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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

Credit Policy Update

JMAC's Credit Policy was updated with the following changes.

  • Effective immediately, the expiration date on the Credit Policy was extended from 90 days to 120 days on our conventional products. 
  • For Soft Credit Pulls, the age of Soft Pull cannot exceed 15 Calendar days.
  • For Jumbo and Non-Agency Loans, updated the language regarding the types of credit reports we receive.

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

Click here to view the Credit Policy.

 

 

Laguna Value-Based Median Home Price Classification List

The latest version of the Laguna Value-Based Median Home Price Classification List has been updated on the website.  The list now has 2 additional columns - LTV > 80% Max. Loan Amount and Market Class.  The addition of the two columns will make it easier to determine the maximum loan amount greater than 80% LTV.

Click here to view the spreadsheet.

Please consult with your Account Executive if you have questions.

Doc Order Form Update

The Doc Request Form has been updated to add an option for the Broker to request a preview of the Initial CD prior to issuance:

Doc Order Form Image.png

If the Broker has requested for the Initial CD to be previewed, the Closing Coordinator will email the preview CD to the Loan Officer, Processor and Account Manager. The Loan Officer and/or Processor is responsible for responding to the email for the Closing Coordinator to complete/send out the Initial CD. If there is no response, the Initial CD will not be sent.

If the Broker has indicated that no preview CD is required or has not left the field blank, we will proceed with sending out the Initial CD as normal.

Click here to view the complete form.

Please consult with your Account Executive if you have questions.