Newfi Wholesale’s Scenario Submission Simplifies and Streamlines

Newfi Wholesale’s Submit a Scenario feature is a simple and fast way to to find the best product fit for your borrowers.

Conveniently located at the top of our website, Submit a Scenario guides you through a webform to collect basic information about your unique loan.

Along with the regular data fields, there is space to share compensating factors, and to request exceptions, if needed. Remember, Newfi does in-house exceptions on the Sequoia Portfolio Plus.

Your scenario then gets sent to your AE, who can help customize the best fit for your borrowers’ needs.

Try it out today!

Top 10 Reasons to Send Your Tough Loans to Newfi Wholesale

Do you have a loan that’s tough to get approved? Send your loan to Newfi Wholesale, where we have a plethora of non-QM programs to help you get your loan closed:

  1. Interest Only. Fixed rate, 40-year loans with the first 10 years making interest only payments, and then 30 years of full PITI
  2. Pre-approvals to ensure your borrowers are well equipped when submitting their offer.
  3. Bank statements with 12 month or 24 month programs
  4. Asset depletion translated into qualifying income for your borrower. Simply divide assets over 120 months. Every $100,000 = $833.33 per month.
  5. Guideline exceptions made in-house.
  6. High LTV cash out. 95% owner-occupied, 85% non-owner occupied
  7. LLCs OK. Close in an LLC with Newfi Wholesale’s Glacier Non-QM program.
  8. RSU income used for qualifying purposes
  9. Credit events. Foreclosure, short-sale, deed-in-lieu seasoning from 3 yr on owner occupied and 1 day on non-owner occupied
  10. Mix-and-match qualification methods in a single transactions. Use bank statement for self-employed, asset depletion and full doc on employed borrower.
For more information, contact us at (888) 415-1620 or visit us at newfiwholesale.com.

Introducing Sequoia Portfolio Plus

New Sequoia Portfolio Plus

Our new Sequoia Portfolio Plus loan program means flexible qualification, in-house exception decisions, and fast approvals!

What’s exciting about Sequoia Portfolio Plus?

  • We handle all underwriting and exceptions
  • Flexible guideline qualification
  • Live scenario desk for same-day decisions
  • Low rates even for complicated credit situations

See Sequoia Guidelines (.pdf)

Sequoia Portfolio Plus Loan Flyer

Click here for the Sequoia flyer (.pdf)

Product highlights

As a portfolio product, we can make exceptions to many of these criteria, provided there are compensating factors in reserves, income, or other areas.

  • Loan amounts up to $2.0 million
  • Purchase, refinance, and cash out
  • Term options:
    • 30 year fixed & 15 year fixed
    • 40 year fixed with 10 year interest only period
    • 7/1 ARM & 5/1 ARM (interest only available on both)
  • LTV up to 85% (purchase), 75% (rate & term) or 70% (cash out)
  • DTI up to 50% (purchase), 55% (rate & term)
  • Credit scores as low as 680
  • 4 years seasoning for bankruptcy, foreclosure, short sale or deed in lieu
  • Owner-occupied, second homes, and investment properties
  • 12 month bank statement program

Who is this product best for?

All kinds of borrowers are suitable for Sequoia, but you may find the most success with difficult-to-qualify borrowers like:

  • High-asset borrowers needing exceptions on credit score, LTV, or DTI
  • Self-employed borrowers
  • Borrowers with credit events who also have excellent credit history since event
  • Real estate investors with multiple properties
  • Non-warrantable condos

Borrowers should have strong credit and personal financial strength to qualify for the best rates.

For more information about Sequoia Portfolio Plus

See the product page or our product guidelines, call your Account Manager, or reach out to the Newfi Wholesale team at 888-415-1620!

See Sequoia Guidelines (.pdf)

Check out our other wholesale loan products!

FHA loans for credit scores as low as 580

Wholesale FHA Loans for credit scores as low as 580

We’re now offering FHA loans for credit scores as low as 580!

With our new FHA guidelines, we’re offering FHA loans for an even wider range of credit scores. Here’s what special about our FHA loans:

  • AUS or manual underwrite
  • Credit scores as low as 580!
  • Foreclosure or deed-in-lieu allowed after 3 year waiting period
  • Gift funds allowed for 100% of down payment and closing costs
  • Low 3.5% down payment
  • Up to 85% cash out

For more information

Call your Account Manager, or reach out to the Newfi Wholesale team at 888-415-1620!

Check out our other wholesale loan products!

 

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How to run DU in the Newfi Wholesale portal

At Newfi Wholesale, we’re constantly adding new features to make your life easier. We’re now providing a variety of flexible options for DU and credit report handling, allowing you the choice to:

  1. Run DU on the Newfi Wholesale portal. This lets you reissue your existing credit report. No need to use a Newfi Wholesale approved vendor!
  2. Assign an existing DO casefile to us. If you have already pulled a FNMA DO casefile, you can assign it directly to Newfi Lending, avoiding the need for us to pull a DU and a credit report from an approved vendor! Note that this requires DO sponsorship. To do this, add Newfi Lending ID# 725911 as a dropdown lender in DU.
  3. Run DU with a fresh credit report. You can pull a new credit report from your credit vendor and then run an initial DU finding on the Newfi Wholesale portal. This allows you to run and view findings for the first time.
  4. Have us run DU for you. Just like you can now, you can always choose to have Newfi Wholesale run DU for you at the time of underwriting. We will reissue your credit report for you if it comes from one of our approved vendors, or we can pull a new credit report for you if the vendor is not approved.

Note that these options are specific to FNMA conforming loans. For FHLMC loans, Newfi Wholesale can run LP for you using a reissued credit report from an approved vendor, or we can pull new a credit report for you from an approved vendor.

If you have any questions, just contact your Newfi Wholesale Account Manager or call us at (888) 415-1620.

New FHA Loan Limits for 2018

HUD has increased loan limits for FHA-insurable mortgages in 2018!

Some of these increases have been substantial, which may help you qualify more borrowers. We’re seeing increases from from $275,665 to $294,515 in low cost markets and from $636,150 to $679,650 for high cost markets. For example, King County in Washington State increased from $592,250 for a single family residence to $667,000.

Note that these changes are NOT the same as the conforming loan increases for 2018.

Visit the HUD website for county-specific FHA loan limits.

New 1003 Demographic Information Addendum for 2018

Brokers will need to use a NEW HMDA Demographic Information Addendum for the 1003 application in 2018!

There is a new HMDA Demographic Information Addendum to Uniform Residental Lending Application (URLA, also known as the 1003), which you can view here.

Brokers must submit a completed addendum for all loan applications dated 1/1/2018 or later. The form should already be part of the standard 1003 in your Loan Origination System (LOS). If you have questions, please contact your Newfi Wholesale Account Manager or call us at (888) 415-1620.

Help us feed our community!

Newfi Wholesale Holiday Charity 2017

At Newfi, we think food is a basic human right.

That’s why we will donate $5 to the Alameda County Community Food Bank for every loan that Newfi Wholesale receives in December and which closes in December or January.

The Alameda Country Community Food Bank is an Oakland-based non-profit that helps feed the hungry year-round in our backyard. We’re proud to give them a hand!

For more information, contact your Account Manager, or reach out to the Newfi Wholesale team at 888-415-1620.

We’re now accepting 2018 loan limits!

Newfi Wholesale is now accepting loans up to the newly-approved FHFA conforming loan limits!

The FHFA recently updated their conforming loan limits for 2018. Newfi Wholesale will accept applications using the new loan limits beginning December 4, 2017. In addition, Newfi will allow fundings using the new loan limits prior to January 1, 2018.

UPDATE 12/11: The Newfi Wholesale broker portal now accepts the 2018 conforming and high balance loan limits.

Conforming Loan Limits for 2018

Below are the new loan limits for 2018. Remember that loan limits on high balance may be lower based on the county of the subject property. Visit the FHFA website for county-specific information.

2018 Conforming Loan Limits

High-Cost Conforming Loan Limits 2018