IRRRL s Interest Rate Reduction Refinance Loans. Allow REMN to Introduce You to IRRRL

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1 IRRRL s Interest Rate Reduction Refinance Loans Allow REMN to Introduce You to IRRRL January 2013

2 Agenda Welcome What is IRRRL? Sales IRRRL Highlights Q&A

3 Webinar Questions We will be collecting questions during the webinar, so please ask your questions via the Questions box on your webinar screen

4 What is IRRRL? IRRRL= Interest Rate Reduction Refinance Loan VA to VA streamline refinance program Generally at a lower interest rate than the existing VA loan with lower principal & interest payments Benefit for our Veterans This program is designed to help qualified Veterans!

5 Introducing Brett Lopes, President of InterCounty Mortgage Network Corp.

6 Unique Opportunity for Sales Timing is everything The ease of IRRRL Growing your VA business Work with a qualified VA Mortgage Lender partner

7 Let s discuss IRRRL!!!!

8 IRRRL REMN has 2 qualifying options : 1. Non-Credit Qualifying True streamline documentation program with minimal documentation required 2. Credit- Qualifying For certain scenarios as required by VA or REMN

9 Non-Credit Qualifying Mortgage only credit report with scores! Loan amounts less than $417,000 a mortgage only credit report 640 minimum credit score 0X30 in past 12 months No income verification! No asset verification! Unless Veteran needs funds for closing No ratios! No AUS!

10 Credit Qualifying Scenarios when loan must be credit qualified: PITI is increasing >20% -OR- Deleting a spouse from current VA loan OR- Loan amount is high balance (above $417,000) What is needed: Tri-merged credit report 640 minimum credit score 0X30 in past 12 months Full processed loan with income & assets AUS is not required!

11 REMN offers High Balance IRRRL s Full conventional appraisal required Not ordered through VA Minimum credit score is 660 Full credit qualifying Credit, income & assets must be verified No AUS Limited to 1 unit only

12 What Makes IRRRL Great! LTV= 100%, CLTV= unlimited Funding fee is.5% No monthly MI As of 1/25/12, the Certificate of Eligibility is no longer required for IRRRL s No reserve requirement

13 Here s the must have s Proposed P&I must be reduced or the loan term must be reduced Exception- Refinancing from an ARM or GPM to a fixed rate If PITI is increasing by more than 20% loan, loan must be credit qualifying The term of an IRRRL may not exceed the original term of the loan being refinanced by more than 10 years, but not to exceed 30 years and 32 days

14 More Must Have s Veteran or surviving spouse that was a coobligor on original loan must still own property & stay on the new loan REMN requirement: owner occupied properties only Veteran s statement (aka VA Rate Reduction Certificate or Old vs. New statement) Compares the old and new monthly payments and includes the number of months it will take to recoup the closing costs

15 REMN Property Requirements Owner occupied properties only 2-4 units permitted with credit qualifying Loans =<$417,000 AVM s are required 80%+ confidence score = acceptable <80% confidence score requires 2055 All AVM s & 2055 s must be ordered through Mortgage Management Consulting (MMC) Loans >$417,000 (high balance) require full appraisals Appraisal and AVM waivers for any loan that is currently serviced by REMN!

16 Calculating Loan Amount The Lesser of: Existing VA Loan; Unpaid Principal Balance + Allowable VA closing costs + VA Funding Fee + Up to 2 points to obtain interest rate reduction (bona fide discount) OR Appraised value (AVM, 2055 or appraisal) = New Base Loan Amount

17 Make life easier. By collecting these documents upfront from the Veteran Borrower: Copy of existing Note Payoff statement with valid expiration IRRRL case number from VIP (Veteran s Information Portal) Legible photo ID & SS Card Most recent mortgage statement

18 Additional things to know! Borrowers must be current at time of closing Cash back at closing cannot exceed $ State of TX does not allow any cash back at time of closing Net benefit must be established no exceptions; must be in the best interest of our Veterans!

19 Become an approved VA REMN Broker! If you are not an IRRRL expert by now, guess who is.. Your REMN AE! To work with REMN on your VA loans: Complete REMN VA sponsor request form Submit $100 fee to REMN which will be passed to VA REMN will do the rest!

20 For Additional Information Visit VA Lender s Handbookhttp:// Contact your AE today and start earning more GREEN in 2013 Check out other REMN products and our new website! FHA, USDA & Conventional VA Purchase to 100% LTV VA Cash Out Refinances to 95%LTV 203(k) Standard Loans

21 Like REMN on Facebook: Follow REMN on Twitter:

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