Announcement 2026-051 SmartVest Product Update
SmartVest Product Update
Newrez LLC "Newrez" Approved Correspondent Clients, we are excited to announce an enhancement to our Non-QM SmartVest product.
· The SmartVest product will now allow declining prepayment penalty options.
· In addition to the 3, 2, or 1 6 month interest options, we are introducing 5-, 4-, 3-, 2-and 1-year declining options available effective July 8th, 2026.
|
Pre-Payment Options |
Year 0-1 |
Year 1-2 |
Year 2-3 |
Year 3-4 |
Year 4-5 |
|
5-Year |
5.00% |
4.00% |
3.00% |
2.00% |
1.00% |
|
4-Year |
4.00% |
3.00% |
2.00% |
1.00% |
0.00% |
|
3-Year |
3.00% |
2.00% |
1.00% |
0.00% |
0.00% |
|
2-Year |
2.00% |
1.00% |
0.00% |
0.00% |
0.00% |
|
1-Year |
1.00% |
0.00% |
0.00% |
0.00% |
0.00% |
|
3 Year Option |
6 months interest on excess of 20% of the original principal balance. |
6 months interest on excess of 20% of the original principal balance. |
6 months interest on excess of 20% of the original principal balance. |
0.00% |
0.00% |
|
2 Year Option |
6 months interest on excess of 20% of the original principal balance. |
6 months interest on excess of 20% of the original principal balance. |
0.00% |
0.00% |
0.00% |
|
1 Year Option |
6 months interest on excess of 20% of the original principal balance. |
0.00% |
0.00% |
0.00% |
0.00% |
|
No Prepay Penalty |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
To be eligible for purchase, loans must comply with all federal and state requirements, including compliance with any limitations to individual loan parameters, all loans with a prepayment penalty must pass mavent/compliance ease and/or other compliance related tools.
A prepayment penalty rider is required for all loans closing with a prepayment penalty.