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REMN Launches New Wholesale 203(k) Product
Dec 20, 2011

Real Estate Mortgage Network Inc. (REMN) has announced the introduction of its Wholesale FHA 203(k) Rehabilitation Product to remove the complexity out of the process for independent retail lenders across the country. This new REMN wholesale product looks to improve the 203(k) experience for everyone involved by leveraging an in-house REMN team to manage the entire procedure. While there are an overwhelming amount of distressed properties on the market, many lenders do not offer FHA 203(k) products because of the intricacies involved. REMN assigns a dedicated team to handle the 203(k) loan’s post-closing management, home inspection and other matters until the final draw is released. “Today’s market offers massive opportunities for 203(k) products, but they can be so complex that a lot of lenders just won’t offer them," said Joe Amoroso, director of national wholesale sales for REMN. "REMN wholesale has the experience with 203(k) products and the commitment to customer service to help independent brokers offer these loans in a way that simplifies the process for the home buyer and the loan originator. We recently had more than 1,200 people register for our last FHA 203(k) Webinar, further proof that the industry sees value in 203(k) products, but needs help getting them implemented. REMN has always offered industry leading support and our commitment to simplifying the 203(k) process is one more way we’re helping the independents on the ground compete.” REMN Wholesale’s 203(k) offerings include both Streamlined 203(k) and Full Consultant 203(k) loans for use with one- to four-unit residential properties in more than 30 states. These products allow for maximum loan-to-value (LTV) ratio of 96.5 percent on new home purchases and 97.5 percent on refinances. “Out of 1,200 registered for the recent REMN Webinar on 203(k) loans, only 113 were actively using this product,” said Andrew T. Berman, executive vice president of NMP Media Corp., publishers of National Mortgage Professional Magazine. “The primary reasons cited why registrants were not using the 203(k) product was due to a lack of product knowledge and a shortage of lenders offering 203(k) programs.”
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