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ZUMA NON-QM Guideline Updates

ZUMA Prime

  • Simplified the LTV/Loan matrix by removing the separate 12-month income documentation columns, the max LTV for 12-month now displayed under Program Restrictions.

  • WVOE – max 80% LTV Purchase & Rate/Term, max 70% LTV cash out, use 24-month LTV/Loan matrix.

  • Under the 95% LTV restrictions, increased the max DTI to 43%.


ZUMA Credit Flex

  • Simplified the LTV/Loan matrix by removing the separate 12-month income documentation columns, the max LTV for 12-month now displayed under Program Restrictions.

  • WVOE – max 80% LTV Purchase & Rate/Term, max 70% LTV cash out, use 24-month LTV/Loan matrix.

ZUMA Prime and Credit Flex

  • Interested Party Contributions – increased LTV tier from 75% to 80%.

  • Appraisal Review - Added the ARA product from Computershare as an eligible review option.

  • Ineligible Property Types – Added properties involved with the sale of banned federal substance.

  • Property Flipping – Decreased the time period for defining a flip transaction from 12-months to 6-months.

Non-Warrantable Condos

  • Increased max single owner concentration to 25%.

  • Increased max allowable commercial space to 50%.


  • Defined cash-out to include any transaction on a property owned free and clear.

  • Clarified the payoff of delinquent real estate taxes is considered cash out.

  • A letter of explanation required for cash out exceeding $250,000.

  • Cash-out proceeds eligible for reserve requirements.

 Additional changes:

  • Changed of Fico from 580 to 620 on Credit Flex and Investor Solutions;

  • Cut off to close out current loans in pipeline is by November 30th.  

  • Non-Occupant Co-borrower – increased max DTI for occupying borrower to 60%.

  • Housing History – borrower living rent free, expanded eligible income documentation types and removed additional reserve requirements.

  • Consumer Credit – clarified the treatment of charge-offed 2nd lien.

  • Reserves

  • Clarified for an ARM loan, reserves are based on the initial PITIA.

  • Cash-out proceeds eligible for reserve requirements.

  • Full Income Documentation – Self-employed borrowers, removed the requirement for business tax transcripts and a balance sheet.

  • Written Verification of Employment – added an income documentation option utilizing a WVOE.

Self-Employed Solutions

  • Business bank statements now eligible for 12-month bank statement option.

  • Combined the 24-month and 12-month business bank statement qualifying options.

  • Personal Bank Accounts – reduced the minimum ownership percentage to 20% for eligibility.

  • Business Bank Accounts – reduced the minimum ownership percentage to 50% for eligibility.

  • Added clarification on how to document ownership percentage.

Asset Utilization – Added an option to determination loan qualification based upon total assets (No DTI calculation).

Investor Solutions

  • For Business Purpose transactions:

  • ARM qualifying based upon note rate.

  • Loans with an interest only feature qualified using interest only payment.


FEMA Disaster Declaration for Homes Affected by Hurricane Florence

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of North Carolina and South Carolina due to Hurricane Florence. 

Declaration Date: Sept. 14, 2018 (NC); Sept. 16, 2018 (SC)
Incident Period: Sept. 7, 2018 (NC); Sept. 8, 2018 (SC)

For information on affected counties in North Carolina and South Carolina as well as Requirements for Properties in the Disaster Areas, please click here.

Introducing ZUMA: The Ultimate Non-QM Program

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ZUMA is JMAC's new flexible, non-QM lending option that can help your hard-to-qualify clients get approved with 12- or 24-months bank statements or 12- or 24-months full documents. The ZUMA program is available in three levels: ZUMA Prime, ZUMA Credit Flex and ZUMA Investment.

  • No seasoning requirement on settled derogatory credit, such as deed-in-lieu, bankruptcy, foreclosures and short sales
  • Minimum of 2-months reserve on subject and 2-months reserve on each additional up to 12 months
  • Cash in hand may be used to meet reserve requirements (restrictions apply)
  • 5/1 & 7/1 ARM, 15- & 30-year fixed, with 30- and 40-year interest-only
  • Max DTI up to 55%
  • 1x30 mortgage late payments allowed within 12 months
  • Non-occupant co-borrower allowed
  • Up to 20 financed properties (max 10 acres)
  • Loan amounts $75K to $5M

ZUMA Prime

  • Up to 95% LTV to $1.5M on Purchase and R&T
  • FICOs from 660

ZUMA Credit Flex

  • Up to 90% LTV on Purchase and R&T
  • FICOS from 580
  • Pricing on Grade A, B, B-, C based on credit

ZUMA Investment

  • Up to 80% LTV to $1M
  • FICOs from 580

Al Gruzdis Joins JMAC Lending as Regional Sales Manager

JMAC Lending is pleased to announce the appointment of Al Gruzdis as Regional Sales Manager for the Southwest Region. A mortgage industry veteran with more than 25 years of experience, Al will manage a team of Sr. Account Executives in California, Arizona and Nevada.

“Al is well known for his deep industry expertise and for delivering strategic lending solutions for brokers,” JMAC Lending President Christina Pham said. “He is an outstanding leader and he exemplifies JMAC's focus on putting the broker first. We are excited to have Al join our team and look forward to leveraging his industry knowledge and experience.”  

To learn more about Al, please visit

Updates to Venice Guidelines

Effective immediately, the following changes were made to the Venice Guidelines regarding Foreign Nationals:

  • Only 2 credit references are required instead of 3
  • Only 6 months of reserves are required instead of 12 months
  • Only the reserve requirement needs to be moved to a U.S. account prior to closing. The funds for down payment and closing can be wired directly to the title company.  Two months of bank statements to source funds for closing and down payment are still required.
  • All documents in a foreign language must be translated by a third party.  The translator does not need to be certified.
  • Borrower only needs to provide 10% of their own funds. The remainder can be gifted.  Gift funds cannot be used to meet reserve requirements.
  • Interested-party contribution updated to 5% instead of 2%.
  • Non-warrantable condos allowed with a 5% reduction in LTV/CLTV (excluding Florida)

Limited Reviews on Investment Property Condos Now Permitted by FNMA

Effective immediately, JMAC Lending is now accepting LIMITED REVIEWS on Investment Condos per Fannie Mae’s recent announcement.

Limited Review Parameters

Maximum LTV/CLTV/HCLTV: The maximum LTV/CLTV/HCLTV is dependent upon the method by which the loan is evaluated and decisioned as well as where the property is geographically located Approve/Eligible Loans

  • Primary Residence: 90%/90%/90% (75% / 90% / 90% for Florida properties)
  • Second Home: ≤75% / 75% / 75% (70% / 75% / 75% for Florida properties)
  • Investor: 75%/ 75%/ 75% (70%/ 75%/ 75% for Florida properties)

New AMC Added to Mercury Lineup

Beginning July 15, 2018, JMAC Lending will offer an additional Appraisal Management Company (AMC) – CLASS Appraisal. Founded in 2009, CLASS Appraisal is a nationwide full-service appraisal management company handling everything from beginning to end with the appraisal process within Mercury. CLASS Appraisal prioritizes orders to help deliver the best available turn times. CLASS Appraisal provides exemplary regulatory compliance and operational services. To further ensure this, Class Appraisal has both a chief appraiser and a chief compliance attorney on staff.

CLASS Appraisal, 2600 Bellingham #100, Troy, MI 48083

Hours of Operations: Monday – Friday, 8:00 AM – 8:00 PM EST; Saturday 10:00 AM – 2:00 PM EST; Sunday 12:00 PM – 8:00 PM EST

Appraisal States: All 50 states (Most orders in CA)

Turn Time: National turn time average of 4.7 business days