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Products

Laguna Guidelines Update

The followings changes were made to the Guidelines:

  • Updated MSA List
  • Updated Market Classification Restricted List to show which counties are unable to lend over 80% LTV
  • Added all tax liens need to be paid off, page 14
  • Added Google GSU stock allowed under restricted stock guideline, page 15
  • Added additional income guidelines for fixed income, page 16
  • Added gift funds can be wired directly to escrow if coming from US account funds, page 18

Sunset Guidelines Update

The following changes were made to the guidelines:

  • Added DSCR between 1.15-1.49, page 1
  • Increased loan amount up to $5M for all borrower’s eligibility types including foreign national borrower, page 1 and 2
  • Updated max acreage to 2, page 17
  • Added restrictions for loan amount > $3M, page 3
  • Clarified qualification ratios on interest only , page 4
  • Increased maximum exposure to $5M or 6 properties, page 4
  • Clarified documentation required for lease, page 5
  • Updated credit tradeline requirements, page 9 and 14
  • Added restrictions on appraisal for loan amount > $3M, page 12

Manhattan Updates Effective for Loans Registered On or After 06/15/17 - REVISED

The following changes have been made to the Manhattan Product Guidelines:

  1. Acreage increase 10 to 15.
  2. Rent back increase from 30 to 60 days.
  3. Reserves: For Loan Amounts <= $1 million and DTI <=35%, we have lowered the reserve requirement to 6 months. For any loan amounts <= $1 million and DTI > 35%, the current requirement of 9 months is still applicable.
  4. Appraisals: For Loan Amounts <= $1.5 million on purchase and rate/term refinances (in all states except for Florida), we will require 1 full appraisal. Florida will continue with the current requirement of 2 appraisals for loan amounts > $1 million.
        • A CDA and/or field review, as applicable, which meets valuation thresholds, will
           still be required to be in the file.
  5. LTV Adjustors: Removing the LTV adjustors for Arizona. Florida’s current LTV adjustor of 5.0 will still apply.

Please click here for the complete Manhattan Product Guidelines.

Newport and Home Possible Guidelines Update

Newport

The following additions have been made to the Newport Guidelines:

  • Multiple BK’s and Foreclosures are not allowed regardless of time frame of when it was discharged
  • Stocks/bonds/mutual funds: 70% can now be used

Please click here for the complete Newport Guidelines.

Home Possible

The following additions have been made to the Home Possible Guidelines: 

  • For 3-4 unit, limited to 80% LTV/CLTV
  • Revised % of use for assets for 401k, stock, bonds and mutual funds
  • Added non-traditional credit

Please click here for the complete Home Possible Guidelines

Manhattan Updates Effective for Loans Registered
On or After 6/15/2017

  1. Reserves: For Loan Amounts <= $1 million and DTI <= 35%, we have lowered the reserve requirement to 6 months. For any loan amounts <= $1 million and DTI > 35%, the current requirement of 9 months is still applicable
  2. Appraisals: For Loan Amounts <= $1.5 million on purchase and rate/term refinances (in all states except for Florida), we will require 1 full appraisal. Florida will continue with the current requirement of 2 appraisals for loan amounts > $1 million
    •  A CDA and/or field review, as applicable, which meets valuation thresholds, will
        still be required to be in the file
  3. LTV Adjustors: Removing the LTV adjustors for Nevada and Arizona. Florida’s current LTV adjustor of 5.0 will still apply

For more details on Manhattan please see the product guidelines.

New AMC Added to Mercury Appraisals System

JMAC brokers and loan officers now have an additional Appraisal Management Company (AMC) to select via the Mercury Appraisal Platform – PCV Murcor. Founded in 1981, PCV Murcor is located in Pomona, CA, and has more than 200 employees. Open daily from 6:00 a.m. to 6:00 p.m. PST, PCV Murcor appraises in all states where JMAC is licensed. Visit http://www.pcvmurcor.com for more information. 

Mercury Appraisal Announcement

Effective Jan. 16, 2017, JMAC Lending requires that all appraisal orders be placed through the Mercury Network platform and will no longer accept appraisals ordered directly with an Appraisal Management Company (AMC).

The Mercury Network platform is a fast and efficient way to order appraisals. It provides brokers with access to a comprehensive suite of appraisal vendor management software and collateral quality control solutions.

Benefits to the program include:

  • Single login to order from your choice of AMC.
  • Client can price out products for each AMC before submitting the order (except Corelogic, which must be manually priced by the JMAC Lending Appraisal Desk).
  • Every order is reviewed for compliance and accuracy to streamline the AMC's ability to process the order more quickly and efficiently.
  • Coming Soon - JMAC Lending plans to add additional AMCs in different states.

For questions and additional information, please contact your Account Executive, Account Manager, or call our client support directly at (949) 390-2688 or email info@JMACLending.com.

Compensation Plan Update

Effective immediately, we have implemented a fully electronic lender-paid broker compensation update form. Effective November 15, we will no longer accept paper lender-paid broker compensation update forms.

You can access the new electronic forms here: Compensation Plan Update or from the Forms & Resources Page.

If you have questions or need assistance with the form, please contact your Account Executive.