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New AMC Added to Mercury Lineup

Beginning June 15, 2018, JMAC Lending will offer an additional AMC – ACT Appraisal. ACT Appraisal is a full-service appraisal management company handling everything from beginning to end with the appraisal process within Mercury. ACT is a nationwide AMC with coverage in 50 states, specializing in residential appraisals, including Conventional, FHA and USDA.

ACT Appraisal, 1141 East Main Street, Suite 102, East Dundee, IL 60118

Hours of Operation: Monday – Friday, 7:30 AM – 7:00 PM CST and Saturday 9:00 AM – 1:00 PM CST

Appraisal States: All 50 states including Washington D.C. and Puerto Rico

New AMC Available June 1

Beginning June 1, 2018, JMAC Lending brokers will have an additional AMC to choose from: Lender’s Choice, Inc.

Lenders Choice, Inc. (LCI), is a Residential Real Estate Appraisal Management Company providing valuation services for the mortgage lending industry. LCI sets itself apart from other firms with its communications technology and software platform which allows for the fastest placement and completion of real estate appraisals. Highlights of service include:

  • HVCC Compliant
  • Certified and FHA Approved Appraisers
  • Secure 24/7 on-line system
  • Fast Turnaround

LCI services California only. For additional information on this provider, please contact your Account Executive.

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