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California Disaster Update

Properties located in FEMA declared disaster areas with Individual Assistance requires the following guidelines be met. These areas can be identified on the FEMA website: https://www.fema.gov/disasters.

Conforming Loans

  • An exterior Catastrophic Disaster Area Inspection Report (CDAIR) of the subject property performed by an appraiser is required.
  • Loans previously approved without an appraisal will require an exterior and interior Catastrophic Disaster Area Inspection Report (CDAIR).

Non-Conforming and Government Loans

  • An exterior and interior Catastrophic Disaster Area Inspection Report (CDAIR) of the subject property performed by an appraiser is required

Appraisals Completed Prior to Disaster

  • Appraiser must comment if the subject property is free from damage, is in the same condition from previous inspection and there has been no change in the valuation.
  • Inspection report must include photographs of the subject property and street view.
  • Any damage must be repaired and re-inspected prior to closing.

Appraisals Completed After Disaster Event

  • Appraiser must comment of the adverse event and certify that there has been no change in the valuation.
  • Any existing damage noted from the original report must be repaired and re-inspected prior to closing.

Guidelines for disaster areas should be followed for 90-days from the disaster period end date.

Note: A 1004D Disaster Inspection Report can be ordered in lieu of a Catastrophic Disaster Area Inspection Report (CDAIR) if applicable.

INDIVIDUAL ASSISTANCE – CALIFORNIA WILDFIRES

The Federal Emergency Management Agency (FEMA) announced that federal disaster aid with individual assistance has been made available to supplement individual, state, and local recovery efforts in the areas affected by California Wildfires:

California Counties with
Individual Assistance (DR-4344)

FEMA
Notice Date

Butte

10/14/2017

Lake

10/14/2017

Mendocino

10/14/2017

Napa

10/13/2017

Nevada

10/15/2017

Orange

10/15/2017

Sonoma

10/12/2017

Yuba

10/14/2017

Loan Number Update

Beginning on Nov. 1, 2017, all newly-created loans will have a prefix added to the loan number based on loan channel. These new prefixes are as follows:

LoanNumberChange.jpg

The former prefix of “C” on Correspondent loans will be discontinued. Under the new structure, an example of a Wholesale loan number would be: 200010113614. An example of a Correspondent loan numbers would be: 300010113614.

If you have any questions, please contact your Account Executive.

Federal Disaster Area Requirements Lifted for Orange County

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for Orange County, CA due to fires, with an incident date of 10/8/2017.

For all FNMA/FHLMC products closing with JMAC Lending in Orange County, a 1004D or CDAIR will not be required unless the property is located in one of the following Orange County zip codes:                                                                        

  • 92602 Irvine
  • 92676 Silverado
  • 92782 Tustin
  • 92807 Anaheim
  • 92808 Anaheim
  • 92867 Orange
  • 92869 Orange

Please note: This update only pertains to Orange County, CA. All other Federal Disaster areas still require either a CDAIR or 1004D per counties listed within each applicable FEMA announcement.

Below is JMAC’s current documentation requirements for conventional loans when a property is located within a Federal Disaster area:

Conventional Loans

  • An exterior Catastrophic Disaster Area Inspection Report (CDAIR) or 1004D of the subject property performed by an appraiser is required.
  • Loans previously approved without an appraisal will require an exterior and interior Catastrophic Disaster Area Inspection Report (CDAIR) or 1004D.

Appraisals Completed Prior to Disaster

  • Appraiser must comment if the subject property is free from damage, is in the same condition from previous inspection and there has been no change in the valuation.
  • Inspection report must include photographs of the subject property and street view.
  • Any damage must be repaired and re-inspected prior to closing.

Appraisals Completed After Disaster Event

  • Appraiser must comment of the adverse event and certify that there has been no change in the valuation.
  • Any existing damage noted from the original report must be repaired and re-inspected prior to closing.

For more information, please contact your JMAC Lending Account Executive.

Enhancing the JMAC Experience

JMAC Lending has unveiled a new look for the Loan Portal and eSign platform. AUS Recommendations are now earlier than ever, the process for requesting CoCs is fast and simple. Welcome to a more streamlined loan process.

New Look with Branded Colors

The JMAC Loan Portal includes a cleaner layout with the JMAC brand colors that is easier to read and navigate.

Signing Platform Upgrade

Easier for borrowers and mobile friendly, the new Signing Platform runs on the Docutech Solex Platform. Breeze through disclosures faster and easier than ever.

Seamless Desktop Underwriter

Run our Automated Underwriting System (AUS) at no cost using JMAC's DU credentials. Associate a credit report with the DU and you will no longer need to release DO findings to JMAC.

New Change of Circumstance (CoC) Process

More streamlined and transparent, the new one-window CoC request allows you to get loan changes and re-disclosures to the borrower with greater speed, keeping on track with Rate Locks. In addition, you can now check the status of your CoC.

For more information, including informative videos on the changes, please visit https://www.jmaclending.com/oct2017update.

California Wildfire Disaster Announcement

Properties located in FEMA declared disaster areas with Individual Assistance requires the following guidelines be met. These areas can be identified on the FEMA website: https://www.fema.gov/disasters.

Conforming Loans

  • An exterior Catastrophic Disaster Area Inspection Report (CDAIR) of the subject property performed by an appraiser is required.
  • Loans previously approved without an appraisal will require an exterior and interior Catastrophic Disaster Area Inspection Report (CDAIR).

Non-Conforming and Government Loans

  • An exterior and interior Catastrophic Disaster Area Inspection Report (CDAIR) of the subject property performed by an appraiser is required.

Note: A 1004D Disaster Inspection Report can be ordered in lieu of a Catastrophic Disaster Area Inspection Report (CDAIR) if applicable.

Appraisals Completed Prior to Disaster

  • Appraiser must comment if the subject property is free from damage, is in the same condition from previous inspection and there has been no change in the valuation.
  • Inspection report must include photographs of the subject property and street view.
  • Any damage must be repaired and re-inspected prior to closing.

Appraisals Completed After Disaster Event

  • Appraiser must comment of the adverse event and certify that there has been no change in the valuation.
  • Any existing damage noted from the original report must be repaired and re-inspected prior to closing.

Guidelines for disaster areas should be followed for 90-days from the disaster period end date.

INDIVIDUAL ASSISTANCE – CALIFORNIA WILDFIRES

The Federal Emergency Management Agency (FEMA) announced that federal disaster aid with individual assistance has been made available to supplement individual, state, and local recovery efforts in the areas affected by California Wildfires:

#

California Counties with Individual Assistance

DR Number

FEMA Notice Date

1

Butte

DR-4344

10/14/2017

2

Lake

DR-4344

10/14/2017

3

Mendocino

DR-4344

10/14/2017

4

Napa

DR-4344

10/13/2017

5

Nevada

DR-4344

10/15/2017

6

Orange

DR-4344

10/15/2017

7

Sonoma

DR-4344

10/12/2017

8

Yuba

DR-4344

10/14/2017

Hurricane Disaster Announcement

Properties located in FEMA declared disaster areas with Individual Assistance requires the following guidelines be met. These areas can be identified on the FEMA website: https://www.fema.gov/disasters.

Conforming Loans

  • An exterior Catastrophic Disaster Area Inspection Report (CDAIR) of the subject property performed by an appraiser is required.
  • Loans previously approved without an appraisal will require an exterior and interior Catastrophic Disaster Area Inspection Report (CDAIR).

Non-Conforming and Government Loans

  • An exterior and interior Catastrophic Disaster Area Inspection Report (CDAIR) of the subject property performed by an appraiser is required.

Note: A 1004D Disaster Inspection Report can be ordered in lieu of a Catastrophic Disaster Area Inspection Report (CDAIR) if applicable.

Appraisals Completed Prior to Disaster

  • Appraiser must comment if the subject property is free from damage, is in the same condition from previous inspection and there has been no change in the valuation.
  • Inspection report must include photographs of the subject property and street view.
  • Any damage must be repaired and re-inspected prior to closing.

Appraisals Completed After Disaster Event

  • Appraiser must comment of the adverse event and certify that there has been no change in the valuation.
  • Any existing damage noted from the original report must be repaired and re-inspected prior to closing.

Guidelines for disaster areas should be followed for 90-days from the disaster period end date.

INDIVIDUAL ASSISTANCE – HURRICANE HARVEY

The Federal Emergency Management Agency (FEMA) announced that federal disaster aid with individual assistance has been made available to supplement individual, state, and local recovery efforts in the areas affected by Hurricane Harvey:

#

Texas Counties with Individual Assistance

DR Number

FEMA Notice Date

1

Aransas

DR-4332

08/27/2017

2

Austin

DR-4332

09/04/2017

3

Bastrop

DR-4332

09/04/2017

4

Bee

DR-4332

08/25/2017

5

Brazoria

DR-4332

08/27/2017

6

Calhoun

DR-4332

08/27/2017

7

Chambers

DR-4332

08/27/2017

8

Colorado

DR-4332

08/30/2017

9

DeWitt

DR-4332

09/04/2017

10

Fayette

DR-4332

08/30/2017

11

Fort Bend

DR-4332

08/27/2017

12

Galveston

DR-4332

08/27/2017

13

Goliad

DR-4332

08/25/2017

14

Gonzales

DR-4332

09/04/2017

15

Hardin

DR-4332

08/30/2017

16

Harris

DR-4332

08/27/2017

17

Jackson

DR-4332

08/27/2017

18

Jasper

DR-4332

08/30/2017

19

Jefferson

DR-4332

08/30/2017

20

Karnes

DR-4332

09/04/2017

21

Kleberg

DR-4332

08/25/2017

22

Lavaca

DR-4332

09/04/2017

23

Lee

DR-4332

09/04/2017

24

Liberty

DR-4332

08/27/2017

25

Matagorda

DR-4332

08/27/2017

26

Montgomery

DR-4332

08/30/2017

27

Newton

DR-4332

08/30/2017

28

Nueces

DR-4332

08/25/2017

29

Orange

DR-4332

08/30/2017

30

Polk

DR-4332

09/01/2017

31

Refugio

DR-4332

08/25/2017

32

Sabine

DR-4332

08/30/2017

33

San Jacinto

DR-4332

08/30/2017

34

San Patricio

DR-4332

08/25/2017

35

Tyler

DR-4332

09/01/2017

36

Victoria

DR-4332

08/27/2017

37

Walker

DR-4332

09/01/2017

38

Waller

DR-4332

08/30/2017

39

Wharton

DR-4332

08/27/2017

INDIVIDUAL ASSISTANCE – HURRICANE IRMA

The Federal Emergency Management Agency (FEMA) announced that federal disaster aid with individual assistance has been made available to supplement individual, state, and local recovery efforts in the areas affected by Hurricane Irma:

#

Florida Counties with Individual Assistance

DR Number

FEMA Notice Date

1

Alachua

DR-4337

09/14/2017

2

Baker

DR-4337

09/14/2017

3

Bradford

DR-4337

09/14/2017

4

Brevard

DR-4337

09/13/2017

5

Broward

DR-4337

09/11/2017

6

Charlotte

DR-4337

09/10/2017

7

Citrus

DR-4337

09/13/2017

8

Clay

DR-4337

09/11/2017

9

Collier

DR-4337

09/10/2017

10

Columbia

DR-4337

09/14/2017

11

DeSoto

DR-4337

09/13/2017

12

Dixie

DR-4337

09/16/2017

13

Duval

DR-4337

09/11/2017

14

Flagler

DR-4337

09/11/2017

15

Gilchrist

DR-4337

09/14/2017

16

Glades

DR-4337

09/13/2017

17

Hardee

DR-4337

09/13/2017

18

Hendry

DR-4337

09/13/2017

19

Hernando

DR-4337

09/13/2017

20

Highlands

DR-4337

09/13/2017

21

Hillsborough

DR-4337

09/10/2017

22

Indian River

DR-4337

09/13/2017

23

Lafayette

DR-4337

09/16/2017

24

Lake

DR-4337

09/13/2017

25

Lee

DR-4337

09/10/2017

26

Levy

DR-4337

09/14/2017

27

Manatee

DR-4337

09/10/2017

28

Marion

DR-4337

09/13/2017

29

Martin

DR-4337

09/13/2017

30

Miami-Dade

DR-4337

09/10/2017

31

Monroe

DR-4337

09/10/2017

32

Nassau

DR-4337

09/14/2017

33

Okeechobee

DR-4337

09/13/2017

34

Orange

DR-4337

09/13/2017

35

Osceola

DR-4337

09/13/2017

36

Palm Beach

DR-4337

09/11/2017

37

Pasco

DR-4337

09/13/2017

38

Pinellas

DR-4337

09/10/2017

39

Polk

DR-4337

09/13/2017

40

Putnam

DR-4337

09/11/2017

41

Sarasota

DR-4337

09/10/2017

42

Seminole

DR-4337

09/13/2017

43

St. Johns

DR-4337

09/11/2017

44

St. Lucie

DR-4337

09/13/2017

45

Sumter

DR-4337

09/13/2017

46

Suwannee

DR-4337

09/14/2017

47

Union

DR-4337

09/14/2017

48

Volusia

DR-4337

09/13/2017

#

Georgia Counties with Individual Assistance

DR Number

FEMA Notice Date

1

Camden

DR-4338

09/15/2017

2

Chatham

DR-4338

09/15/2017

3

Glynn

DR-4338

09/15/2017

Labor Day Schedule

JMAC will be closed for business on Monday, September 4, 2017 in observance of Independence Day.

Please be advised that Monday, September 4, 2017 will not count as a business day towards rescission and disbursements.

For example, if the borrower signed the closing documents on Friday, September 1, 2017, the rescission expires midnight on Wednesday, September 6, 2017.

In addition, our Lock Desk and Funding Department will also be closed.  Any lock requests submitted will be processed the following business day and based on that days market pricing.

If you have any questions or concerns, please contact JMAC Lending at 949.390.2674.

Home Affordable Refinance

Home Affordable.jpg

HARP Extended to December 31, 2018

A critical part of Fannie Mae's role in the Making Home Affordable® Program is the Home Affordable Refinance Program (HARP), available for refinances of existing Fannie Mae (and Freddie Mac) loans. The goal of the refinance effort is to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices. Refinancing will put responsible borrowers in a better position by reducing their monthly principal and interest payments, or moving them from a more risky loan structure (such as interest-only or short-term ARM) to a more stable product. Our solutions provide mortgage refinances with no limits on LTV, and mortgage insurance flexibilities.

Fannie Mae DU Refi Plus™ for loans underwritten through Desktop Underwriter® (DU®)

DU Refi Plus provides increased efficiencies for the origination and underwriting of Fannie Mae to Fannie Mae limited cash-out refinance transactions in DU with no maximum limits on LTV and provides mortgage insurance flexibilities for LTVs over 80 percent. Eligible loans identified in DU receive increased underwriting flexibilities, including expanded eligibility criteria and DU minimum documentation requirements.

For additional questions and information, please contact your Account Executive.

Student Loan Cash Out Program

FNMA Student Loan.jpg

Fannie Mae’s new Student Loan Cash Out Program is a cost-effective alternative to use existing home equity to pay off student loan debt. The program provides the opportunity for borrowers to pay off one or more student loans through the refinance transaction, potentially reducing their monthly debt payments. The loan-level adjustment that applies to cash-out refinance transactions will be waived when all requirements have been met.

  • The standard cash-out refinance LTV, CLTV, and HLTV ratios apply per guidelines with cash-out refinance.
  • Allows the ability to pay off at least 1 student loan without having the price adjustment that applies on cash out loans.
  • At least one student loan must be paid off. Loan proceeds must be paid directly to the student loan servicer at closing.
  • Only student loans for which the borrower is personally obligated can be paid through the transaction.
  • Partial payoffs are not permitted. The full student loan balance must be paid off.
  • Maximum Cash back is capped at 2% or $2,000, whichever is less.

Please contact your Account Executive for complete information.

Credit Reports - Jumbo & Non-Agency Loans

Effective for loans submitted beginning on August 2, 2017, JMAC will now accept the broker’s credit report from the following credit vendors.  The lender will not pull new credit.

  • Credco
  • Informative Research
  • CBCInnovis
  • Kroll
  • Funding Suite

Please note the following restrictions:

  • Credit report must be within 30 days from submitted date
  • Credit report is only good for 90 days. After 90 days, the client must provide an updated credit report.
  • JMAC Lending will pull soft credit prior to CTC
  • Laguna Program: Only Credco credit report is allowed. If not provided, JMAC will pull new credit.
  • Manhattan Program: Client must provide final DO/DU to lender, with approved/ineligible for loan amount only

If you have any questions, please contact your Account Executive.

 

 

Tax Update to Newport Guidelines

For self-employed borrowers obtaining a Newport loan, taxes for 2016 no longer need to be filed by June 30, 2017.  The 2016 tax transcripts or IRS stamped copies are required to come back to validate 2016 income. 2016 tax extension is not allowed for self-employed borrowers.

For wage earners with no other income, such as rental or self-employed income, a 2016 tax extension is acceptable for the wage earner only.  The underwriter will execute full tax returns for 2014, 2015, and 2016.  For 2016, we will execute a W2 and it must come back.  If the borrower filed for extension in 2016, then results need to come back with no record found.

Changes to Correspondent Credit Reports

Effective July 10, 2017, JMAC Lending will accept credit reports directly from correspondent clients. JMAC will no longer pull new credit reports. Restrictions include the following:

  • The credit report must be within 30 days of submitted date
  • The credit report is only good for 90 days. After 90 days, the correspondent client must provide a new credit report
  • Lender (JMAC) will pull credit soft prior to CTC

Please note the specific requirements for the following loan programs:

Laguna: Correspondent clients must provide a CREDCO credit report. Indexer will contact correspondent prior to pulling new credit report to determine if a CREDCO credit report has been pulled.

Manhattan: Correspondent clients must provide final DO/DU to lender with approved/ineligible for loan amount only.  Seller will contact correspondent to make any changes.

For questions, please contact your Account Executive.

SSA-89 Form Update

Form SSA-89 (Authorization for the Social Security Administration To Release Social Security Number Verification) has been updated on our website.  The Social Security Administration is requiring transition to the updated form by the end of the calendar year. Effective 1/1/2018, the Social Security Administration will no longer accept older versions of form SSA-89, regardless of the signature date on the form.

 

 

 

FHA Case Number Bulletin

For brokers looking to obtain a NEW FHA case number for a loan registered with us:

  1. Upload the completed FHA Case Number Request form (include a link to the form) & signed 1003
  2. Resolve the task “Submit: FHA Case File Request”
  3. The case number will be issued within 1-2 business days, or JMAC staff will reach out if there are any issues

For Case Number transfers:

  1. Email FHAcaserequest@jmaclending.com with case number, and new Lender ID
  2. JMAC staff will confirm if the loan is canceled, denied or withdrawn
  3. Case will be transferred, and a confirmation email will be sent

*If the loan with JMAC lending is in an active status, we will require a signed letter from the borrower indicating their intent to transfer their loan to a new lender.

Independence Day Schedule

JMAC will be closed for business on Tuesday, July 4, 2017 in observance of Independence Day.

Please be advised that Tuesday, July 4, 2017 will not count as a business day towards rescission and disbursements.

For example, if the borrower signed the closing documents on Friday, June 30, 2017, the rescission expires midnight on Wednesday, July 5, 2017.

In addition, our Lock Desk and Funding Department will also be closed.  Any lock requests submitted will be processed the following business day and based on that days market pricing.

If you have any questions or concerns, please contact JMAC at 949.390.2674.

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