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Operations

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.

Location

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

https://www.proteckservices.com/

Appraisal States

Full national coverage

Turn Time

5-7 business days

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

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.

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.

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.

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 www.jmaclending.com/al-gruzdis.

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

www.classappraisal.com