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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

New Automated Initial Disclosures Generator

Beginning June 13, 2017, JMAC Broker Partners will be able to generate initial disclosures packages at your convenience, complete with e-sign expediency.

Our innovative new system empowers you to generate and send complete, compliant mortgage disclosures in minutes. Your clients receive their loan package via email to sign electronically. Once all parties have signed the package is automatically uploaded to JMAC. The process is simple and easy, allowing you to focus more time on your business while letting JMAC manage the process.

  • Get complete control over the timing of disclosures
  • One package to submit and review disclosure docs
  • Streamlined process reduces submission time
  • Rest easy with guaranteed compliance

AMC Appraisal Fees

The various AMC Appraisal Fee Lists have been removed from our website and replaced with a condensed Appraisal Fee Worksheet.  The document is designed as a quick reference guide to make it easier to determine the “maximum” fees (varied by states) for different appraisal types.  Please note the fees do not reflect any additional costs that may occur due to unforeseen circumstances, such as: complexities, rushes, etc. where a change of circumstance is allowed. 

The fees are subject to change; however, a detailed breakdown or confirmation of appraisal fees will be verified by Appraisal Desk once the appraisal order is made.  Brokers can always request a detailed breakdown prior to disclosing.

https://www.jmaclending.com/appraisals/

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.

Joint Credit Report

JMAC now accepts joint applications and joint credit reports for unmarried individuals. JMAC no longer needs to split the credit report or loan information.   However,  if a broker delivers their 3.2 – splitting the individual borrowers –  separate credit (if applicable) is required. Upon reviewing the initial 1003, please ensure all borrowers sign wherever there is a place for a signature.

Example:  Two Unmarried Borrowers

Initial Application shows both borrowers on same application
LQB reflects borrowers separated
Credit Reports should be ran individually

Example:  Two Unmarried Borrowers

Initial Application shows borrowers on same application
LQB reflects borrowers jointly
Credit can be ran jointly as well

Revised Credit Policy

Conventional and Government

The restriction permitting rescores on all conventional and government loans (re-submission is required) has been removed. JMAC will now allow the use of a broker’s credit report if it determined (right after initial approval) that the credit score on the credit report pulled by JMAC dropped due to inquiries only.  Please note that the broker’s credit report must be dated prior to the loan submission date.
 

Jumbo and Non-Agency

JMAC will now allow the use of the broker’s credit report if the report is from Credco and dated within 30 days of submission.  There are no exceptions to allow any other bureau or an older report.

Memorial Day Schedule

JMAC will be closed for business on Monday, May 29, 2017 in observance of Memorial Day.

Please be advised that Monday, May 29, 2017 will not count as a business day towards rescission and disbursements.

For example, if the borrower signed the closing documents on Friday, May 26, 2017, the rescission expires midnight on Wednesday, May 31, 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.

Loan-Level Price Adjustments for May 1

The following Loan-Level Price Adjustments (LLPAs) will go into effect on May 1, 2017.  To take advantage of existing price improvements, rates must be locked by 4:00 p.m. PST April 28, 2017.

Correspondent

“$180K-$299,999K – 30-Year Fixed Only” 
Improvement of 0.125 to pricing will be removed from the correspondent rate sheet.

State Adjuster for 30-year Fixed Rates <= Conforming Limits (Does not Apply to Home Ready)

Virginia, Hawaii, District of Columbia, Oregon, Tennessee, Ohio and North Carolina receive a price improvement of 0.125.
Georgia and Florida will receive a price improvement of 0.250.
Texas will receive a price improvement of 0.375.

The price improvement for Washington and Arizona will be removed from the current rate sheet.

State Adjuster For VA/FHA Fixed Rates

Washington, Virginia, District of Columbia, Tennessee, Ohio, North Carolina, Hawaii and Texas receive a price improvement of 0.125.

The current price improvement for Washington and Hawaii will be replaced by the above.

Wholesale

State Adjuster for 30 years Fixed Rates <= Conforming Limits (Does not Apply to Home Ready)

Virginia, Hawaii, District of Columbia, Oregon, Tennessee, Ohio and North Carolina will receive a price improvement of 0.125.
Georgia and Florida receive a price improvement of 0.250.
Texas will receive an improvement of 0.375.

The price improvement for Washington and Arizona will be removed from the current rate sheet.

State Adjuster For VA/FHA Fixed Rates

Washington, Virginia, District of Columbia, Tennessee, Ohio, North Carolina, Hawaii and Texas receive a price improvement of 0.125.

The current price improvement for Washington and Hawaii will be replaced by the above.

For additional information, please contact your Account Executive or visit JMACLending.com.

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.