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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 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.


August 29, 2019


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.

New VA Cash Out Refinance Requirements

On December 19, 2018 VA published Circular 26-18-30 regarding an interim final rule addressing requirements for VA cash out refinances. This rule implements requirements of The Economic Growth, Regulatory Relief, and Consumer Protection Act which was enacted by congress.


Beginning with loan applications taken on or after February 15, 2019 lenders are required to provide the VA Cash Out Comparison Certification disclosure to the borrower within 3 business days of the application date and again at closing. The disclosure must be completed in good faith and signed by the borrowers. The regulation requires that the disclosure includes a comparison of the existing loan being refinanced, the new loan, disclosure of the Net Tangible Benefit of the new loan and a statement regarding the loss of equity due to the new refinance. The VA Cash Out Comparison Certification is available on JMAC’s website at Broker’s will be responsible for completing this disclosure, and obtaining the borrower’s signatures within 3 business days of the application date.


All VA cash out refinances must now have a Net Tangible Benefit. There are 8 options for this benefit test: (The loan has to meet only one of the following 8 benefit tests - 8 options for meeting NTB requirements)

  1. The new loan eliminates monthly mortgage insurance, whether public or private, or monthly guaranty insurance;

  2. The term of the new loan is shorter than the remaining term of the loan being refinanced by at least 6 months;

  3. The interest rate on the new loan is lower than the interest rate on the loan being refinanced by at least 0.125% with no discount points;

  4. The P&I payment on the new loan is lower than the P&I payment on the loan being refinanced by at least 1% (i.e. current P&I payment $2500, new payment must be at least $25 [1%] lower);

  5. The new loan results in an increase in the borrower’s monthly residual income by at least 1% of the total qualifying income (i.e. monthly qualifying income $5000, residual must increase by $50 [1%]);

  6. The new loan refinances an interim loan to construct, alter, or repair the home;

  7. The new loan amount is equal to or less than 90 percent of the reasonable value of the home, or;

  8. The new loan refinances an adjustable rate loan to a fixed rate loan.


In addition to the net tangible benefit requirements, VA has also changed the LTV Calculation for cash out refinances. Effective with applications dated on or after February 15, 2019 the funding fee must be considered in the LTV. This would mean that the LTV will now be based off the TOTAL loan amount vs. BASE loan amount which has been used up to now. The total loan amount, including the funding fee may not exceed 100% LTV.

Clarification: Loans where the application was taken BEFORE 2/15/19 do not need to meet these requirements, however they may no longer receive an AUS approval (DU is being updated with new LTV calculations). If the AUS is run, and we receive a Refer – we must then manually underwrite the loan. This has major implications because many of our DU approved borrowers wouldn’t qualify under manual underwriting for many different reasons. We will work through these as they come, but the easiest solution would be to reduce the loan amount so the LTV (including FF) is 100% or less based on the new calculations, This should ensure the AUS approval is retained.


NEW Requirement: For loans being refinanced within 1 year from the date of closing, lenders must obtain a payment history/ledger from the servicing lender documenting all payments. If the loan is selected for audit by VA, the lender must include the payment ledger/history of the loan being refinanced in the loan file for VA review.

AMC Update - DVS acquired by ProTeck

Beginning Feb. 11, the Mercury appraisal Portal will display the AMC name as "ProTeck/DVS" instead of "DVS".

Neither appraisal fees nor turn times will be changing at this time. All existing appraisal orders with DVS will be unaffected by this change. 

Below we have include more information about ProTeck:

Appraisal Company Name

Pro Teck Valuation Services

Brief Info

Pro Teck Valuation Services is a national provider of Appraisal Management and residential real estate valuation services. For more than forty years, Pro Teck has worked with lenders, loan servicers and investors to improve risk management through superior    real estate collateral information. With a sharp focus on speed, accuracy and customer service, Pro Teck delivers a comprehensive suite of valuation products including appraisals, desktop appraisals, BPOs, desktop reviews, AVMs, data/analytics and hybrid solutions.


307 Waverley Oaks Rd Suite 305 Waltham, MA  02452

Hours of Operation

M-F 7am EST to 6pm PST and Saturday 8am EST – 5pm EST

Contact Number

Main Line: 781-314-1680 X: 774, Morgan Ardito Contact: 916-805-5357

Company Website

Appraisal States

Full national coverage

Turn Time

5-7 business days