Announcement 2025-053 SmartVest Prepayment Update
Newrez LLC "Newrez" Approved Correspondent Clients; SmartVest loans originated in Kansas and New Jersey with a prepayment penalty have been updated.
Effective immediately, prepayment penalties are no longer permitted in the states of Kansas and New Jersey.
As a reminder, all states remain eligible with the exception of AK, AL, DC, MN, NM, and RI, along with this update to include KS and NJ, which are ineligible for prepayment penalties. Refer to the product summaries for complete details.
All loans with a prepayment penalty must pass the Mavent and/or ComplianceEase prepayment test.