Questions? Feedback? powered by Olark live chat software

QUICK PRICER - DOC TYPES FOR PRICING NON-QM LOANS

To assist with pricing Non-QM loans, Doc Types within the Quick Pricer and Full Pricer have been updated to align with the most current programs being offered.

Updated Doc Types include the following:

  • Full Document

  • 12-Month Personal Bank Statements

  • 24-Month Personal Bank Statements

  • 12-Month Business Bank Statements

  • 24-Month Business Bank Statements

  • Other Bank Statements

  • 1 Year Tax Returns

  • VOE

  • Asset Utilization

  • Debt Service Coverage (DSCR)

  • No Income

See it for yourself. Try it out on the Broker Portal.

Government Shutdown

Due to partial government shutdown, the following will be impacted:

VVOE Affected for Borrowers who worked for the Government.

Government and Non-Conforming are required regardless before docs.

Conforming can be completed post-closing, will hold broker’s check until VVOE is completed.

4506T / SSA Validation (REQUIRED PRIOR TO CLOSING):

Conforming, Government and Non-Conforming (Borrower can obtain transcripts from IRS website)

USDA:

No new conditional commitment issuance by USDA

Introducing the JMAC Help Center

All JMAC resources are now found under our new Help Center.

JMAC is excited to introduce our all-new Help Center for Brokers and Correspondents. Here you will find all of JMAC's forms, instructions, resources and documents in one comprehensive site.

  • Search Engine to find forms and resources

  • Support for Wholesale & Correspondent

  • Information & Guides

  • Search for whatever you need

Have a look: JMAC Help Center

Lock Desk Closure on Wednesday Dec. 5

U.S. financial markets will be closed today Wednesday, Dec. 5, 2018, for a national day of mourning to honor former President George H.W. Bush. Due to the bond market closure, JMAC Lending’s Lock Desk will be closed for locking today. The Lock Desk will reopen at 8:00 A.M. P.S.T. tomorrow Thursday, Dec. 6. 

JMAC Lending will be open for all other business from 8:00 a.m. until 5:00 p.m.

Questions relating to locks should be sent to LockDesk@JMACLending.com.

California Wildfires (DR-4407)

On December 3rd, 2018 the Federal Emergency Management Agency (FEMA) issued an end date of November 25th, 2018 for the California Wildfires Major Disaster Declaration (DR-4407).

Requirements for Properties in Disaster Areas

Conforming loans with an appraisal
If the appraisal is dated on or before Disaster End Date Then a disaster area inspection report (CDAIR) is required or a 1004D
If the appraisal is dated after Disaster Incident End Date Then appraisal must address the recent natural disaster
VA with Appraisal
If the appraisal is dated on or before Disaster End Date Then a disaster area inspection report (CDAIR) is required or a 1004D
If the appraisal is dated after Disaster Incident End Date Then appraisal must address the recent natural disaster
FHA loans with Appraisal
If the appraisal is dated on or before Disaster End/HUD Waiver Date Then a disaster area inspection report (CDAIR) is required or a 1004D by the original FHA appraiser with interior/exterior photos is required (However, if the original Appraiser is not available, another FHA Roster Appraiser in good standing with geographic competence in the affected market may be used). HUD will not allow any re-inspections to be completed until after FEMA/HUD declares an Incident End Date.
If the appraisal is dated after Disaster Incident End/HUD Waiver Date Then appraisal must address the recent natural disaster
Jumbo/Non-Conforming with Appraisal
If the appraisal is dated on or before Disaster End/HUD Waiver Date Then a disaster area inspection report (CDAIR) including interior and exterior photos is required or a 1004D
If the appraisal is dated after Disaster Incident End Date Then appraisal must address the recent natural disaster
Conforming loans without an Appraisal
If Conforming Loan with Property Inspection Waiver (PIW) Then a full appraisal is required
FHA Streamlines and VA IRRRLS
FHA Streamlines and VA IRRRL require CDAIR or a 1004D with interior/exterior photos

Note: In the event that significant damage is shown on the 1004D or CDAIR, additional conditions may be required.

Conventional Loan Limits for 2019

Big news! The Federal Housing Finance Agency (FHFA) announced Nov. 27 that it is increasing the conforming loan limit for Fannie and Freddie mortgages in nearly every part of the U.S.

According the FHFA, conforming loan limits will rise from this year’s total of $453,100 to $484,350 for 2019. That’s an increase of 6.9% from this year’s loan limit to next year’s.

This marks the third straight year that the FHFA has increased the conforming loan limits. 

Effective Dec. 1, 2018, JMAC will now accept the new 2019 Loan Limits on the following products:

  • FHLMC Home One

  • FHLMC Home Possible

  • FHLMC Standard

  • FNMA Home Ready

  • FNMA Standard

For all Fixed-Rate products, loans will require a new DU/LPA ran on or after 12/10/18, and the earliest the loan can close is 12/17/2018.

For all ARM Products, loans will require a new DU/LPA ran on or after 12/10/18, and the earliest the loan can close is 1/2/2019.

Please note that for all FHLMC Products, loan amounts over $1,000,000 will not be eligible until 12/19/2018 when LPA is updated to allow loan amounts above $1,000,000.

Units Continental US Hawaii Units Continental US Hawaii
Conforming Maximum Loan Amount 2019 High Balance Maximum Loan Amount 2019
One $484,650 $726,525 One $726,525 $726,525
Two $620,200 $930,300 Two $930,300 $930,300
Three $749,650 $1,124,475 Three $1,124,475 $1,124,475
Four $931,600 $1,397,400 Four $1,397,400 $1,397,400

California Wildfires Update

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration for the state of California due to Wildfires. JMAC will grant a 3-day lock extension for all loans currently in an impacted area. JMAC will suspend funding’s for all FHA Transactions in Los Angeles, Ventura and Butte counties until an end date or waiver have been granted. For Conventional and Non-Conforming loans, below are the zip codes impacted where a disaster area inspection report (CDAIR) is required or a 1004D in Los Angeles and Ventura counties: 90265, 91301, 91302, 91307, 91320, 91361, 91362, 91377, 93012, 93033, 93065

All of Butte county requires a disaster area inspection report (CDAIR) is required or a 1004D.