product enhancements include:
- Updated areas of eligibility in SmartEdge, SmartSelf, SmartTrac and SmartVest
- Updated underwriting guidelines in all six of our Smart Products
- Added 95% financing (no MI) in SmartEdge
- Added a 40-Year Fixed rate Interest-Only for most products
Below is a summary of some of the changes you can now take advantage of. Changes apply to all products unless noted otherwise.
- Updated eligible assets to be amortized over 240 months for asset-based income, with the exclusion of SmartFunds and SmartVest
- Updated requirements for use of business assets to permit use when less than 100% owner of partnership or corporation for SmartSelf
- Updated use of 1007 rent schedule is only needed for investment properties when rental income is used, with the exclusion of SmartVest which always requires.
- Update to reflect tax transcripts may be used for signature requirements of tax returns, with the exclusion of SmartFunds, SmartSelf and SmartVest
- Removed requirement for tax returns for borrowers with commission income based upon change in tax law, with the exclusion of SmartFunds, SmartSelf and SmartVest
- Added use of restricted stock and stock options for qualifying income for SmartEdge
- Added that one self-employed borrower must earn a majority of their income (51% or more) from their self-employment and utilize their self-employed income for qualification purposes for SmartSelf
- Added that bank statements reflecting other individuals who are not applicants on the loan are not eligible for SmartSelf
- Updated to reflect tax payment plans must be documented with six months of payments, with the exclusion of SmartFunds
- Updated requirements for HELOC payments for qualification, with the exclusion of SmartVest
- Minimum loan amount in Connecticut will now align with all other states at $100,000, or $150,000 for SmartCondo
- Multiple Mortgages to Same Individual has been updated to $3,000,000
- Added that ARM loans for first time homebuyers are ineligible in Massachusetts, with the exclusion of SmartVest which doesn’t allow first time homebuyers
- Update allowable amount of financed properties to no more than twenty (20) for SmartVest
- Added properties with oil and gas leases as eligible with additional requirements
- Updated to reflect detached condos and 2-4-unit condos no longer require project review, with the exclusion of SmartCondo
- Updated to permit properties with agricultural zoning that meet certain requirements, with the exclusion of SmartCondo
- Added leasehold properties as eligible with requirements, with the exclusion of SmartCondo
Please reference the Product Profiles page for full details of the changes outlined in this announcement.