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Course Fee Waived for Home Possible Starting Oct. 23rd

Fannie Mae is waiving the Framework Homeownership $75 course fee as of October 23rd. This will help reduce the cost burden for borrowers while gaining valuable knowledge on the home buying process.

Applications from now through October 22nd, will continue to be responsible for the $75 cost. Any outstanding pre-purchased Framework coupons should be used by October 22nd; unused coupons will not be reimbursed.

Preparing for Renewals

TPO Companies and individuals that hold a state license are required to renew their licenses within NMLS. The renewal period in NMLS begins November 1 and ends December 31 of each year. During this time, companies are able to complete annual attestation that their record is up-to-date, pay their NMLS processing fee, and submit and pay for any renewal requests required by their state regulators. Some states may have different deadlines for renewing a license. Review this NMLS Checklist to review what each state requires.

Visit the Annual Renewal Information page in NMLS to review all the different tools and resources provided to easily complete your renewals for 2020.

Failure to meet the deadlines and complete a timely renewal may result in a terminated license or a delay in funding your loan.

State regulators may permit a “grace period” for NMLS licensees who submit their renewal prior to December 31 but who have not yet been approved for originating through 2019. Those regulated by the regulators in white boxes can continue to originate if their renewal applications were submitted prior to the state renewal deadline.

JMAC Lending will require proof of the renewal request for anyone who does not appear as “Approved through 2020” in nmlsconsumeraccess.com before submitting or consummating any transactions, if permitted under a grace period. If the license is not “Approved through 2020” and the regulator is in a colored box in the table below, they cannot submit or consummate loans until the license is “Approved through 2020.”

You can view the JMAC Lending NMLS License Renewals chart by clicking here.

PRODUCT UPDATE - VA

August 29, 2019

VA CASH-OUT REFINANCE LIMITED TO 90% LTV

Beginning August 31, 2019 VA Cash-Out Refinances will have a maximum LTV of 90%.

All loans registered before August 31, 2019 that are in the active pipeline must fund by 9/30/2019. This will require a Clear to Close (CTC) from underwriting by Wednesday, September 25, 2019. Please make sure conditions are submitted in a timely manner to ensure a prompt closing.

CD & Doc Order Process

On April 1st, JMAC Lending released an online CD & Doc Order Form which replaced the PDF Doc Order Form and CD task. Once a loan has an underwriting approval, a completed appraisal, and is locked, the processor will be emailed a pre-populated CD & Doc Order Form link. After completing the form, the CD will be requested and will not require any task resolutions or doc type uploads within the TPO Portal.

For more information regarding this process, please reach out to your Account Manager or Account Executive.

Online Forms

On March 4th, JMAC released online forms instead of pdf documents and tasks for the FHA Case Number, Change of Circumstance (COC) , and Float Down Requests. These resources will be located in the same place as the previous pdfs in the Help Center. Additionally, you will no longer need to resolve or upload any corresponding tasks or doc types.

For more information regarding this process, please reach out to your Account Manager or Account Executive.