Bulletin 2023-066 SmartSeries Updates
Newrez LLC "Newrez" Approved Correspondent Clients; effective with applications on or after September 14, 2023.
SmartSeries Underwriting Guide Vesting Options
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Current Guidelines
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Previous Guidelines
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- The loan may vest in the name of an individual or Limited Liability Company (LLC).
- An LLC is permitted for investment properties only.
- The loan application must reflect vesting in the name of the LLC.
- All owners of the borrowing business entity (LLC) must:
- Be listed as borrowers on the transaction
- Be natural persons
- Sign the closing documents
- Transaction is limited to no more than four (4) borrowers
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- The loan may vest in the name of an individual or Limited Liability Company (LLC).
- An LLC is permitted for investment properties only.
- The loan application must reflect vesting in the name of the LLC.
- All owners of the borrowing business entity (LLC) must:
- Be listed as borrowers on the transaction
- Be natural persons
- Sign the closing documents
- The LLC does not have to be a borrower on the loan
- Transaction is limited to no more than four (4) borrowers, including the borrowing business entity
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Current Guidelines
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Previous Guidelines
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- The following documentation must be provided:
- Business Formation Documents (e.g., Articles of Incorporation, Bylaws, Charter, Articles of Association, etc.). Any documents received must show that they have been filed properly and certified with the appropriate state
- Operating Agreement
- Document must reflect all member ownership interest in the business/entity; or
- CPA letter documenting borrower’s percentage of ownership in the business
- Tax Identification Number
- Certificate of Good standing
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- The following documentation must be provided:
- Business Formation Documents (e.g., Articles of Incorporation, Bylaws, Charter, Articles of Association, etc.). Any documents received must show that they have been filed properly and certified with the appropriate state
- Operating Agreement
- Document must reflect all member ownership interest in the business/entity; or
- CPA letter documenting borrower’s percentage of ownership in the business
- Tax Identification Number
- Certificate of Good standing
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