Announcement 2019-093: Smart Series Product Updates

The below Smart Series Product updates are effective immediately.

smart series product updates

The below are effective immediately. The first section applies to all Smart products unless noted and is followed by product specific requirements.


updates applicable to all products

The following changes have been made to SmartEdge, SmartSelf, SmartTrac, SmartVest, SmartCondo and SmartFunds, as applicable.

derogatory credit

  • Property taxes that have been reduced to a lien against the property are no longer considered a foreclosure for purposes of derogatory credit seasoning. A letter of explanation is required from the borrower


gift funds (not permitted with smartvest and smartfunds)

  • Added fiance as an acceptable donor


non-permanent resident aliens (not permitted with smartvest and smartfunds)

  • Added additional eligible visa types and updated remaining visa term to 12 months from note date


Unreimbured business expenses (ube) (not applicable to Smartvest and smartfunds)

  • Updated due to 2018 tax law change. Must still consider UBE for 2017, if applicable



  • Now allows title vesting in an LLC for all Investor products


smartedge updates

Eligibility matrix

  • Updated for primary purchase or rate and term refinances:
    • Added a $3,000,000 loan amount level at 80% LTV with 720 FICO
    • Increased LTV to 75% for $3,000,000 loan amount with 680 FICO


interested party contributions (IPC)

  • Added requirements for 3% maximum IPC for >90.01%


Smartself updated

eligibility matrix

  • Increased LTV 65% for primary purchase or rate and term refinance with 680 FICO and $3,000,000 loan amount


income update

  • Added the ability, when tax returns are provided, to use bank statements in place of tax returns with additional requirements.


smartvest updates

prepayment penalty

  • Added that in Pennsylvania, pre-payment penalties are not permitted on 1- or 2-unit properties with a loan amount less than $300,000


Please reference the product profiles in the NewRez Lending Library for full details.